KATHMANDU, July 17: The benchmark Nepal Stock Exchange (Nepse) witnessed a slightly volatile trading day as the index fluctuated between positive and negative territories for most of the session. However, the market posted significant gain in the final hour with the index closing 12.27 points higher. As a result, the index ended the last trading session of the fiscal year at 1,212.36 points.
With the index extending gains, total turnover also showed an increment by over 64.37 percent as compared to the previous session. Over Rs. 318 million worth of shares were exchanged in the stock market as investors appeared optimistic ahead of the start of new fiscal year.
All sub-indices followed the boarder market except 'Other' sub-index, which closed slightly lower. Hydropower sub-index was the biggest gainer for the day as it surged 3.47 percent. Next on the list, Insurance sub-index climbed 2.43 percent. The sub-indices of hotels, development bank and manufacturing & processing sectors followed suit with increase of 1.78 percent, 1.74 percent and 1.46 percent, respectively.
In terms of active stocks, Prime Life Insurance Company Ltd Promoter Share recorded the highest turnover of more than Rs. 52 million. Further, Nabil Bank Ltd Promoter Share and Janata Bank Nepal Ltd logged in total transactions of Rs. 26 million and Rs. 19 million, correspondingly. Likewise, stocks of Prime Life Insurance Company Ltd, Agriculture Development Bank Ltd and Chilime Hydropower Company Ltd posted turnovers of over Rs. 10 million each.
Regarding top gainers for the day, United Modi Hydropower Ltd advanced the most as its share price surged 7.50 percent. Shares of Asian Life Insurance Company Ltd also jumped 7.39 percent. Furthermore, stocks of Gandaki Bikas Bank Ltd, Shikhar Insurance Company Ltd and National Hydropower Company Ltd were the other top gainers for the day.
In the contrary, Ngadi Group Power Ltd was the worst performer of the day as its share price plunged over 5 percent. It was followed by shares of Samata Microfinance Bittiya Sanstha Ltd, Civil Laghubitta Bittiya Sanstha Ltd, Prime Life Insurance Company Ltd Promoter Share and Rastriya Beema Company Ltd Promoter Share which dropped over 3 percent apiece.
On the corporate front, Jyoti Bikas Bank Ltd has signed a Memorandum of Understanding (MoU) with Hamro Bikas Bank Ltd for its acquisition. Besides, Surya Life Insurance Company Ltd held its Annual General Meeting (AGM) on Monday. Its main agendas include endorsement of 12 percent bonus shares and approval of 70 percent right shares issue.
Similarly, Kamana Sewa Bikas Bank Ltd conducted its AGM with distribution of 5.50 percent bonus shares and 6.50 percent cash dividend as its key agenda.
ARKS technical analysis model indicates market adding gains with bullish candlestick formation on Monday. Both Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) has showed a slight sign of recovery. However, the uptrend can only be confirmed if index maintains its current pace with significant volume in coming sessions.