Karachi: The KSE-100 index experienced a notable decline, closing at 166,553, down by 794 points day-on-day, according to a recent report by JS Global. Trading volumes also saw a decrease, with 1,569 million shares exchanged compared to the previous 1,819 million.

The report indicates that the index will likely encounter resistance between the 166,980 and 168,170 levels. A breakthrough above this resistance could push the index towards its all-time high of 169,989. Conversely, any downward movement is expected to find support between 165,050 and 165,800 levels, with a further decline potentially targeting the 30-day moving average at 162,229.

Momentum indicators present a mixed outlook, offering no definitive trading direction. The report advises investors to exercise caution, particularly at higher levels, and to consider waiting for market dips before making investment decisions.

In specific stock strategies, Pakistan Petroleum Limited (PPL) closed above key averages, with a recommendation to 'buy on dips,' targeting prices of Rs199.57 and Rs205.19, with a stoploss set at Rs189.42. Similarly, for International Steels Limited (ISL), the suggested strategy is to 'buy on dips,' aiming for Rs108.00 and Rs112.72, with a stoploss at Rs101.00.