PROFIT BOOKING IN INSURANCE DRAGS NEPSE

Sharesansar, 24th Feb:

Following four days of consecutive rally, the market today came to witness correction of 1.97 points. The local bourse today closed at 829.89 level.

Fuelled by the hint of political harmony between the Nepali Congress and CPN-UML, the market was experiencing positive sentiment from past few days. Within the time frame of 17th Feb to 23rd Feb, the benchmark index came to witness 30 points surge, which was mainly driven by the insurance scrips followed by remaining shares.

However, the secondary market today failed to sustain in higher level, in spite the fact that CPN-UML agreed to join the NC government. Though the news of understanding between two major parties propelled the market in the initial phase, later the profit booking from the investors drop the market down in the red terrain.

Contrary to prior days, the insurance scrips today dragged the market down. Attributed by the massive incline in the insurance scrips in prior few days, high numbers of investors and traders today booked their profit in insurance shares. The insurance sector today plunged by massive 103.33 points.

Similarly, Hotels and Finance were two other sub-indices to suffer loss. Hotels today declined by 12.61 points and Finance skid by 5.82 points.

While, Hydro continued with its winning streak as it soar by 35.32 points. Similarly, Banking and Development also sustained in green today as both added 0.46 and 1.35 points respectively. As for Others, it recovered 3.52 points after yesterday’s massive plunge.

Altogether there were trade of 126 scrips, among which 55 scrips gained, 13 scrips remained intact and 58 scrips suffered loss.

The best performer among the traded scrips was Kalika Microfinance Development Bank Ltd. (KMCDB), closed at Rs 836, with a gain of Rs 76 or 10 percent. Whereas, Ace Development Bank Limited (ACEDBL), closed at Rs 227, was the worst performer with loss of Rs 25 or 9.92 percent.
 
The company with the highest turnover in today’s session was Chilime Hydro power Co.  (CHCL), closed at Rs 1760, with turnover of Rs 51,759,375, totaling 29,225 units which were traded through 222 transactions.

The Broker with the highest transaction of CHCL was Broker No 39 (Sumeru Securities Pvt. Ltd.) with 8.61 percent standalone dealing, totaling 2,504 units worth Rs 8,909,872 via 23 transactions.

The market turnover today stood at Rs 405,946,027, with total number of shares traded at 763,569 units which were traded through 2,815 transactions. The market capitalization at the end of the day stood at Rs 845,376.34 Millions.