Nepal | September 30, 2020

Nepse falls 65.44 points

Himalayan News Service
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Kathmandu, January 30

The domestic share market was splattered in red today, as the Nepal Stock Exchange (Nepse) index plunged by 65.44 points or 4.76 per cent to 1,309.70 points — nearly a 10-month low.

Stock brokers attribute the current selling pressure to the impressive rates on fixed deposits being offered by the commercial banks. “There is no other reason for the drop in the share market other than the liquidity crunch facing the banks,” said Tanka Gautam, spokesperson for Stock Brokers Association of Nepal (SBAN).

Opening at 1,375.14 points, the benchmark index steadily moved on the downward trajectory throughout the day. Today’s was the second-biggest daily drop of the local bourse. The largest slump was recorded on August 8, 2016, when Nepse had plummeted by 88.81 points.

Manufacturing and trading subgroups, which did not record any transactions, held steady at 2,145.43 points and 206.16 points, respectively.

Insurance saw the biggest dive of 546.55 points or 8.7 per cent to rest at 5,737.24 points. This was followed by hotels that slumped by 128.48 points or 7.24 per cent to settle at 1,646.84 points. Finance was down 35.92 points or 5.48 per cent to close at 619.30 points.

Banking — the share market heavyweight — plunged by 60.55 points or 4.63 per cent to land at 1,247.99 points. Hydropower dropped by 73.09 points or 4.51 per cent to 1,547.83 points. Development banks was down 48.99 points or 3.41 per cent to 1,389.57 points. Others lost 15.04 points or 2.14 per cent to 688.63 points.

The sensitive index, which gauges the performance of class ‘A’ stocks, dropped by 14.41 points or 4.83 per cent to 284.07 points. Similarly, the float index that measures the performance of shares actually traded also fell by 4.82 points or 4.74 per cent to 96.91 points.

Altogether nearly 1.13 million shares of 123 companies that amounted to around Rs 536.63 million changed hands through 5,649 transactions during the day.

Arun Finance, Oriental Hotels, Rastriya Beema Company Ltd, Reliance Finance, and Excel Development Bank were the top gainers.

Prudential Insurance, Muktinath Bikas Bank,  Himalayan General Insurance , Soaltee Hotel and Sagarmatha Insurance were the top losers today.

A version of this article appears in print on January 31, 2017 of The Himalayan Times.

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