Traders have attributed the continued jump in gold prices to weakening of US dollar against the major rival currencies, which pushed the gold prices up in international market. Price of gold in international market skyrocketed to a new record on Thursday and was traded at around $1,123 per troy ounce.
Gold dealers also expressed wariness over the rising price affecting sales on the eve of wedding season. Sales of precious metal has already witnessed a slowdown since Dashain and Tihar festivals.
Gold price has been soaring in international market after the Reserve Bank of India purchased 200 tons of gold from International Monetary Fund amid speculation that other countries would also follow suit.
Political instability takes toll on stock market
KATHMANDU, Nov 12: Nepal Stock Exchange (Nepse) index dropped for fourth straight days on Thursday amid deepening political unrest in the country. The benchmark Nepse lost 10.94 points on Thursday, the last day of week´s trading, and closed at 565.86 points.
According to stock analysts, protracted political crisis and rumor of promoters share flooding the secondary market dragged the Nepse, often regarded as the barometer of investors´ confidence in stock market, down. The secondary market is facing huge losses for a couple of months.
Of the 75 companies whose shares were traded on Thursday, 60 saw their share prices drop, 10 witnessed rise, while five remain unchanged. Banking, the dominant group in the secondary market, suffered huge loss on Thursday´s training with its sub-index plummeting by 18.17 points to close at 540.1 points. In the like manner, sub-indices of Development Bank and Finance groups also plunged by 5.05 points and 3.25 points to close at 626.42 points and 599.45 points respectively.
Banks such as Everest Bank, Nabil Bank, Citizens Bank International, Himalayan Bank, Nepal Investment Bank and Siddhartha Bank saw one of the highest declines in their share prices during Thursday´s trading.
Total turnover of shares dropped to Rs 37.28 million due to low turnout of investors. A total of 70,495 units of shares and 60 units of scrips were traded through 734 transactions. Total market capitalization reached Rs 413.67 millions on Thursday.
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