KATHMANDU, July 16: Nepal Stock Exchange (NEPSE) on Tuesday soared to a 26 months high at 2,310.59 points after investors regained confidence with the formation of a new government.

The secondary market is in a bullish trend since the Nepali Congress and the CPN-UML forged an alliance to replace the government led by Pushpa Kamal Dahal. According to the stockbrokers, the investors responded positively to the appointment of the new Finance Minister, Bishnu Prasad Paudel.   

During Tuesday’s trading, the market added a whopping 70.18 points. The market opened at 2,240.41 points initially and plunged to 2,232.12 points in the first hour. The index escalated in the remaining hours and recovered around 80 points.  

The sensitive index that measures the performance of ‘A’ class companies added an impressive 12.33 points. The daily turnover surged to Rs 9.13 billion from Rs 8.73 billion on Monday.

Out of the 13 groups, mutual funds were the only losers. Life insurance secured the biggest gain of 318.85 points, while non-life insurance, development banks, hotels and tourism, hydropower, manufacturing and processing, and microfinance added three-digit points in their indices.

Among individual companies, 234 were recorded as gainers whereas eight were the losers.

Ngadi Group Power Ltd had the largest turnover of its shares worth Rs 217.74 million. Sindhu Bikash Bank Ltd was the topmost gainer, while Nepal Investment Debenture 2082 was recorded as the highest loser.