Karachi: The Karachi Stock Exchange’s KSE-100 index witnessed a downturn at the close of trading, failing to maintain its intraday high and ending the day lower amid fluctuating market volumes and mixed trading indicators.

According to JS Global, the KSE-100 index could not sustain its earlier peak of 79,214, ultimately closing at 78,615, marking a decline of 283 points day-over-day. Trading volumes also saw a significant drop, coming in at 491 million shares compared to 743 million in the previous session. The index has now slipped below its 50-day moving average (DMA), a key technical level, which could limit upward movements unless it surpasses the 78,791 mark. On the upside, breaking above this level could target the range between 79,210 and 79,260.

The 30-DMA stands as the next critical support at 78,198, suggesting that any further declines will be tested at this threshold. Technical indicators remain mixed, offering no definitive direction for traders. Despite the uncertain outlook, JS Global advises investors to maintain a long position if the index remains above the 30-DMA. Current support and resistance levels are identified at 78,369 and 79,034, respectively.