Karachi: The KSE-100 index experienced a challenging session, opening positively but succumbing to selling pressure as the day progressed. The index recorded an intraday high of 210 points but dipped to a low of 1,163 points, eventually closing with a loss of 718 points at 118,971. Trading activity saw a significant decline, with volume dropping by 10% compared to the previous day.

Despite the overall decline, the Moving Average Convergence Divergence (MACD) indicator remains in bullish territory, trading above its signal line. This positive trend has persisted for five sessions, during which the index has seen a modest gain of 0.33%, fluctuating between highs of 120,506 and lows of 116,860.

From a technical perspective, the index finds immediate support at 118,800. Should this level be breached, further declines towards 118,300 and 117,500 may be anticipated. Conversely, resistance is expected around 119,800, with potential upward targets at 120,500 and 121,300. Analysts recommend accumulating positions, with risk management defined below the support zone.