Nepse Index down by 7.17 points to close at 1615.10 points; market in correction mode

The benchmark index at Nepal Stock Exchange went down by 7.17  points or 0.44% to close at 1,615.10 points. NEPSE index opened at 1622.27 points and was seen in downward trend during third trading hour of the day. There has been slight correction in the market again. Decreasing turnover is another sign to worry. The correction may be prolonged a bit longer as many sectors are being viewed as overpriced by the investors and especially the insurance sector.  As there is huge turnover in insurance again investors holding shares of companies overpriced already or having below average fundamental might have to be concerned for days to come as volatility is significantly higher. Carefulness is highly recommended as market is showing significant movement at this point; however, slowing down of market can be taken normally as this is a usual process. The total turnover of the day stood above Rs 1.19 arba, where more than 18  lakhs unit shares were traded through 5,785  transactions. Sensitive index and float index went down by 1.57  and 0.4 points respectively. Except hydropower and Finance, all the sectors at Nepse landed in red. Insurance sector plunged by 128.34 points.