KATHMANDU, March 1: Nepal Stock Exchange (Nepse) on Wednesday plunged 24.44 points, mainly due to the selling pressure of shares of microfinance companies and the political uncertainty.
With the double-digit fall, the market index fell below 2,000 points, while the daily turnover also posted a pathetic figure of Rs 1.288 billion, a fall from Rs 1.387 billion on Tuesday. On Wednesday, the secondary market opened at 2,019.93 points and closed at 1,995.49 points.
In the intraday trading, the market started at a good note, gaining around five points in the first 10 minutes of the trading. However, the market went to a straight fall throughout the time thereafter.
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After a number of anomalies surfaced in microfinance, Nepal Rastra Bank has enforced stern policies against these companies. Similarly, the political uncertainty created in a row of presidential elections has also taken down the confidence of the shares investors, according to stockbrokers.
A total of 189 listed companies lost in their market value, while only 20 companies were gainers. The sensitive index that measures the performance of blue chip companies declined 3.56 points.
All the 13 trading groups lost in their market values. Life insurance, manufacturing and processing and microfinance lost three-digit points.
Regarding individual companies, Upper Tamakoshi Hydropower Ltd had the largest transaction of its shares worth Rs 87.23 million. Bottlers Nepal (Terai) Limited was the topmost loser, while Adarsha Laghubitta Bittiya Sanstha Limited was the biggest gainer of the day.
