Nepse falls 43.12 points on Monday, investors lose charm for hydropower shares despite ratification of MCC

Published On: February 28, 2022 08:35 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Feb 28: Nepal Stock Exchange (Nepse) on Monday nosedived 43.12 points with a significant fall in the index of the hydropower group.

The downfall in the country’s stock exchange market was seen in the aftermath of the ratification of the US-funded Millenium Challenge Corporation (MCC) compact agreement through parliament on Sunday. In the past few days, the hydropower companies posted a notable rise in their share prices, attracting investors.

In Monday’s trading, the hydropower group lost 102.56 points while the indices of other three groups including life insurance, non-life insurance and manufacturing lost three-digit points. The sensitive index, which measures the performance of the blue chips companies, also declined 6.64 points.

The market that opened at 2,653.70 points rose up to 2,683.35 points within a few minutes of the commencement of intraday trading. However, the market went into a straight fall to close at 2,610.58 points.

Samling Power Company Limited was the top loser. Api Power Company Limited witnessed the largest turnover of its shares worth Rs 160.99 million. The total turnover stood at Rs 3.66 billion, up from Rs 3.27 billion on Sunday.