KATHMANDU, Feb 25: Nepal Stock Exchange (Nepse) last week lost 47.77 points after Nepal Rastra Bank tightened the noose on microfinance companies.
The secondary market opened at 2,070.41 points on Monday and closed at 2022.64 points on Thursday. The market remained closed with the government declaring Sunday and Tuesday as public holidays.
During the review period, the market soared as high as 2,083.83 points and as low as 2,015.04 points. Overall, the market witnessed volatility of 68.79 points.
According to the stockbrokers, the market sustained combined effects of the central bank’s stern policy against microfinance companies amid the high interest rates and an increasing fiscal deficit caused due to low revenue collection of the government.
In three-day trading, the secondary market dropped by 23.60 points on Monday. On Wednesday, the market gained 33.57 points after investors rushed to purchase shares after the index fell to a notably low level. However, the market took a nosedive by 57.74 points in the aftermath of the central bank introducing stern policies to streamline functions of the microfinance companies.
Except for hydropower, the remaining 12 trading groups lost in their average share prices last week. While hydropower gained 14.80 points, microfinance lost the highest of 577.33 points.
The total turnover stood at Rs 6.27 billion last week. The average daily turnover however rose nominally to Rs 2.091 billion from Rs 2.063 billion in the previous week. Market capitalization declined from Rs 2.987 trillion Rs 2.914 trillion.
Among individual companies, Himalayan Distillery Limited had the largest transaction of its shares worth Rs 413.22 million. Swabalamban Laghubitta Bittiya Sanstha Limited was the topmost loser. Likewise, Rapti Hydro and General Construction Limited gained the highest percent in its market price.