CORRECTION IN NEPSE; STILL MAINTAINS HEFTY TURNOVER

Sharesansar, 22th December:

The market momentum today shifted to the south side as more investors rush to capitalize their profit. The stock index today made correction of 10.46 points to close at 795.19 levels.

Following more than 12 percent rally in the prior week, the market today observed a string of profit booking from the beginning of the session. The local bourse that dwelled above the 800 levels in the previous week, after one hour trade came to drop by more than 15 points to hover below 790 levels.

However, latter the increase in demand of banking scrips supported the market to close with loss of only 1.04 percent.

Banking sector which has observed spectacular rally in prior weeks, today witnessed correction of 17.64 points though it had suffered more than 21 points at one time. Similarly, Finance also dropped by 8.62 points while Development sustained increment of 7.98 points.

As for the remaining sectors, Hydro made hefty decline of 40.06 points, alongside it Others also declined by 2.35 points. Meanwhile, Insurance made a hefty double digit growth of 31.11 points followed by Hotels with an advance of 13.27 points.

Altogether there were trade of 117 scrips, among which 49 scrips gained, 11 scrips remained intact and 57scrips suffered loss.

The best performers among the traded scrips were Himalayan Gen. Insu. Co. Ltd. (HGI), closed at Rs 616, and Life Insurance Co. Nepal  (LICN), closed at Rs 2278, with a gain of 10 percent each i.e. Rs 56 and Rs 207 respectively.

 Whereas, rejection of Prabhu Bikas Bank Limited (PRBBL) , closed at Rs 260, 9 percent proposed bonus by Nepal Rastra Bank had an adverse impact upon the share price of the company as the price dropped by  Rs 25 or 8.77 percent, making the script worst performer of the day.

The scrips with the highest turnover in today’s trade was Nepal Bank Limited (NBL), closed at Rs 371, with trading of 365,857 units worth Rs 131,894,522 via only 230 transactions.

The  Broker with the highest transaction of NBL was Broker no 56 (Sri Hari Securities Pvt. Ltd.) with 26.85% standalone dealing of the NBL, tallying 198,763 units worth Rs 70,849,101 via 41 transactions which includes 2 matching transaction totaling 49,060 units worth Rs 17,386,300.

The total turnover of the market today stood at Rs 771,677,128 which was carried out through 4,220 transactions totaling 1,995,662 units. The market capitalization at the end of the day stood at Rs 807,641.22 million.