Stock market inches up 4.6 pointsNepal Stock Exchange (Nepse) inched up 4.6 points to close at yet another record high of 1,283.52 points.
Nepal Stock Exchange (Nepse) inched up 4.6 points to close at yet another record high of 1,283.52 points.
The market that opened at 1,278.92 points on Sunday gained 12.89 points on Monday before losing points in the following two days. The benchmark index, however, recovered 3.62 points on Thursday.
Stockbrokers termed the rise market correction. Meghnath Upadhyaya, managing director of Primo Securities, said the nominal rise was expected. “The index has surged more than 400 points over the past year and the market capitalisation has also gone up substantially,” he said.
Anjan Raj Poudyal, managing director of Thrive Brokerage House, said there was neither buying pressure nor selling pressure as investors were holding their stocks.
Of the nine trading groups, indices of four gained. Finance Companies (up 26.01 points) was the top gainer, followed by development banks, others and commercial banks. Hotels (down 60.83 points) led the losers’ side including insurance and hydropower companies.
Manufacturing and trading groups were stable at 2,008.64 points and 201.38 points, respectively. The sensitive index that measures the performance of ‘A’ class companies inched up 1.29 points to close at 277.51 points.
The market transaction surged 11.73 percent to Rs2.83 billion, while the number of shares traded came down to 8,010,240 units from the previous week’s 8,470,750 units.
Stockbrokers hope the market to grow further in the coming weeks. “As the market has been backed by strong transaction volume and almost all the indicators are positive, the market should scale new highs,” Poudyal said.
Citizen Investment Trust posted the largest individual transaction of Rs231.16 million. It was followed by Nepal Investment Bank (promoter’s shares), Nepal Investment Bank, Nepal Bangladesh Bank and Sanima Bank. Siddhartha Equity Oriented Scheme topped in terms of the number of shares traded (1,512,000 units). Meanwhile, Nepse listed bonus shares of Mission Development Bank and Business Universal Development Bank, and right’s shares of ICFC Finance during the review period.