Nepse static on uncertain political situation

KATHMANDU, MAR 10 -

As the political outlook in the country remains uncertain, the stock market has largely remained static in recent times.

The Nepal Stock Exchange (Nepse) index dropped 2.65 points last week to close at 538.89 points on Thursday from Sunday’s opening of 541.53 points.

The benchmark index had crossed the 550-point mark three weeks ago on news that the chief justice would be appointed the new executive head of the country, but the gains could not sustain. Stock analysts say uncertainty about the formation of a new government has been reflected in the stock market.

Most of sub-indices on the exchange lost points last week, with the manufacturing sector leading loss-making groups with a downfall with 21.78 points. Groups comprising hydropower, others, insurance, trading, and commercial banks also saw their indices plunge. Last week’s gainers were hotels, finance companies and development banks.

Despite the downfall in the Nepse index, the market turnover rose 15.59 percent to Rs 672.69 million. The number of shares traded also went up to 2,382,202 units — up from previous week’s 1,764,307 units. The number of transactions increased to 7,790 times from 6647.

Nepal Bangladesh Bank topped the chart in terms of turnover (Rs 134.3 million), while Civil Bank topped in terms of the number shares traded (462,773) and the number of transactions (1,541).

Source: The Kathmandu Post