Nepse index down 1.64 points
KATHMANDU, Sept 17: Nepal Stock Exchange (Nepse) index shed 1.64 points this week to close at 1,815.17 points on Wednesday -- the last trading day of the week.
Stock market analysts say that the market has largely remained stable this week. The market opened for trading only for three days as Tuesday was public holiday to mark Eid al-Fitr and Thursday for Indra Jatra festival.
"The market largely remained stable as there was both buying and selling investors. It seems that the market has calmed in recent days following high volatility in the previous few weeks due to some statements and articles by regulators," a stockbroker who preferred anonymity.
The stock market was on a free fall in August following the formation of a new government under CPN (Maoist Center) and formation of a committee by Securities Board of Nepal (Sebon) to investigate into the flow of black money into the stock market. Statements from the Sebon and its officials to urge investors to maintain caution in the bullish market was the other reason that led to the stock market downfall.
"The market has bounced back in the last few weeks. But we can see some minor corrections as investors want to cash in on the rising stock prices," the stockbroker added.
Most of the trading groups ended in the red zone this week. The sub-indices of Hydropower and 'Others' groups went down by 44.4 points and 15.04 points, respectively, to finish at 2,421.42 points and 773.36 points. Banking, the heavyweight trading group in the secondary market, also fell 4.37 points to settle at 1,731.42 points. Finance and Development Bank also went down 1.24 points and 0.85 point to close at 845.05 points and 1,894.41 points, respectively.
Trading group remained unchanged at 202.79 points.
Insurance was the highest gainer of the week as its sub-index jumped by 139.82 points to close at 9,063.13 points. Hotels group also ended 41.96 points higher at 2,211.73 points. The sub-index of Manufacturing and Processing group also went up 7.57 points to end the week at 2,497.45 points.
A total of 6.42 million units of shares of 158 companies worth Rs 3.76 billion changed hands this week through 18,526 transactions.
Muktinath Bikas Bank Ltd and NMB Sulav Investment Fund 1 topped the list of companies in terms of turnover (Rs 218.47 million) and number of traded shares (1.93 million), respectively, while Muktinath Bikas Bank Ltd was at the top in terms of number of transactions (811).