Bull-run on Nepse falls flat

Kathmandu, Nov 18:

The bull-run in the Nepali stock market came to an end today, when the market plunged down to 62.96 points or 6.88 per cent to 851.55 points from the opening 914.51 points.

Standard Chartered Bank Ltd has pulled the Nepal Stock Exchange (Nepse) down as its share price recorded a whopping fall of Rs 3690 per unit in a single day’s trading, which is the largest fall for a single day at the Nepse floor.

Standard Chartered Bank has announced its book closure for the annual general meeting and it has already announced 50 per cent bonus shares and 80 per cent cash dividend.

“Its not a normal process as after the book closure share prices come down because

the new buyer will not get bonus share and cash dividend,” Rewat Bahadur Karki, general manager of the Nepse said. Agreed Prakash Rajaurie, secretary of Nepal Stock Investor’s Association.

However, Standard Chartered Bank has pulled the banking sub-index also down. The banking sub-index plummeted by 101.34 points or 10.25 per cent to 887.05 points.

The sensitive index also slipped by 14.48 points or 6.04 per cent to 225.34 points.

However, Chilime Hydropower and Nepal SBI Bank gained Rs 148 and Rs 125 per unit share. Nepse has imposed circuit breaker on Chilime Hydropower’s share transaction.