Karachi: The KSE-100 index experienced a decline, shedding 509 points to close at 176,467, as bearish sentiment prevailed in the market. Trading volumes also dropped to 784 million shares compared to the previous 937 million. Analysts caution investors as the index approaches key support levels, with potential resistance on any upward movement.

According to JS Global, the KSE-100 index is likely to test support at the 176,375 level, with a further decline targeting 174,416 if breached. Any potential gains could face resistance at the 30-day moving average of 177,492, followed by the 50-day moving average at 178,700. Technical indicators such as the RSI and MACD continue to indicate a negative outlook, prompting a recommendation for investor caution at current levels. Support and resistance levels are identified at 175,961 and 177,387, respectively.

In stock-specific news, PSO maintains a recovery trend with a 'buy on dips' strategy, targeting prices of Rs370.30 and Rs378.19, with a stop-loss at Rs355.45. Similarly, HBL shows limited downside risk, with a strategic focus on 'buy on dips,' aiming for targets of Rs320.35 and Rs323.65, and a stop-loss set at Rs310.80.