Karachi: The KSE-100 index closed lower, dropping 578 points to settle at 90,287 after reaching an intraday high of 91,873. A technical Engulfing Bear pattern emerged, suggesting a possible correction. Confirmation of a downtrend may occur if the index dips below 90,003, with further support levels seen at 89,293 and 88,497.

According to JS Global, a decline in the Relative Strength Index (RSI) and the Stochastic Oscillator reinforces this bearish view, and investors are advised to remain cautious. If the index moves upward, it is expected to face resistance in the range of 90,720 to 91,440. Key support and resistance levels are identified at 89,569 and 91,438, respectively.

For Maple Leaf Cement Factory Limited (MLCF), the recommendation is to ‘buy on dips,’ with targets set at Rs40.30 and Rs42.38, and a stop-loss at Rs36.72. Similarly, Pakistan Petroleum Limited (PPL) is recommended as a ‘range play,’ targeting Rs146.30 and Rs150.38 with a stop-loss at Rs140.80.