Karachi: The KSE-100 index experienced a significant drop, closing at 113,520, down 1,360 points day-on-day, as it failed to maintain its intraday high of 115,597. Trading volumes were reported at 494 million shares, lower than the previous 632 million shares.

According to a statement by JS Global, the decline pushed the index below the 30-day moving average (30-DMA), suggesting resistance at the 113,995 mark. A breach of this level could offset the current bearish trend, but a further drop below 113,482 might extend the decline to the 50-DMA, currently at 109,663. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are trending downwards, reinforcing a cautious approach at current levels. The support and resistance levels are set at 112,803 and 114,917, respectively.

In individual stock performance, Pakistan Petroleum Limited (PPL) faces resistance at the 50-DMA. The recommended strategy is to "sell on strength," aiming for Rs175.52 and Rs172.75, with a stop loss at Rs182.48. Meanwhile, Habib Bank Limited (HBL) has shown price stabilization with an expected recovery. The suggested approach for HBL is to "buy on dips," targeting Rs176.96 and Rs180.09, with a stop loss at Rs171.75.