Karachi: The KSE-100 index experienced a decline, closing just above its 30-day moving average (DMA) at 78,469, marking a drop of 928 points day-on-day.

According to JS Global, trading volumes were lower than usual, with 327 million shares exchanged compared to 387 million in the previous session. The index, which is expected to test its 30-DMA currently at 78,432, could face further declines if it drops below this level, potentially targeting the 50-DMA at 76,955. Conversely, any upward movement is anticipated to meet resistance between 78,850 and 79,390, with a further barrier at 79,777.

The report suggests that while the indicators do not provide a clear trading direction, maintaining a 'long' position above the 30-DMA is advisable. Currently, the established support and resistance levels are at 77,940 and 79,387, respectively.