Nepse does U-turn – thanks to regulators
ShareSansar, September 9:
What a comeback Nepse has staged today! The benchmark index that dropped by a whopping 5 percent on the last trading day on Sunday, rebound by as much percent to halt the trading for the day today, to close at 920.06 level, gaining massive 44.50 points.
Though the recent downward spiral was triggered by all sorts of rumors spread by some vested interest groups to bring the market down to hoard stocks at a low price, response from the regulators – albeit slightly slow— is chiefly responsible for the market to do the U-turn today. Experts now hold the market should consolidate from here.
The group that actually propelled the growth today was Banking, which covers around 80 percent of the market-cap as the sub-index posted a massive growth of 51.05 points or 6.68 percent, while other sub-indices particularly the Others, which also includes NTC, also aided the surge.
In fact, all the sub-indices posted impressive growth today besides the Banking group. Hotels gained 38.68 points, Development Bank gained 18.48 points, Hydropower 180.17 points, Finance 7.01 points, Insurance 135.63 points, Manufacturing 2.56 points and Others group gained 17.62 points.
The market turnover also remained good today at Rs 48.67 crore.
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