Business
PSX retreats from fresh all-time high | The Express Tribune
KARACHI:
The Pakistan Stock Exchange (PSX) closed lower on Friday as investors resorted to profit-booking ahead of the rollover week, erasing early gains after the benchmark index touched a fresh all-time high.
The KSE-100 index settled slightly above 171,400, down almost 560 points compared with the previous session’s close at 171,961. Market breadth remained negative, with 260 stocks closing in the red and 179 stocks rising, reflecting cautious sentiment.
Trading opened on a positive note, when the index extended momentum from the previous session to reach the intra-day high of 172,675. However, the rally proved short-lived as selling pressure emerged during the latter half, particularly in index-heavy stocks, dragging the market to the intra-day low of 660 points before a modest recovery at close.
Commenting on the session, analysts said the PSX witnessed a bout of profit-taking as investors adjusted positions ahead of the rollover week.
Top positive contributions to the index came from Lucky Cement, Systems Ltd, UBL, Meezan Bank and Mari Energies, which added 319 points, while HBL, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser and Bank Alfalah shaved off 366 points. Activity remained healthy, with total traded volumes reaching 798 million shares, indicating continued investor participation despite a late correction.
At the close of trading, the benchmark KSE-100 index posted a modest decline of 556.16 points, or 0.32%, and settled at 171,404.49.
“PSX witnessed a profit-taking day today (Friday) as the market headed into the rollover week starting Monday,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL).
Topline’s market review noted that a range-bound session was observed at the stock exchange as the index traded between the intra-day high of +714 points and intra-day low of -660 points to finally close at 171,404 (down 0.32%).
It mentioned that major positive contribution to the index came from Lucky Cement, Systems Ltd, UBL, Meezan Bank and Mari Energies. On the flip side, HBL, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser and Bank Alfalah lost value, pulling the index down.
Traded value-wise, Meezan Bank (Rs6.23 billion), DG Khan Cement (Rs3.54 billion), Lucky Cement (Rs1.45 billion), Maple Leaf Cement (Rs1.43 billion) and Pakistan Petroleum (Rs1.32 billion) dominated the activity, Topline said.
Mubashir Anis Naviwala of JS Global wrote that the PSX opened on a positive note and extended gains to hit a new all-time high of 172,675. The KSE-100 remained range bound during mid-session after the strong opening. Late-session profit-taking dragged the index down from the day’s highs, he said.
Selling pressure intensified in the final hour, especially in index-heavy stocks. The benchmark index closed at 171,404, down 556 points. Despite the correction, volumes remained decent, reflecting active participation.
The broader trend stays bullish, though short-term consolidation is evident. Investors may be selective after the sharp rally and repeated record highs, Naviwala added.
Overall trading volumes were recorded at 797.5 million shares compared with the previous session’s tally of 950.1 million. The value of shares traded during the day was Rs42.2 billion.
Shares of 485 companies were traded. Of these, 179 stocks closed higher, 260 fell and 46 remained unchanged.
K-Electric was the volume leader with trading in 116 million shares, gaining Rs0.24 to close at Rs5.85. It was followed by Bank Makramah with 24.7 million shares, edging up Rs0.02 to close at Rs6.08 and Crescent Star Insurance with 23.1 million shares, rising Rs1 to close at Rs8.30.
Foreign investors sold shares worth a net Rs934.4 million, the National Clearing Company reported.
The price of Bitcoin fell below $70,000 on February 5, down 44% from its October 2025 high of $126,210, as investors shift interest to gold and global economic concerns rise.
Earlier in the day, Bitcoin briefly touched $63,000 before closing at $70,000.
Last week alone, its value dropped more than $20,000, reducing it by almost a quarter.
Compared to four months ago, Bitcoin has now lost about half its peak value.
Analysts say investor interest in Bitcoin is waning, with growing pessimism surrounding the broader cryptocurrency market.
Business
Gold, Silver ETFs Sink Up To 10% As Precious Metals Rout Deepens; What Should Investors Do Now?
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Silver and gold-linked commodity ETFs extended their slide, falling as much as 10%, tracking sharp drop in precious metal futures on the MCX
Silver ETFs
Silver and gold-linked commodity ETFs extended their slide on Friday, falling as much as 10%, tracking a sharp drop in precious metal futures on the MCX for the second straight session.
The decline came amid a global sell-off in technology stocks and a strengthening US dollar, which wiped out most of the gains from a brief rebound earlier in the week.
Silver ETFs lead losses
Kotak Silver ETF was the worst hit, tumbling 10%, while HDFC Silver ETF, SBI Silver ETF and Edelweiss Silver ETF declined about 9% each. Bandhan Silver ETF limited losses to around 6%.
