NEPSE TUMBLES BY DOUBLE DIGIT YET AGAIN
ShareSansar, August 24:
Failing to continue the momentum of last Thursday, the Nepse index came to plunge by massive 12.68 points or 1.27 percent today to close at 985.45 level.
Most of the insurance and hydro scrips suffered hefty losses today. Out of 16 traded insurance scrips, 14 scrips suffered losses while all six hydro scrips settled in red today.
Some observers believe that institutional investors from the banking sector resorting to ‘held-for-trading’ strategy might have started to liquidate insurance and hydro stock to contain its investment to 1 percent by the end of the current fiscal year – as directed by the central bank.
Insurance sector suffered massive loss of 168.44 points and Hydro made a downfall of 59.91 points.
Similarly, the fall in the banking group, which has the highest market capitalization, by 9.07 points also attributed to today’s market decline.
Alongside Banking, Finance, Development and Others also decreased by 2.02 points, 4.43 points and 1.17 points respectively.
On the other hand, Hotels was the only sub-group to settle in green today with gain of 34.39 points.
In addition to high numbers of down faller, the suspension of Broker numbers 5, 7, 14, 18, 19, 32 and 58 today due to non-settlement of cash and paper attributed to low market participation as the turnover only stood at Rs 340.91 million.
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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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