Banking sector pushes market all time high of 1721.77 points; Index rises by 36.60 points with a turnover of Rs 1.63 arba

On the second trading day of the week, the benchmark index at Nepal Stock Exchange Limited (NEPSE) went up by 36.60 points or 2.17% to close at an all time high of 1721.77 points. NEPSE index opened at 1693.96 points, the local bourse was seen in upward trend. Market rises by 36.60 points due to listing of Nepal Investment Bank FPO shares which was issued at Rs 601/unit. As NIB trading is already above Rs 1000, it has highly affected on market capitalization. When market capitalization increases Nepse index also increases automatically. 2,083,278 unit shares of NMB Sulav Investment Fund -1 was most traded shares today. The total turnover of the day stood above Rs 1.63 arba, where more than 49.25 lakhs unit shares were traded through 6,167 transactions. Sensitive index and float index went up by 8.6 and 2.67 points respectively. Except Hotel and Insurance, all sectors landed in green. Banking sector surges by 61.07 point whereas Insurance sector plunges by 95.57 points. Banking sector again are among the major gainers today. It has been the tendency in the market that banking progression dictates almost all other divisions. Something similar to that has also been seen today. Another crucial part for the index today was the listing of more than 90 lakh units of shares issued by Nepal Investment Bank due to which banking becomes even heavy weight. Overall the index has been just been rising consistently over a period of time now. Creating another summit with healthy proportions, market seems stable at least for the near term. Though caution is advised there is not much to be bothered about right away.