Stock market inches up 0.9 pointsNepal Stock Exchange (Nepse) last week inched up 0.9 points to close at 1,263.72 points.
Nepal Stock Exchange (Nepse) last week inched up 0.9 points to close at 1,263.72 points.
In the three-day trading week, the market that opened at 1,262.82 points on Sunday gained 0.93 points on Monday before losing 0.03 points on Thursday.
Stockbrokers termed the nominal rise in the benchmark index “market correction”. Parmeshwor Bhakta Malla, managing director of Malla & Malla Stock Broking Company, said a nominal rise/fall in the index following a
bull run was an expected. “As the market had been setting records almost every day, the nominal growth is normal,” he said.
The market that has been on an upward trajectory ever since the Nepse implemented full-fledged paperless trading system on January 15.
Of the nine trading groups, five posted gains. Hydropower (up 106.79 points) led the gainers’ side including insurance, others, commercial banks and finance companies. Hotels and development banks were down 48.35 points and 32.94 points, respectively. Manufacturing and trading groups were stable at 1,950.88 points and 201.38 points, respectively.
The sensitive index that measures the performance of ‘A’ class companies inched up 0.19 points to close at 272.45 points.
The overall market transaction fell 31.97 percent to Rs1.90 billion, while the number of shares traded came down to 3,316,760 units from 4,466,610.
Malla said the fall in the transaction volume was due to high selling pressure after the border blockade was lifted. “Traders, who had had been investing in stocks during the blockade, are diverting back investments to their businesses,” said Malla, adding the market would see a nominal fall net week.
Nepal Bank posted the highest individual transaction of Rs91.32 million. It was followed by Nepal Investment Bank, Rural Microfinance Development Centre, Neco Insurance and Asian Life Insurance. National Hydropower Company topped in terms of the number of shares traded (368,000 units).
Nepse listed 249,257 bonus shares of Rastriya Beema Company during the period under review.