Nepse Index down by 10.67 points to close at 1,622.27 points; Insurance and Banking sector plunges by double digit

On the first trading day of the week, the benchmark index at Nepal Stock Exchange went down by 10.67 points or 0.65%to close at 1,622.27 points. NEPSE index opened at 1632.99 points and went up to 1637.03 points during second trading hour of the day. The total turnover of the day stood above Rs 1.65 arba, where more than 19 lakhs unit shares were traded through 6,460 transactions. Amidst strong oscillations in market today, the closing in red zone shows bit of wariness among investors. Though some corrections may be observed in days to come, huge turnover always implies strength in some ways. Even though it might seem that insurance has lost quite bit, we can also sense that the sector has recovered more than half percentage from day’s highest loss. Recovering almost 75 points, Insurance sector reached 9,190.86 from day’s low of 9,114.26 for the sector. There has been significant change of hands in insurance sector in the recent days which might have to be taken carefully, however it still isn’t time to call the sector weak already. Banks and hydro could be stronger though their extent may be a question in days to come. Hydropower has remained comparatively stable today among all sectors. Sensitive index and float index went down by 2.64 and 0.92 points respectively. Banking, Development Banks, Hydropower and Insurance sector landed in red. Insurance sector plunged by 155.02 points whereas banking sector went down by 10.66 points.