NEPSE on gaining spree
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KATHMANDU, MAY 13 - While the stock market has been witnessing gains over the past three consecutive days, Nepal Stock Exchange (NEPSE) index saw double digit growth on Tuesday and Wednesday.
On Wednesday, the index closed at 449.08 points with a gain of 17.52 points while the market gained 12.79 points on Tuesday. Although the first trading day after the UCPN (Maoist) lifted its general strike on Friday saw negative growth, the ensuing days are showing promising signs.
Nanda Koshore Mun-dada, president of Nepal Stockbrokeres’ Association is not sure if it is a sign of bullish trend. “We have to watch the trend next week too,” he said, adding that rise in stock market has not sustained longer 7-10 days in earlier days too. “It may be a correction after the continuous decline to the lowest ebb,” he said.
A double digit growth in three sectors, including banking and hydropower, fuelled NEPSE’s ascent.
Another group apart from the banking and hydropower sector gained 30.54 points to top the gainers’ list.
Shares of 21 commercial banks changed hands on Wednesday, among which Laxmi Bank Ltd. was the only loser in the sub-group, shedding 37 points.
Heavyweights like Nabil Bank Ltd., Standard Chartered Bank Ltd., Nepal Investment Bank Ltd., Nepal SBI Bank Ltd. and Everest Bank Ltd. dominated the sub-group.
Fifteen companies were on the trading floor in the development banks’ group. Sanima Bikash Bank Ltd. topped the sector with a gain of 32 points while Biratlaxmi Bank Ltd. shed the most, 38 points.
Of the 17 finance companies on the trading list, Lumbini Finance Ltd.
lost 31 points to top the losers’ list, while IME Financial Institution Limited gained 30 points to top the group.
Shares of four insurance companies, three hydropower companies and the Nepal Door Sanchar Company were also traded in the stock market.
Posted on: 2010-05-13 08:58
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