Nepal | September 21, 2020

Country’s stock market reels under deteriorating political situation

Himalayan News Service
Share Now:

nepse index oct 28Kathmandu, October 27

The deteriorating political situation and its economic toll caused the Nepal Stock Exchange (Nepse) index to dive by nearly 30 points today.

The benchmark index, which had shed 6.37 points to rest at 1,121.05 points on Sunday — the first day the country’s only secondary market reopened after the Dashain holidays — continued its freefall and slumped by another 29.32 points or 2.62 per cent to 1,091.73 points today. Only two companies managed to record gains today.

Nepse was southbound throughout the day today and retreated back to settle below the psychological level of 1,100 points after over two months. The last time Nepse had closed below 1,100 points was on August 13, when it had rested at 1,088.42 points. After recording an all-time high of 1205.84 points on September 15, the local bourse had dipped, but managed to land above 1,100 points until now.

“While this is also a seasonal trend, the political and economic situation has dampened the spirit of stock investors,” explained Rabindra Bhattarai, a stock market analyst.

However, he also said that the earlier growth and excitement of investors was not fundamentally supportive and the local bourse was bound to drop.

The sensitive index, which gauges the performance of class ‘A’ stocks, descended 6.69 points to 235.54 points. Likewise, the float index that measures the performance of shares actually traded also shed 2.33 points to land at 77.77 points today.

Source: Nepse

Source: Nepse

Manufacturing and trading were the only two sub-groups to remain constant at 1,886.14 points and 207.97 points; all the remaining sub-indices landed in the red.

Banking and hydropower subgroups plummeted by 3.42 per cent to 1,013.53 points and 3.93 per cent to 1,897.53 points, respectively.

Insurance sub-group dropped 1.91 per cent to 4,654.18 points, development banks by 1.77 per cent to 930.84 points and hotels by 1.22 per cent to 1,808.66 points.

The losses of others and finance subgroups were relatively muted, as they dipped 0.94 per cent to 742.50 points and 0.88 per cent to 558.51 points, respectively.

Altogether 361,616 shares of 83 companies worth Rs 207.21 million were traded today through 1,423 transactions.

A version of this article appears in print on October 28, 2015 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Photo Gallery: Rohingya refugees receive relief in Kapan amid COVID-19 crisis

KATHMANDU, SEPTEMBER 21 Hiteri Foundation provided food relief packages to long-persecuted Rohingya Muslim refugees here in Kapan on Sunday, September 20. More than 175 families are taking shelter in Kapan after entering Nepal following a mass exodus from their native Myanamar. Also seen in pi Read More...

Nepali Army soldier Nepal’s first security person to die of COVID-19

KATHMANDU, SEPTEMBER 20 Country witnessed the first death of a security person due to COVID-19. The deceased, a 34-year-old soldier of Nepali Army was posted in Kathmandu. He hailed from Ramechhap district. However, Nepali Army has not yet revealed the identity of the deceased. The deceased wa Read More...

Mane double eases Liverpool to 2-0 win over 10-man Chelsea

LONDON: Two goals from Sadio Mane just after halftime eased champions Liverpool to a 2-0 win over 10-man Chelsea in the Premier League season's first heavyweight clash at Stamford Bridge on Sunday. A dull game never threatened to live up to the eight-goal thriller when the sides met in Read More...

Son and Kane combination leads Spurs rout of Southampton

SOUTHAMPTON: Son Heung-min scored four goals set up by Harry Kane as Tottenham Hotspur came from a goal down to overwhelm Southampton 5-2 on Sunday and earn their first Premier League win of the season. In an action-packed first half at St Mary's, both sides had a goal ruled out by VAR before Read More...

Women, children highly affected by COVID pandemic

KATHMANDU, SEPTEMBER 20 The National Women Commission today organised a webinar on ‘Impact of COVID-19 on Women and Initiatives Taken by NWC and Nepal Police in Addressing Gender Based Violence Issues’ to highlight impact of pandemic on women and children across the country. According to t Read More...

Thapa vows to establish RPP as strong force

KATHMANDU, SEPTEMBER 20 Chairperson of Rastriya Prajatantra Party Kamal Thapa today pledged to establish the party as a strong force. The country would become prosperous and sovereign only by pursuing the ideology RPP as Nepal is faced with complex geo-political situation, he claimed at a virt Read More...

NCP Secretariat dwells on Cabinet reshuffle

KATHMANDU, SEPTEMBER 20 The Secretariat of the ruling Nepal Communist Party (NCP) today began discussion on Cabinet reshuffle. NCP Spokesperson Narayan Kaji Shrestha said the meeting discussed policy issues regarding the Cabinet reshuffle from different angles, but it did not take a decision o Read More...

Ministry of Urban Development

Bancharedanda landfill site to be completed by mid-October

KATHMANDU, SEPTEMBER 20 State Minister of Urban Development Rambir Manandhar said construction of a sanitary landfill site at Bancharedanda on the border of Nuwakot and Dhading districts will be completed by mid-October. During monitoring of the under-construction landfill site today, State Mi Read More...