NBB RISE AS NEPSE FALLS
Sharesansar, 5th February:
Nepal Stock Exchange following the surge of two days, today dropped by 1.18 points to close at 515.33 levels. As there is no strong fundamental ground for the market index to take support, the local bourse has been dwelling between the ranges of 510 to 520 levels in recent days.
The big news in the market today was of Nepal Bangladesh Bank (NBB), as the bank has sent a letter to Nepal Rastra Bank (NRB) requesting approval for the transactions of promoter shares of the company within its existing promoter shareholders.
As per the letter, the NBB has asked to approve the selling of Bank Asia Limited (Situated at Dhaka, Bangladesh) and NB Group’s promoter shares of 2,667,500 and 3,803,434 respectively to IFIC (International Finance Investment and Commerce Bank Limited) Bangladesh. Currently, the IFIC holds the 9.18% ownership in the bank; with the approval of this transaction from the NRB, IFIC will be the largest share holder with 41.38% in the NB Bank.
With this transaction, the NB Group which has been one of the major influential factors in the company’s poor performance will be out from the NBB. The selling of NB Group shares has pave way for the NBB to recover the bad debt from this group and lower its NPL (Non performing loan). The impact of this news in the secondary market was substantial as the scrip of NBB boosted up to Rs 300 and at the end close at Rs 281 with increment of Rs 7.
The company had the highest turnover today with Rs 33,707,088 which was carried out by 291 transactions totaling 119,252 units; in which Broker No 16 (Primo Securities Pvt. Limited) was the most active broker with 12.50% stand alone dealing of NBB, tallying 15,050 units worth Rs 4,214,775 via 31 transactions which includes matching of 2 transactions tallying 1300 units worth Rs 363,000.
Despite the boost and healthy transaction in NBB, the Banking sector suffered a loss of 2.36 points. Similarly, Finance also plunged by 0.1 points whereas Development rose by 0.42 points. While, the fall in Butwal Power Co. Ltd. (BPCL) dragged the Hydro sector down by 1.82 points. Likewise, Insurance and Manufacture also plummeted by 1.92 and 0.46 points respectively.
As for Hotels, it surge by 7.38 points following the increment in the level of Soaltee Hotel Ltd. (SHL) by Rs 5. Similarly, Trading and Others also boosted up by 3.12 and 1.18 points respectively following the increment in Bishal Bazar Co. Ltd. (BBC) in Trading and Nepal Doorsanchar Company Limited (NTC) in Others.
Overall there were only 91 scrips traded among which 38 scrips increased, 13 remain intact and 41 scrips decreased. The highest gainer for the day was, Arun Valley Hydropower Development Company Limited (AHPC), closed at Rs 353, with Rs 18 or 5.37% gain. Whereas, Nepal Life Insurance Co. Ltd. (NLIC), closed at Rs 256, following the price adjustment by Nepse of 20% bonus share declared by the company, plunge by Rs 51 or 16.61%, making the scrip highest loser of the day. In case of highest traded shares, Prabhu Finance Co. Ltd. Promoter Share (PRFLPO), closed at Rs 116, topped with 184,748 units.
The turnover today stood around Rs 102,784,820 which is higher by Rs 18549358 or 22% than prior day’s trade. Overall 418,427 units of shares were traded via 1039 transactions with the market capitalization of Rs 496,382.51 million at the end of the day.
TOP FIVE BROKERS FOR THE DAY: http://www.sharesansar.com/listtopbrokers.php
