Selling pressure pulls down market; Index tumbles by 21.99 points with turnover of Rs 56.77 crore

On the first trading day of the week, the benchmark index at Nepal Stock Exchange Limited (NEPSE) has dropped by 21.99 points or 1.41% to close at 1541.82 points today. Last week, the market was open for only three days. NEPSE Index opened at 1,562.69 points and the local bourse was seen in a continuous downward trend until the end of third hour, after which it remained fairly stable. Nepal Life Insurance Company Ltd topped the list of companies in terms of turnover (Rs 5.06 crore) and number of transactions (696), while Siddhartha Insurance Growth Scheme -1 (SIGS1) was at the top in terms of number of shares traded (53,000 units). The best performer for the day was Pokhara Finance Limited (PFL) whereas, Everest Bank Limited Convertible Preference Shares (EBLCP) was  the biggest loser today. The total turnover of the day stood above Rs 56.77 crore in which more than 9.31 lakh units shares were traded 6,160 transactions. Sensitive and float index went down by 4.73 and 1.68 points respectively. Except Hotels and Others sub-groups, all the sub-groups landed in red zone today.  Insurance sub-group witnessed the biggest drop of 129.66 points.