Karachi: The KSE-100 index faced a challenging trading session, closing with a significant drop of 2,063 points at 160,101. The market, which began with a slight positive trajectory, quickly turned volatile, leading to increased selling pressure throughout the day.

The index hit an intraday high of 1,217 points and a low of 2,359 points, reflecting the market’s instability. Trading volumes saw a modest 3% increase compared to the previous session, indicating a slight rise in market participation.

Technical indicators suggest a bearish outlook, with the index breaking below its upward trendline at 162,164 in the prior session. This trendline, now near 163,497, is anticipated to serve as immediate resistance. The breakout, occurring on average volume, offers limited confirmation of its strength. The daily Parabolic SAR indicator currently positions itself above the index level, further supporting a bearish sentiment.

Immediate support for the index is identified at 159,400, with further declines possible towards 158,600 and 157,800 if breached. Meanwhile, resistance is expected around 161,500, followed by 162,300 and 163,500. Market analysts advise a cautious trading approach, highlighting opportunities to accumulate on price dips.