Hydropower companies pull market down
KATHMANDU, May 29:
Butwal Power Company’s plunging share prices did not allow the stock market to register gain second week in the row.
Shree Krishna Securities (broker no 28) traded some 900 units of Butwal Power Company’s shares throughout the week that witnessed its share price dropping to Rs 436 per unit pulling the hydropower subgroup a whopping 73.6 points in a week’s trading.
Butwal Power lost Rs 232 per unit — from last Thursday’s closing of Rs 668 per unit to close at Rs 436 per unit this Thursday — while Arun Valley lost Rs 15 per unit in the week’s trading. Despite Chilime Hydropower’s primary issue scheduled for this week, it gained Rs 15 per unit.
The plunge in the hydropower subgroup has pulled the secondary market down by 0.33 points this week (May 22 to 26).
The stock market that is dragging at 344 points at present, had witnessed a slight surge only two weeks back. However, the market could not take off due to hydropower subgroup’s massive loss on Butwal Power’s loss. Hydropower holds comparatively less weightage among the subgroups which couldnot crash the market despite its massive losses.
On Sunday the market opened at 344.83 points that closed at 343.56 points for the day. Next day, the market dropped a little to 342.08 points and the decline continued for next two days to rest at 341.66 points by Wednesday. However, on Thursday — the last day of trading the local market — it surged to 344.50 points. The trading floor observed 406,600 unit shares of 119 companies worth Rs 78.65 million being traded through 6,735 transactions in the five regular trading days. It is 2.47 per cent increase in the transaction volume compared to that of a week ago.
The sensitive index measuring the performance of Class ‘A’ companies increased by 0.52 point reaching 85.98 points on the week’s trading. Among the total transactions, the trading of class ‘A’ companies consisted of 42 per cent amounting to Rs 33 million.
The float index that indicates the performance of the actual shares being traded throughout the week also went down by 0.04 point to 29.17 points.
Nepal Telecom that earned Rs 10 per unit share pushed others subgroup up by 11.75 points, whereas commercial banks earned 0.26 points, though its prices fluctuated throughout the week. Development banks gained 0.38 points but loss of Rs 13 per unit share of Soaltee Hotel made the hotel subgroup to slide down by 12.99 points.
The market didnot witness any trading of trading and manufacturing subgroups, while finance companies and insurance subgroup lost 1.08 points and 0.92 point, respectively.
The week saw Standard Chartered Bank topping the charts in terms of transaction amount with Rs 55 million. In terms of numbers of shares traded and number of transaction Jyoti Bikas Bank was the front runner with transaction of 31,200 unit shares through 459 transactions.
Standard Chartered Bank (Rs 5.53 million), Soaltee Hotel (Rs 5.51 million), Bank of Kathmandu (Rs 4.22 million), Everest Bank (Rs 4.05 million) and Prime Commercial Bank (Rs 3.79 million) are the top five performers of the week.
Source: THT
Butwal Power Company’s plunging share prices did not allow the stock market to register gain second week in the row.
Shree Krishna Securities (broker no 28) traded some 900 units of Butwal Power Company’s shares throughout the week that witnessed its share price dropping to Rs 436 per unit pulling the hydropower subgroup a whopping 73.6 points in a week’s trading.
Butwal Power lost Rs 232 per unit — from last Thursday’s closing of Rs 668 per unit to close at Rs 436 per unit this Thursday — while Arun Valley lost Rs 15 per unit in the week’s trading. Despite Chilime Hydropower’s primary issue scheduled for this week, it gained Rs 15 per unit.
The plunge in the hydropower subgroup has pulled the secondary market down by 0.33 points this week (May 22 to 26).
The stock market that is dragging at 344 points at present, had witnessed a slight surge only two weeks back. However, the market could not take off due to hydropower subgroup’s massive loss on Butwal Power’s loss. Hydropower holds comparatively less weightage among the subgroups which couldnot crash the market despite its massive losses.
On Sunday the market opened at 344.83 points that closed at 343.56 points for the day. Next day, the market dropped a little to 342.08 points and the decline continued for next two days to rest at 341.66 points by Wednesday. However, on Thursday — the last day of trading the local market — it surged to 344.50 points. The trading floor observed 406,600 unit shares of 119 companies worth Rs 78.65 million being traded through 6,735 transactions in the five regular trading days. It is 2.47 per cent increase in the transaction volume compared to that of a week ago.
The sensitive index measuring the performance of Class ‘A’ companies increased by 0.52 point reaching 85.98 points on the week’s trading. Among the total transactions, the trading of class ‘A’ companies consisted of 42 per cent amounting to Rs 33 million.
The float index that indicates the performance of the actual shares being traded throughout the week also went down by 0.04 point to 29.17 points.
Nepal Telecom that earned Rs 10 per unit share pushed others subgroup up by 11.75 points, whereas commercial banks earned 0.26 points, though its prices fluctuated throughout the week. Development banks gained 0.38 points but loss of Rs 13 per unit share of Soaltee Hotel made the hotel subgroup to slide down by 12.99 points.
The market didnot witness any trading of trading and manufacturing subgroups, while finance companies and insurance subgroup lost 1.08 points and 0.92 point, respectively.
The week saw Standard Chartered Bank topping the charts in terms of transaction amount with Rs 55 million. In terms of numbers of shares traded and number of transaction Jyoti Bikas Bank was the front runner with transaction of 31,200 unit shares through 459 transactions.
Standard Chartered Bank (Rs 5.53 million), Soaltee Hotel (Rs 5.51 million), Bank of Kathmandu (Rs 4.22 million), Everest Bank (Rs 4.05 million) and Prime Commercial Bank (Rs 3.79 million) are the top five performers of the week.
Source: THT
