Nepal | September 21, 2020

Share investors pleased with federal budget of fiscal 2019-20

Himalayan News Service
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Kathmandu, May 30

Share investors have welcomed the positive provisions mentioned in the federal budget of fiscal 2019-20, which was presented by Finance Minister Yubaraj Khatiwada at the Parliament yesterday.

Issuing a joint media release, Nepal Investors Forum, Share Laganikarta Sangh, Nepal Punjibazaar Laganikarta Sangh, Nepal Punjibazaar Sangh and Laganikarta Dabab Samuha have said the budget for next fiscal has taken into consideration the recommendations made by investors and acknowledged the importance of the share market.

Top gainers

Company Last trading price Change
Himalaya Urja Bikas Co Rs 160 9.59%
Rairang Hydropower Dev Co Rs 104 8.33%
NIC Asia Growth Fund Rs 9.79 6.41%
Top losers
Company Last trading price Change
Panchthar Power Co Rs 163 -9.94%
National Mic Bittiya Sanstha Rs 1,540 -5.05%
Kankai Bikas Bank Rs 162 -4.70%
Source: Nepse

Finance Minister Khatiwada, while presenting the budget, had said the government would promote secure and transparent digital transactions in the share market and that online transaction of government bonds would be made possible.

“Among others, slashing of capital gains tax from 7.5 per cent in the past to five per cent and easy access to non-Nepali residents to invest in the share market and encouraging banks, financial institutions and insurance companies to opt for merger to strengthen the capital base are highly encouraging,” the joint statement reads.

The organisations representing share investors have also said the budget provisions signify change in the state’s perception of stock market and recognise the significant role of the secondary market in the overall development of the country.

Investor optimism was evident when the market opened today, with Nepal Stock Exchange (Nepse) index at 1,313.88 points. Within 15 minutes, the benchmark index had soared as high as 1,350 points. However, the local bourse reversed course on profit-booking, ending the day at 1,319.47 points, up 5.58 points or 0.43 per cent.

Both sensitive and float indices rose by 0.44 per cent. Sensitive went up by 1.23 points to 281.15 points, and float rose by 0.42 point to 96.62 points.

Banking, mutual funds, others and life insurance were the only four subgroups to record gains, while the remaining seven subgroups landed in the red. However, there was no significant gain or loss recorded at the end of the day.

Altogether, 4.89 million shares of 174 companies were traded through 16,303 transactions that amounted to Rs 1.53 billion. For comparison, 10,415 transactions of 2.63 million shares of 173 firms that totalled Rs 900.80 million had been undertaken yesterday.

A version of this article appears in print on May 31, 2019 of The Himalayan Times.

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