Business
Stocks fall as selling pressure persists | The Express Tribune
KARACHI:
The Pakistan Stock Exchange (PSX) endured another volatile session on Tuesday, where the benchmark KSE-100 index shed 1,579 points, or 0.94%. After opening on a positive note, the index touched the intra-day high of 168,519, but selling pressure emerged immediately, dragging the market down.
The index hit the intra-day low of 165,997 towards the end of trading. Tuesday’s decline marked the second consecutive session of losses, following a 0.73% drop on Monday. Despite early optimism, investors remained cautious, leading to profit-taking in key sectors. The index appears to be in a consolidation phase, hovering around key support zones.
Arif Habib Limited (AHL) remarked that selling pressure persisted for the second session, when the KSE-100 traded down to Monday’s low of 166k. Some 26 shares rose while 73 fell with HBL (+3.56%), Engro Fertilisers (+1.54%) and Askari Bank (+3.85%) contributing the most to index gains. On the flip side, Hub Power (-3.75%), Engro Holdings (-2.7%) and Lucky Cement (-3.09%) were the biggest drags, it said.
Among economic news, AHL mentioned, the State Bank of Pakistan (SBP) governor sees inflation holding steady, although further interest rate cuts will depend on the impact of recent floods and the outcome of ongoing International Monetary Fund (IMF) review. For the index, 166k is emerging as a key level and it will need to immediately regain 167.2k to target the 170k mark, AHL added.
KTrade Securities, in its market wrap, noted that the PSX concluded another volatile session in negative territory as the benchmark KSE-100 index lost 1,579 points (-0.94%) to close at 166,174. The decline was driven by rising geopolitical tensions with India and ongoing economic concerns, particularly in the context of IMF review and fiscal scrutiny.
Heavyweight stocks from sectors such as power, energy, cement, fertiliser and oil & gas exploration were among the major contributors to the downside. Despite the market-wide sell-off, investor sentiment remained cautiously optimistic, with many participants staying engaged in anticipation of clarity on macroeconomic developments, KTrade said.
Topline Securities commented that following Monday’s downbeat momentum, bears kept their firm control in Tuesday’s session as well. The KSE-100 index opened on a positive note, with bulls charging ahead to push the market up by 766 points. However, the optimism was short-lived as selling pressure intensified midway through the day.
The index nosedived to the intra-day low of 1,755 points before eventually settling at 166,174, down 1,579 points. It attributed the negative close mainly to heavy profit-taking by local institutions, which overshadowed early gains and dragged the market into the red.
The decline was driven by losses in Hub Power, Engro Holdings, Lucky Cement, Mari Energies and UBL, which pulled the index down by 986 points. Partial support came from HBL, Engro Fertilisers, Askari Bank and Allied Bank, which contributed 380 points, Topline stated. JS Global analyst Mohammed Waqar Iqbal said that the benchmark index remained under pressure and faced volatility as profit-taking continued to impact the market.
Overall trading volumes slightly decreased to 1.266 billion shares from Monday’s tally of 1.274 billion. The value of shares traded stood at Rs54.2 billion. The PSX announced on X that on Tuesday, 54% of the total traded value was in Shariah-compliant stocks.
Shares of 487 companies were traded. Of these, 183 closed higher, 267 fell and 37 remained unchanged.
PTCL was the volume leader with trading in 180.6 million shares, falling Rs0.27 to close at Rs31.14. It was followed by The Bank of Punjab with 134.7 million shares, rising Rs0.62 to close at Rs35.08 and Cnergyico PK with 90.7 million shares, edging down Rs0.03 to close at Rs8.76. Foreign investors sold shares worth Rs614 million, the National Clearing Company reported.
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HDFC Bank now offers airport lounge access via digital vouchers for debit cards, with a doubled Rs 10,000 quarterly spend. Physical card swipes are discontinued.
HDFC Bank Doubles Spend Requirement for Complimentary Lounge Access
HDFC Bank Airport Lounge Access Rules 2026: HDFC Bank has revised the rules for complimentary airport lounge access on its debit cards, shifting to a voucher-based access system and increasing the minimum spending requirement. The changes have come into effect from today, January 10.
Until now, eligible debit cardholders could enter airport lounges by swiping their physical card. Under the new system, lounge access will be granted only through digital vouchers, issued to customers who meet the spending criteria.
Once eligibility is confirmed, the bank will send an SMS or email with a link to claim the voucher. Customers will need to complete OTP verification using their registered mobile number. After successful verification, a voucher code or QR code will be issued, which must be shown at the lounge for entry.
Minimum Spend Doubled For Most Cards
HDFC Bank has doubled the quarterly spend requirement for complimentary lounge access on most debit cards.
Customers must now spend Rs 10,000 or more per calendar quarter from Rs 5,000 earlier. The spend can be through single or multiple transactions, online or offline. The revised spending condition does not apply to the Infiniti Debit Card, which continues to offer lounge access without any minimum spend.
