Banking sector pushes the market upward; Index up by 18.88 points to close at 1,685.17 points

On the first trading day of the week, the benchmark index at Nepal Stock Exchange went up by 18.88 points or 1.13% to close at 1,685.17 points. NEPSE index opened at 1666.32 points and went up to 16988.31 points during first trading hour of the day. Aligned with the expectation on the last trading day of the previous week, market has shown very strong emblems. Gains and size are gaining momentum at a considerable pace. Though some sectors have landed on the red banking has attracted a lot of investors for the time being. Most importantly, we can see that undervalued scrip and companies with stronger basics are clearly performing exceptionally. Though there might be slight bit of hurdle for the upcoming days, the upward stretch however is pretty clear. There might be concerns regarding the global scenario, however, ours is a closed economy. There are hardly any significant weaknesses at least for the immediate period. The total turnover of the day stood above Rs 1.60 arba, where more than 63 lakhs unit shares were traded through 6,277 transactions. Sensitive index and float index went up 4.6 by and 1.51 points respectively. Hotels, Hydopower, Insurance and Manufacturing & production landed in red. Banking sector went up by 33.33 points.