The stock exchange market responds negatively to the government’s budget for FY 2023/24
KATHMANDU, May 30: Nepal Stock Exchange (Nepse) nosedived 53.16 points on Tuesday, the very next day of the announcement of the budget for the fiscal year 2023/24.
The secondary market opened at 1,941.77 points and went into a straight fall throughout the trading period. According to stockbrokers, revised tax rates on merger and follow-on public offerings have negatively affected the sentiments of the investors, which took down the market index.
In the intraday trading, 207 listed companies lost their market values and only nine companies registered as gainers. The sensitive index that measures the performance of the blue chip companies also dropped by a notable 8.72 points.
All the 13 trading groups lost in their market prices. Life insurance, non-life insurance and microfinance groups had their market index declined by three-digit points.
The daily turnover amount fell to Rs 2.341 billion, down from Rs 2.639 billion on Sunday. The government declared a public holiday on Monday to mark the Republic Day.
Among individual companies, Shivam Cements had the biggest transactions of its shares worth Rs 212.48 million. Swet-Ganga Hydropower and Construction Limited was registered the biggest loser while Aatmanirbhar Laghubitta Bittiya Sanstha Limited was the topmost gainer.