Rs 9.80b wiped off from market after Maoists quit govt

Published On: July 13, 2016 05:00 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, July 13: Ruling coalition partner CPN Maoist Center's decision to withdraw support from the government caused the share market to lose Rs 9.8 billion in a single day.

The market saw a rollercoaster ride on Tuesday after the party withdrew its support from the KP Sharma Oli government. Total market capitalization fell to Rs 1,826.64 billion on Tuesday, from Monday's Rs 1,836.44 billion.

The benchmark Nepse index also shed 9.2 points, or 0.54 percent, to close the market at 1693.07 points.

According to Nepal Stock Exchange, almost all trading groups, except Manufacturing and Processing, and Others, shed values on Tuesday. Insurance was the biggest loser of the day as its sub-index fell 97.21 points, followed by Hydropower sub-index which shed 34.77 points.

Despite Nepse's fall, a total of 1.64 million shares of 138 listed companies worth Rs 1.13 billion were traded in the market through 5,213 transactions on Tuesday.

Janata Bank Ltd, Everest Bank Ltd, Nepal Life Insurance Company Ltd, Nepal Grameen Bikas Bank Ltd and Nepal Bangladesh Bank Ltd were the top five companies in terms of turnover, while Sagarmatha Insurance, Bottlers Nepal (Tarai) Ltd and Machhapuchhchhre Bank were at the top in terms of gains in share values. Similarly, Mithila Laghubitta Bikas Bank, Laxmi Laghubitta Bittiya Sanstha and Rastriya Beema Company Ltd (Promoter Shares) were the top losers of the day.

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