Nepse flooded with primary shares

KATHMANDU: The secondary market is flooded with shares as today on a single day it listed 29.3-million-unit of primary shares of three financial institutions — two commercial banks and one development bank.

Sunrise Bank and Prime Bank listed their 12.5-million-unit and 10-million-unit primary shares whereas Vibor Bikas Bank listed its 6.8-million unit primary shares.

With the three new financial institutions, the number of listed companies has also gone upto 163 in Nepal Stock Exchange (Nepse). According to Nespe, with the two additions, there are 23 commercial banks in banks subgroup — the key market propeller. The 23 commercial banks have listed 281.56-million-unit shares.

Similarly, with one new entrance in the development banks sub-group the number of listed development banks has touched 30.

“Vibor Bikas Bank floated 26,52,000-unit shares worth Rs 265.20 million on June 10 for the public including its staff. It listed a total of 6.8 million-unit shares worth Rs 680 million including 41,48,000-unit promoter shares today.

The 30 development banks have listed 66.34-million-unit shares at Nepse that is dominated by banks and financial institutions. They have over 85 per cent of the total trading.

According to rule, shares of listed companies will be traded after a week of listing.

Index dropping

KATHMANDU: Nepse on Tuesday lost 4.89 points to close at 590.44 points. The single loser — Everest Bank — lost Rs 116 per unit share pulling the bank sub-group down by 8.03 points to 571.23 points. Nepse saw 93,511-unit shares getting traded on the third day this week.

On the second day, Nepse dropped by 4.1 points to close at 595.33 points. All market propellers, commercial and development banks, finance companies, and hydropower companies, plunged, pulling Nepse down. — HNS