Karachi: Bears maintained their grip on the Pakistan Stock Exchange as the KSE-100 index experienced a significant decline, shedding 3,079 points to settle at 168,865. The trading volume increased to 629 million shares, compared to the previous 478 million, indicating heightened market activity. According to JS Global, the downward trend suggests potential further declines, with an initial target of 166,123 that could extend to 164,610. Any upward movement is expected to encounter resistance at the 200-day moving average of 172,052. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators continue to support a negative outlook. Investors are advised to exercise caution at these levels, with support and resistance marked at 167,575 and 171,050, respectively.

Regarding individual stocks, JS Global highlights Pakistan Petroleum Limited (PPL) with a 'buy on dips' strategy, targeting Rs219.10 and Rs222.98, with a stop-loss set at Rs209.26. Similarly, United Bank Limited (UBL) is noted for its recovery trend, with a target range of Rs429.40 to Rs434.36 and a stop-loss at Rs417.28.