PROFIT-TAKING CONTINUES TO WOE THE MARKET

Sharesansar, 23rd June:

The profit-taking by the investors and traders continue to woe the market for four straight trading days as the benchmark index dropped by 8.92 points to close at 917.58 level.

After a consecutive rally for seven trading days, which ended last week, the investors and traders are booking their gains at current high level and waiting for further correction to again enter into the market before the announcement of budget, which is expected to be within this month.

Mainly the banking scrips are witnessing massive offload after its superb bull run in prior weeks. The Banking sector today dropped by 14.25 points while two of the remaining sub-indices related to banking and financial institutions, Development and Finance, added 0.46 point and 10.03 points respectively.

As for the remaining sub-groups, Hydro and Hotels were other two sectors to suffer double digit loss of 36.24 points and 13.05 points respectively. Similarly, Insurance and Others also declined by 1.81 points and 2.35 points respectively.

In addition to bearish movement, the turnover of the market also got shrunk today as it tallied only Rs 288.56 million compared to  Rs 503.79 million of prior trading day.

All in all, the scrips of 120 companies were traded, out of which 37 scrips gained, 13 remained intact and 70  scrips lost.

The best performer for the day was, Neco Insurance Co. (NIL), closed at Rs 620, with Rs 56 or 9.93 percent gain. Whereas, Synergy Finance Ltd (SYFL), closed at Rs 90, was the worst performer today with Rs 6 or 6.25 percent loss.

In terms of turnover, Nepal Bank Limited (NBL), closed at 360, topped the category as the news of bank selling a plot of land for Rs 50 crore to Insurance Board continues to trigger massive demand.

The regulatory body of the insurance companies has reportedly bought 9 ropanis and 14 annas of land of the asset-based bank at Kupandole on prior week to build the Insurance Academy.

 Altogether, 61,669 share units of NBL were traded through 71 transactions worth Rs 22,241,518.

The broker with the highest standalone dealing of the NBL was Broker No 42 (Sani Securities Co. Ltd.) with 16.25 percent totaling 20,100 shares trade amounting Rs 7,231,700 via 15 transactions, which include six matching transactions tallying 8,800 units worth Rs 3,165,100.