NEPSE REBOUNCE WITH A BANG
ShareSansar, August 27:
The only secondary share market of the country, which was on a virtual freefall over the past few days, suddenly rebound today, hitting 3 and 4 percent circuit breaks.
The first circuit break hit within the first 25 minutes of trading and the trading was halted for second time at 12:48 pm for half an hour. Eventually, the market closed at 959.62 level, gaining massive 37.76 points or 4.18 percent.
Shortly after the market resumed for trading, the benchmark index had reached as high as 961.51 level at 1:25 pm. What a comeback for Nepse as compared to 921.89 level when the market closed yesterday! Clearly, the market has surpassed expectation of the experts.
The surge was fuelled by clarification from Nepal Rastra Bank that the held-for-trading restriction was only meant for short-term trading.
All the sub- indices gained significant points today after the investors overcame panic caused largely due to rumors spread by some vested interest groups that the market was collapsing owing to the central bank’s circular.
Experts believe that the market will go on to breach 1,000 level within the next few days, and very like to breach the all-time high of 1175 eventually.
Insurance group posted the highest growth of 232.11 points followed by Hydropower with 164.93 points while the Banking group registered a growth of 36.81 points. But, given the fact that the Banking group covers more than 80 percent of the market capitalization, this is a very impressive growth of the Banking group.
Similarly, the Development Banks, Finance, Hotel, Manufacturing and Others group also gained 17.29 points, 12.02 points, 4.34 points, 24.03 and 7.05 points respectively.
The market turnover, too, was encouraging today – as high as Rs 6.13 crore as there was steady buying pressure all through the trading hour.
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MARKET SUMMARY |
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TOP FIVE BY SHARES TRADED |
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SECTOR WISE TURNOVER |
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SUB-INDICES |
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TOP FIVE BROKERS |
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