Complimentary Lounge Visits Remain Unchanged
The number of free lounge visits will continue to depend on the debit card variant:
Millennia Debit Card: 1 visit per quarter
Platinum Debit Card: 2 visits per quarter
Times Points Debit Card: 1 visit per quarter
Business Debit Card: 2 visits per quarter
GIGA Debit Card: 1 visit per quarter
Infiniti Debit Card: 4 visits per quarter
Only purchase transactions made using the debit card will count toward the quarterly spend. The following are excluded, Moneycontrol noted:
ATM Cash Withdrawals
- UPI or wallet payments (GPay, PhonePe, Paytm, etc.)
- Credit card bill payments via debit card
- Debit card EMI transactions
- New debit cardholders will also need to meet the Rs 10,000 spend threshold to become eligible.
Voucher Validity And Lounge Rules
Once issued, lounge vouchers will remain valid until the end of the next calendar quarter.
For instance:
Voucher generated on November 15, 2025 → valid till March 31, 2026
Voucher generated on January 10, 2026 → valid till June 30, 2026
Lounge access will continue on a first-come, first-served basis, with lounges retaining the right to impose stay limits—typically two to three hours—or deny entry due to operational, safety or regulatory reasons.
What this means For Customers
HDFC Bank’s updated lounge access programme places greater emphasis on higher card usage and digital verification. Customers who rely on complimentary lounge benefits will need to closely track their quarterly spending and note that physical debit card swipes will no longer work from January 10.
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January 10, 2026, 14:26 IST
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Business
What Is Core-and-Satellite Strategy And How Can It Help Investors Navigate Market Volatility?
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The ‘core’ typically makes up around 60–70% of a portfolio and is meant to deliver stable returns while serving as its foundation.
Small and mid-cap stocks produced 14-17% returns in the last 20 years. (representative image)
Navigating financial markets often seems like an uphill task as investors need to balance the desire for growth with the fear of sudden downtrends. When markets fall, people struggle to find the right direction while chasing high returns and protecting their wealth from volatility. Too much risk can lead to panic mode, while excessive caution could leave your portfolio lagging behind inflation and long-term goals.
A practical solution here is the core-and-satellite strategy emerges as a practical solution. Under this, investors get to combine a stable “core” of diversified, low-cost investments with the dynamic “satellite” portion to target higher-growth opportunities. Not only does it allow them to achieve resilience and flexibility, but the strategy also ensures steady progress even during turbulent times. By following this dual approach, people can cushion portfolios against market downfalls.
How Does It Work?
According to Moneycontrol, the “core” usually accounts for nearly 60-70 per cent of the portfolio. It is specifically designed to provide steady returns and act as the anchor of your portfolio.
It comprises stable, low-cost funds:
1. Large-cap equity funds: Your hard-earned money gets invested in established companies having proven business models. Often, it is seen that they appear to fall less compared to mid and small-cap funds.
2. Flexi-cap funds: The fund managers keep shuffling the investment between large, mid and small caps, depending on the ongoing condition of the market. In simple terms, these add flexibility and diversification to the portfolio.
3. Hybrid funds: A combination of equity and debt, these are meant for growth and stability.
However, investors must note that even the “core” is not free from risk. Moneycontrol report highlights how markets fell nearly 14 per cent between October 2024 and February 2025.
The Role of Satellite Investments
Keeping core aside, the remaining 30-40 per cent is what makes up satellite investments.
“The satellite portfolio allows tactical exposure to high-growth sectors, themes, or strategies,” the report quoted Kirang Gandhi, a Pune-based financial mentor, as saying.
This includes mid-cap and small-cap funds that hold higher growth potential. Also, it features international equity funds.
This highlights that it is the growth engine of the portfolio, but also carries substantial risk.
A key part of the core-and-satellite approach is “balance,” where the core allows the money to grow steadily and the satellite portion adds more potential without putting the portfolio at risk.
In the last 20 years, the small and mid-cap indices have generated nearly 14-17 per cent returns on an annual basis, leaving behind large-cap indices. Investors must note that falls are more frequent in mid and small-cap stocks.
Using the core-and-satellite strategy, investors get to diversify their portfolio without making it too complicated.
Kirang Gandhi said this strategy combines safety with smart opportunity for Indian investors and avoids overexposure.
“It brings structure, discipline, and clarity to long-term wealth building without chasing trends,” Gandhi concluded.
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January 10, 2026, 13:40 IST
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BENGALURU: Masayoshi Son-led SoftBank Group pared its holding in Ola Electric Mobility to 13.5% from 15.6%, in what appears like a staggered exit from the electric 2-wheeler maker that was once among its marquee India bets. SVF II Ostrich (DE), a SoftBank affiliate and Ola Electric’s second-largest shareholder after founder Bhavish Aggarwal, sold 9.4 crore shares through open market transactions between Sept 3, 2025, and Jan 5, 2026, according to a regulatory filing.
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