Selling pressure drags market down by 25.47 points; Turnover above Rs 84.29 crore

The benchmark capital market index, Nepal Stock Exchange (NEPSE), has declined by 25.47 points or 1.61% to close at 1554.56 points. Today, NEPSE Index opened at 1580.03 points and the local bourse was seen fluctuating throughout the day. However, on the first trading hour of the day, the market lost more points – signaling selling pressure among buyers. The total turnover of the day stood above Rs 84.29 crore where more than 15.70 lakh units shares were traded through 9,241 transactions. As per Bhimsen Giri, Stock broker representative of Asian Securities Pvt Ltd (Broker no 26), “The reasons for high volatility seen in the market was due to strong selling pressure but still mutual fund companies are buying share. Confidence level of investors seems to be down. In my opinion it is the time for wait and watch situation as before Dashain festival I don’t see any chance of bigger movement in the stock market.” First Microfinance Development Bank Limited (FMDBL) topped the list of companies in terms of turnover (Rs 3.27 crore) while NMB Sulav Investment Fund Limited -1(NMBSF1) among the most traded shares (1.38 lakhs unit) today. The best performer of the day were RSDC Laghubitta Bikas Bank Limited (RSDC) hitting 10% positive circuit break while Hamro Bikas Bank Limited (HAMRO) was the biggest loser today. Sensitive and float index slightly went down by 5.83 points and 0.23 points respectively. All sectors at Nepse landed in red. Sub-indices of insurance decline the most by 136.73 points.