Among gold-linked funds, Angel One Gold ETF slipped 8%, while Zerodha Gold ETF fell about 5%.
Volatility persists after steep correction
Hareesh V, Head of Commodity Research at Geojit Investments, said gold and silver continue to witness heightened volatility after last week’s sharp selloff. The correction was driven by hawkish US Federal Reserve expectations following Kevin Warsh’s nomination, a stronger dollar, and steep margin hikes by the CME that forced leveraged positions to unwind. Profit-taking after record highs further amplified price swings, keeping sentiment fragile.
He advised bullion investors to remain patient and avoid reacting to short-term volatility driven by margin hikes, profit booking and policy uncertainty.
“Gradual, staggered accumulation can help manage timing risks, as long-term fundamentals such as geopolitical tensions, central bank demand and currency pressures remain supportive. Closely tracking the US dollar and upcoming Federal Reserve signals is crucial in this phase of elevated volatility,” he said.
MCX futures slide sharply
In Friday’s session, MCX silver futures for March 5 delivery plunged 6%, or ₹14,628, to ₹2,29,187 per kg. Gold futures for April 2 delivery also weakened, slipping ₹2,675, or 2%, to ₹1,49,396 per 10 grams.
Globally, silver remained extremely volatile. Prices rebounded as much as 3% after plunging 10% to below the $65 level, a more than six-week low. Despite the bounce, silver was still down nearly 16% for the week. In the previous week, it had fallen 18%, marking its steepest weekly decline since 2011.
Margin hikes add pressure
The selloff spilled into domestic ETFs after sharp margin hikes in precious metal futures. On Thursday, commodity-based ETFs dropped as much as 21%, led by silver ETFs, while gold ETFs declined up to 7%.
Margins on silver futures were raised by 4.5% and on gold futures by 1% effective February 5, followed by an additional hike of 2.5% on silver and 2% on gold on Friday. As a result, total additional margins now stand at 7% for silver futures and 3% for gold futures from February 6.
“Markets often see sharp corrections after extended rallies. Broader risk sentiment and geopolitical cues can trigger profit booking in commodities, especially where positioning has been crowded,” said Nirpendra Yadav, Senior Commodity Research Analyst at Bonanza.
However, he added that industrial demand for silver remains strong, with a tight global supply environment and persistent deficits supporting prices over the medium to long term. Short-term intraday swings, he said, do not alter the long-term outlook.
Trade deal, macro cues in focus
Ross Maxwell, Global Strategy Operations Lead at VT Markets, said the India–US trade deal could improve risk appetite by easing supply-chain frictions and reducing tariff-linked inflation pressures.
“In this context, gold and silver will balance lower trade tensions against ongoing macro uncertainty. A clearer trade outlook can reduce risk aversion, limiting upside in precious metals,” he said.
Maxwell added that gold remains supported by concerns around inflation, currency stability and geopolitical risks, making it attractive as a strategic hedge rather than a short-term trade. Silver, he noted, also benefits from industrial demand, meaning improved global trade expectations could lend support through stronger manufacturing activity.
“While reduced tariffs may dampen fear-driven buying, both gold and silver are likely to remain structurally firm as long as economic and policy uncertainty persists,” he said.
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February 06, 2026, 12:08 IST
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New Delhi: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 5.25 PERCENT in its February 2026 monetary policy review, maintaining a neutral policy stance as inflation pressures remain under control and economic growth stays stable.
The decision was announced by RBI Governor Sanjay Malhotra after the three-day meeting of the Monetary Policy Committee (MPC), which began on February 4 and concluded on February 6.
Focus on Inflation and Growth
The MPC chose to pause after a series of rate cuts over the past year, preferring to evaluate how earlier policy changes are affecting borrowing costs, liquidity, and overall economic activity.
Inflation has remained within the RBI’s comfort range, giving policymakers room to maintain the current rate while monitoring global economic conditions and domestic demand.
The RBI’s monetary policy framework aims to keep inflation close to 4 PERCENT with a tolerance band of 2–6 PERCENT, which continues to guide interest-rate decisions.
Impact on Loans, EMIs, and Markets
Since the repo rate directly influences borrowing costs for banks, the decision to keep rates unchanged means loan EMIs are unlikely to change immediately. However, banks and financial markets will continue to watch RBI signals on liquidity and future rate moves.
The central bank has already reduced rates by about 125 basis points since early 2025, which helped support economic growth while inflation eased.
What Happens Next
Economists believe the RBI may now focus more on policy transmission and liquidity management rather than further rate cuts in the near term.
Governor Malhotra is expected to outline the RBI’s outlook on inflation, growth, and financial stability in the coming quarters during the post-policy press conference.
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Gold, Silver ETFs Sink Up To 10% As Precious Metals Rout Deepens; What Should Investors Do Now?
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