Panic pulls the market down
ShareSansar, August 25:
Gripped by panic based largely on rumors that institutional investors would off load stocks in bulk following the latest directive of the central bank’s, Nepse index shed 3.82 percent today to close at 947.84 level. So much so that the benchmark index lost 4% in less than two hours, triggering the first circuit of half an hour at 1:56 pm.
All the sub-indices, except manufacturing, ended in the red zone as the investors’ confidence was low.
The only secondary stock market of the country has been in a downward trend over the past few days basically due to the selling pressure.
However, the key stakeholders in the market such as the investors’ forum and the regulator have tried to allay the fear.
SEBON says that it has been closely monitoring the market, especially the buying and selling orders, and that it thinks the only reason the market is falling is due to panic since the institutional investors are not doing rushing to square off stocks. Nepal Investors’ Forum officials also agree with the regulator.
Otherwise, both technically as well as fundamentally the market should have been gaining at this time of the year – forget slumping.
Anyway, the Banking sub-index, which accounts for the major chunk of the market capitalization, lost staggering 36.7 points. The Insurance group was another major loser with a loss of 264.74 points followed by Hydropower with 140.81 points. Development Bank and Finance Groups also shed 22.4 points and 7.4 points respectively. The Hotel group posted a modest loss of 0.53 point while the Other Group lost 5.87 points.
Though the market volume was dwindling by the time the trading was suspended for half an hour, the market began to stabilize after the trading resumed at 2:26 pm. The turnover stood at satisfactory Rs 44.08 crore by the time the market closed for the day at 3:00 pm.
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