NEPSE OVERCOME THE CONVERSION NEWS TO DEPICT CUP PATTERN

Sharesansar, 6th August
    
The market sentiment flip flop in the initial period as the news of conversion of seven commercial banks’ promoter share into ordinary shares came into highlight.

The fear of oversupply of ordinary shares after conversion swept away the market confidence leading to drop to 535 levels within the first hour of trade.

With the practice of this conversion provision NBB, NCCB, NMB, KBL, SBL, SANIMA and NICA share structure now comes to stand at 51% promoter and 49% general share.

However, the impact of this news was not as substantial as it was when it was first announced by SEBON few months back.

Apart from it, most of the converted shares must have been traded in the market as the news of conversion has been disseminated late by Nepse.

So, the effect of the news later faded away and demand started to pick up, pushing the Nepse above the green terrain depicting a cup pattern by the end of the day.

All in all, Nepse gained 1.97 points to close at 542.84 levels.

Among, sub-indices, Hotels was the only sector to tumble by 2.27 points.

Whereas, Insurance surged by 19.14 points followed by 11.97 points. Likewise, Banking inclined by 1.56 points alongside 0.96 gains of Finance and 0.53 ascend in Development.

As for Others, it remained intact at 648.54 levels.

All in all, the scrips of 94 companies were traded, out of which 47 scrips gained, 16 remained intact and 31 scrips lost.

The best performer for the day was, Mahakali Bikas Bank Limited (MBBL), closed at Rs 99, with Rs 9 or 10%.

Whereas, Hama Merchant & Finance Ltd. (HAMA), closed at Rs 60, was the top loser with Rs 6 or 9.09% loss. Among the shares trading above par, Everest Insurance Co. Ltd. (EIC), closed at Rs 200, was the worst performer with Rs 12 or 5.66% loss.

In case of the highest shares traded among mutual fund, Nabil Balance Fund 1 (NBF1), closed at Rs 10.04, topped with 27,631 units. In case of ordinary scrips, Everest Insurance Co. Ltd. (EIC), closed at Rs 200, topped with 127,357 units.

In terms of turnover, Global IME Bank Limited (GBIME), closed at 505, topped with 51,758 units worth Rs 25,472,494 via 294 transactions. The broker with the highest standalone dealing of the GBIME was Broker No 14 (Nepal Stock House Pvt. Limited) with 17.51%; amounting Rs 8,921,553 via 81 transactions totaling 18,341 units which includes 2 matching transactions tallying  712 units worth Rs 354,408..

Overall, 524,260 units of share were traded by 1,861 transactions worth Rs 162,981,684; the market capitalization by the end of the day tallied to Rs 540,780.89 million.