Karachi: The KSE-100 index continued its downward trajectory, closing at 161,692, a decrease of 292 points. This session saw a trading volume of 591 million shares, compared to the previous session's 490 million. The index remains below its 30-day and 50-day moving averages, which are expected to provide resistance at 161,905 and 162,156, respectively.

A potential breakthrough above these levels could propel the index towards 163,818. Conversely, support is anticipated at 161,277, with further declines possibly targeting 160,584 and 157,204. The downward movement of the Stochastic Oscillator and the Relative Strength Index suggests a negative outlook, prompting a cautious stance for investors.

In related market strategies, MLCF is advised for 'buy on dips' with target prices at Rs105.25 and Rs108.39, setting a stop loss at Rs101.77. For HBL, the recommended approach is to 'buy on dips' as well, targeting Rs296.54 and Rs302.05, with a stop loss set at Rs291.07.