Nepse bounces back above 1,600 points
Jul 18, 2017-
Kathmandu – Nepal Stock Exchange (Nepse) index bounced back above 1,600 points after over a month today
Advancing by 1.3 per cent or 20.58 points, Nepse closed at 1,604.15 points on the second trading day of the week. The last time the benchmark index had closed above the psychological level of 1,600 points was on June 8, when it had rested at 1,615.19 points.
Also, share market rose by over one per cent after six trading days — the first time after July 6, when Nepse index had gone up by two per cent with a rise of 31.05 points.
Atma Ram Ghimire, chairman of Investors’ Forum, said the market will likely go up in the coming days. “As the pressure of fiscal closing has ended, the market may rise as it is also supported by new monetary policy, which has ended compulsory provision for commercial banks to directly lend to deprived sector and paved way for expansion of microfinance companies.”
Today’s rally was fuelled by the banking sector, with the sub-index of listed class ‘A’ financial institutions up 1.54 per cent or 21.83 points to 1,443.05 points. The turnover of this sector today stood at Rs 243 million out of the total
traded amount of Rs 694 million.
Sub-index of hotels rose by 1.19 per cent or 26.39 points to 2,242.14 points. Development banks landed at 1,974.5 points, with a growth of 1.52 per cent or 29.57 points.
Insurance and manufacturing also recorded growth of over one per cent. Insurance subgroup went up by 95.35 points or 1.14 per cent to 8,447.12 points and manufacturing rose by 1.14 per cent or 27.04 points to 2,393.41 points.
Hydropower went up by 0.48 per cent or 9.18 per cent to 1,918.28 points; finance rose to 745.78 points, with increment of 5.23 points or 0.71 per cent and others inched up by 1.16 points or 0.17 per cent to 695.28 points.
Forward Community Microfinance Bittiya Sanstha recorded highest turnover today of Rs 48.90 million, followed by Nepal Life Insurance with Rs 34.82 million and Kuber Merchant Finance (Promoter Share) with Rs 31.66 million.
Source: HIMALAYAN NEWS SERVICE