Karachi: The KSE-100 index closed down by 367 points at 81,484 in a session marked by low trading volumes and mixed market indicators. The turnover was notably reduced, with only 370 million shares exchanged compared to 400 million in the previous session. Analysts are eyeing potential further declines, with a critical support level at 80,520, which could drop further to 80,062 if negative trends persist.

According to JS Global, “The market is currently showing mixed indicators that do not present a clear trading direction. Resistance is solid between 81,530 and 81,960 levels; breaching these could suggest a possible reversal of the current downtrend. However, investors are advised to remain vigilant and consider buying on significant dips rather than chasing highs.” The report also highlighted defined support and resistance at 81,057 and 81,960, respectively.

In related insights, Oil and Gas Development Company (OGDC) is expected to see an uptrend resume, with buying recommended at dips targeting prices of Rs142.40 and Rs145.60, with a stop loss set at Rs136.12. Meanwhile, Habib Bank Limited (HBL) appears set for continued consolidation with a similar ‘buy on dips’ strategy, aiming for targets of Rs131.17 and Rs138.95 and maintaining a stop loss at Rs126.28.