Karachi, In a notable downturn, the KSE-100 index experienced significant weakness, losing 954 points to conclude at 64,802, as bears dominated the trading session. The decline in the stock market was accompanied by a decrease in trading volumes, which fell from 549 million shares in the previous session to 322 million shares, As per a technical outlook released by JS Global.

According to JS Global, with the KSE-100 index showing signs of vulnerability. The index is anticipated to test its support level at 64,665, below which a corrective trend could be triggered, targeting lower levels of 64,509 and 63,493 respectively. Conversely, any upward movement faces resistance in the 65,100 to 65,550 range, with further gains aiming for the recent high of 66,150. Technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator have demonstrated weakness, leading to a recommendation for investors to adopt a cautious stance at current levels and await more favorable entry points. Support and resistance levels are identified at 64,358 and 65,553, respectively.

This downturn and technical analysis signal a period of uncertainty for investors in the Pakistan stock market, suggesting a strategic approach of waiting for dips before making investment decisions. The caution advised by analysts is in response to the observed volatility and potential for further declines, emphasizing the importance of careful market observation and risk management in the current environment.