NEPSE PLUNGES BY DOUBLE DIGIT
ShareSansar, August 18:
Weighed down by BFI scrips, the benchmark index of Nepal Stock Exchange Limited (Nepse) plummeted by staggering 21.14 points or 2.04 percent today to close at 1013.25 levels.
The secondary share market of the country, which had opened for trading after a hiatus of three days, was dragged down by the selling pressure of BFI stocks, which covers around 80 percent of the total market capitalization, as the investors became wary of the banking scrips – basically due to upsetting fourth quarterly financial reports of Grand Bank Nepal Limited (GRAND) and Agricultural Development Bank Limited (ADBL).
Grand shed Rs 30 or 9.71 percent in less than three hours of trading today while ADBL, which had posted more than 9 percent loss during early trading hour, came to limit its lost to Rs 45 or 6.85 percent.
The Banking sub-index lost 22.41 points or 2.39 percent to drop to 915.32 levels when the market closed for the day at 3:00 PM today. Development Bank sub-index lost 18.62 points or 2.48 percent and the Finance Company lost 10.61 points or 2 percent.
Nine out of the ten top losers today were BFI stocks, including banks, development banks and finance companies while all the listed BFIs, except NMB Bank’s Promoter Share, landed in the red terrain.
The top loser among all the listed companies was Arniko Development Bank Limited (ARDBL), followed by Professional Diyalo Development Bank Limited (PRDBL) and Synergy Finance Limited (SYFL) with GRAND ending up in the fourth place despite losing 9.71 percent in a single day.
This clearly reflects the shaken confidence of the investors in the BFI group despite the fact that most of the BFIs have come up with impressive Q4 reports.
Little wonder that the rest of groups Insurance, Hydropower and Hotels and Others – except Manufacturing – also lost considerable points today.
If we look at the bright side, the market turnover has increased to Rs 47.805 crore today, up from Rs 39.591 crore on Thursday.
Chilime Hydropower Company Limited (CHCL) registered the highest turnover of Rs 5.32 crore though the scrip lost Rs 85 to settle at Rs 2,445 – thanks to the festering row in the company over removal of its Managing Director Kul Man Ghising.
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SECTOR WISE TURNOVER |
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TOP FIVE BROKERS |
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