Karachi: The KSE-100 index, a key benchmark for the Pakistani stock market, encountered notable resistance near its all-time high, according to a recent technical report from AKD Securities Limited. Starting the session on a strong note, the index experienced significant volatility, recording an intraday high of 768 points and a low of 869 points, before closing with a decline of 778 points at 119,931.

Trading activity also saw a downturn, with volumes decreasing by 21% compared to the previous session. The index closed 27.9% below the upper Bollinger Band, a technical indicator, which is currently 111.47% wider than usual, signaling heightened market volatility. This increased width suggests that market volatility may ease in the near term, potentially leading the index into a sideways trading range.

The report highlights that immediate support for the index lies at 118,800. A breach of this level could push the index further down to 118,400 and 117,500. Conversely, resistance is anticipated around 120,500, with additional potential targets at 121,300 and 121,800. Investors are advised to accumulate positions with risks defined below the support zone.