Daily Market Commentary

Nepse ends 21 points lower

Published On: November 29, 2021 07:11 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Nov 29: The Nepal Stock Exchange (Nepse) index started the trading on positive note but immediately pulled back to trade in red. However, the index within a few minutes recouped the losses and traded more than 25 points higher. Nonetheless, sellers dominated most of the trading hours. The index continued to close in negative territory ending the day at 2,630.01 – down 21.48 points against the session earlier.

Daily turnover also remained below the par suggesting lack of major momentum. Total turnover recorded Rs. 4 billion.

Majority of the sectors ended in red except Hydropower and Mutual Fund which ended in green with a slight increase. Hotel and Tourism, Others, Development Bank and Finance sectors lost 2.25%, 197%, 1.36% and 1.28% respectively. All other segments saw notable dips.

Mahalaxmi Bikas Bank Ltd was the active scrips of the day which recorded turnovers of Rs. 610 million on the day. The development has announced 20% bonus shares to their shareholders. However, the dividend is yet to get approval from the Central Bank and by the company’s AGM.

National Hydro Power Company Ltd, ICFC Finance Ltd, Nepal Doorsanchar Company Ltd and Nabil Bank Ltd recorded the turnover of over Rs. 151million, Rs. 124 million, Rs.99 million and Rs. 91 million correspondingly. Shine Resunga Development Bank Ltd, API Power Company Ltd and Hydroelectricity Investment and Development Company Ltd were the other actively traded stocks.

Ngadi Hydropower Ltd and Samling Power Company Ltd shares rose by 9.99% and 9.98% respectively. The unit price of Sanima Large Cap Fund also surged 4.26% on the day. 10%. Likewise, Kalika Power Company Ltd, Swabhimaan Laghubitta Bittiya Sanstha ltd, Samudayik Laghubitta Bittiya Sanstha Ltd, Himalayan Power Partner Ltd and Citizen Mutual Fund-1 jumped above 3% each.

ICFC Finance Ltd suffered losses and its scrip tumbled 10%. Chandragiri Hills Ltd, Mahalaxmi Bikas Bank Ltd and Manushi Laghubitta Bittiya Sanstha Ltd tanked by5.2%, 5% and 4.68% correspondingly. Unnati Sahakarya Laghubitta Bittiya Sanstha Ltd, Ganapati Laghubitta Bittiya Sanstha Ltd, Sadhana Laghubitta Bittiya Sanstha Ltd and Sahas Urja Ltd dipped 3% each.

In terms of ARKS technical analysis, the market formed the bearish candlestick which reflects weakness in the market. Both MACD and RSI are pointed downwards reflecting loss of momentum and sellers control in the equity market. At the current juncture, the immediate support level lies at 2600 mark.

This column is produced by ARKS Capital Advisors Ltd.

(Views expressed in the article are those of the producer and do not necessarily reflect those of this publication)

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