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NEPSE goes down 16.27pts
KATHMANDU, MAY 31 -
The Nepal Stock Exchange (NEPSE) suffered a double-digit loss on Monday negating the buoyant mood on Sunday, the first day of trading of the week. The NEPSE index registered a loss of 16.27 points when the market closed for the day.
The NEPSE index plunged as the banking and others groups suffered heavy losses. The banking sector lost 25.25 points and the others sector shed 10.57 points.
"A sudden rise in the supply of shares as a result of Sunday's impressive performance led to the tumble," said Nanda Kishore Mundada, president of the Nepal Stockbrokers Association.
Stock analyst Rabindra Bhattarai said that it would have been better for investors to wait for some time before getting on the investment bandwagon as the growth of the last few weeks could be a correction measure. "Another downturn in the market cannot be ruled out even now," he added.
On Monday, the finance and insurance groups posted marginal gains of 1.3 points and 0.56 point respectively. Out of the 23 commercial banks on the trading floor, only one could make it to the positive line while 21 shed points to pull down the whole sector.
Shares of Nabil Bank suffered the most, shedding 184 points. Standard Chartered Bank, SBI Bank and Everest Bank dropped 150 points, 84 points and 64 points respectively. There was no trading of shares of the trading, manufacturing and processing groups on Monday.
The others sector witnessed a fall of 10.57 points as a result of Nepal Doorsanchar Company shedding 9 points. The development bank group lost 1.31 points.
The hydropower group that had posted the highest gain on Sunday also witnessed a loss of 3.06 points. A 5 point loss in the shares of National Hydropower Company pulled down the hydropower sector's index. The number of companies as well as transactions were up on Monday. Shares of 75 companies changed hands through 696 transactions.
Posted on: 2010-06-01 08:16
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