NEPSE MAKES CORRECTION

Sharesansar, 8th May:

After days of consecutive rally, the stock market of Nepal finally made a downhill turn today. Following more than 50 points or six percent surge in last six trading days, the investors today flooded into the market for profit taking, which dragged the market down by 9.49 points.

The benchmark index today came to settle at 856.76 level.

Most of the investors today were found liquidating the inflated insurance scrips along with Hotels and Banking scrips.

By the end of the day, 13 insurance scrips settled in red zone among the 17 traded insurance shares. The high decline ratio attributed to 82.96 points loss in Insurance sector today.

Similarly, among three traded hotels scrips, two witnessed hefty downfall which attributed to 95.32 points drop in Hotels sector. Likewise, Banking too made tumble of 9.49 points following the profit booking in most of the banking scrips.

Another banking and financial institutions related sub-index, Development also decreased by 5.98 points to settle in red.

While, Hydro, Manufacturing and Finance were the only three sectors to land on green today. Hydro today added 20.22 points, Manufacturing climbed by 1.4 points and Finance inclined by 1.28 points. As for Others, it remain intact at 763.64 level.

In addition to descend in Nepse index and most of the sub-indices, the market turnover too made a steep dip today as it came to stand at Rs 372,437,276 from yesterday’s  figure of Rs 598,762,303.

The total traded shares and transactions also tallied to only 705,876 units and 2,702 times from that of 1,241,634 units and 2,702 times respectively.

Altogether there were trade of 133 scrips, among which 34 scrips gained, 14 scrips remained intact and 85 scrips suffered loss.

Kaski Finance Limited (KAFIL), closed at Rs 225, and  Subhechha Bikas Bank Limited (SUBBL), closed at Rs 180,  were the top performers today with gain of 9.76 percent by each i.e. Rs 16 and Rs 20 respectively whereas Soaltee Hotel Ltd.  (SHL), closed at Rs 508, was the worst performer with loss of Rs 42 or 7.64 percent.

 Global IME Bank Limited (GBIME), closed at 645, continued to uphold its momentum as it had the highest turnover today also. Altogether, 104,940 shares of GBIME were traded through 388 transactions worth Rs 67,089,419.

The Broker with the highest transaction of GBIME was Broker No 45 (Imperial Securities Co .Pvt.Limited) with 23.67 percent standalone dealing, totaling 50,139 units worth Rs 31,760,842 via 48 transactions, which include two matching transactions tallying 20,115 units worth Rs 12,633,600.