The Nepal Stock Exchange (NEPSE) gained 27.72 points to close at 702.88 points this week. In the opening day the index recorded 675.16 points.
However, NEPSE, the sole secondary share market pulled the weekly transaction amount to Rs.382.3 million from Rs.462.6 million, a 17.36 per cent down compared to the previous week’s transaction.
This week, NEPSE traded 903,700 shares of 86 companies in 4,502 transactions at a cost of Rs.382.3 million. Last week, 1,963,700 shares were trade in 4,547 transactions, according to the NEPSE.
Of the total shares traded, Group-A companies contributed Rs.169.6 million to the total transaction, which alone stood for 44.36 per cent.
This week, manufacturing companies group, hotel groups and the business group’s indices saw no transaction while the other sub-indices registered a positive growth.
Of the total sub-group indices, commercial bank groups added 40.80 points and climbed to 736.57 points, the hydropower companies group gained 3.74 points and climbed to 919.18 points and the insurance companies group gained 0.23 points and climbed to 631.13 points in the opening index.
Similarly, the finance companies group added 7.72 points and added 682.01 points, the development banks group gained 36.11 points and climbed to 754.66 points and the other groups’ index climbed to 663.81 points adding 10.57 points.
The sensitive index gained 8.99 points and went up to 188.09 points and the float index added 2.81 points and climbed to 67.47 points in the closing day.
This week, Nepal Bangladesh Bank (with Rs.62.37 million transaction amount and 249,000 shares bought and sold) and Pashupati Development Bank (with 895 transactions) stood at the top in the respective categories.
Following the Nepal Bangladesh Bank, the Bank of Kathmandu (BoK) with Rs.36.86 million, Nepal Credit and Commerce Bank with Rs.36.85 million, the IME Finance with Rs.19.59 million and the National Hydropower Company with Rs.18.92 million were the top five banks in terms of weekly transaction amount.
Source: Arthakoartha.com
Sunday, July 12, 2009
Shareholders cheer up as Nepse looks up
The shareholders of all the major sub-groups — commercial banks, development banks, finance companies, hydropower and others — gained this week as these sub-groups propelled the Nepse to 702.88 points. The Nepse surged by 35.45 points to 702.88 points from last week’s closing of 667.43 points in a week after a long spell of bearish trend. The investors looked hopeful that the budget would bring some relief to them like the capital gain tax would come down to 10 per cent from the present 15 per cent.
The shareholders of commercial banks and development banks sub-groups posted a whopping gain as they gained 51.54 points to 736.57 points and 44.31 points 744.66 points in five day trading this week.
Similarly, the contribution of Group-A companies — the blue-chip shares in the domestic market — also increased to 44.36 per cent against week’s 24.69 per cent. However, the transaction has decrease by 17.36 per cent to Rs 382.31 million against last week’s increase of 103.88 per cent.
The 78-scrip sensitive index also flared by 10.73 points to 188.09 points from last week’s closing of 177.36 points. The float index — calculated on the basis of real transactions — also gained 3.38 points to close at 67.47 7points from last week’s closing of 64.09 points. This week Nepal Bangladesh Bank (with Rs 62.37 million) topped the chart in terms trading amount followed by Bank of Kathmandu (with Rs 36.86 million), NIC Bank (with Rs 36.85 million), IME Finance (with Rs 19.59 million) and National Hydropower (with Rs 18.92 million). In terms of number of share units traded also Nepal Ban gladesh Bank topped the chart with Rs 62.37 million transaction of 2,49,000-unit shares changing hands, wh ile Pashupati Development Bank topped chart in terms of number of transactions .
Source: THT
The shareholders of commercial banks and development banks sub-groups posted a whopping gain as they gained 51.54 points to 736.57 points and 44.31 points 744.66 points in five day trading this week.
Similarly, the contribution of Group-A companies — the blue-chip shares in the domestic market — also increased to 44.36 per cent against week’s 24.69 per cent. However, the transaction has decrease by 17.36 per cent to Rs 382.31 million against last week’s increase of 103.88 per cent.
The 78-scrip sensitive index also flared by 10.73 points to 188.09 points from last week’s closing of 177.36 points. The float index — calculated on the basis of real transactions — also gained 3.38 points to close at 67.47 7points from last week’s closing of 64.09 points. This week Nepal Bangladesh Bank (with Rs 62.37 million) topped the chart in terms trading amount followed by Bank of Kathmandu (with Rs 36.86 million), NIC Bank (with Rs 36.85 million), IME Finance (with Rs 19.59 million) and National Hydropower (with Rs 18.92 million). In terms of number of share units traded also Nepal Ban gladesh Bank topped the chart with Rs 62.37 million transaction of 2,49,000-unit shares changing hands, wh ile Pashupati Development Bank topped chart in terms of number of transactions .
Source: THT
Sanima Opens Two New Branches
Sanima Bikas Bank has opened two new branches, one each in Narayanghat and Pokhara. Directors of the bank, Pankaj Adhikari and Bharat Kumar Pokharel inaugurated the branches respectively amid a function on Friday, says a press statement, which adds that the bank aims to provide better services to its customers with the expansion of its network.
The opening of the new branches has raised the number of points of representation of the bank to seven across the country. Established about five years ago, the bank has so far mobilized deposits worth Rs 3.08 billion and issued loans worth Rs 4.02 billion. The bank has announced that its profitability has grown by more than 150 percent in the current fiscal year. The bank offers banking services including internet banking, phone banking and ATM services.
Source: Republica
The opening of the new branches has raised the number of points of representation of the bank to seven across the country. Established about five years ago, the bank has so far mobilized deposits worth Rs 3.08 billion and issued loans worth Rs 4.02 billion. The bank has announced that its profitability has grown by more than 150 percent in the current fiscal year. The bank offers banking services including internet banking, phone banking and ATM services.
Source: Republica
NIC Reaches Gaighat
NIC Bank has opened its 20th branch in Gaighat of Udaypur on Friday. This branch is connected to all other branches via VSAT network, enabling real-time online connectivity, states a press release issued by the bank. The branch also provides all modern banking services and facilities including deposits, lending, trade financing, remittance, ATM and debit cards, SMS banking and travelers´ checks, adds the release.
The bank has also launched a new deposit scheme, Mero Bachat, under which customers can open an account with only Rs 10. Similarly, the bank has re-launched NIC Life Saving Account, a saving account which entitles the account holders to complete health check-up at Norvic International Hospital free of cost.
Source: Republica
The bank has also launched a new deposit scheme, Mero Bachat, under which customers can open an account with only Rs 10. Similarly, the bank has re-launched NIC Life Saving Account, a saving account which entitles the account holders to complete health check-up at Norvic International Hospital free of cost.
Source: Republica
Kasthamandap bank opens 10th branch
Kasthamandap Development Bank, a leading development bank with it's headquarter in Kathmandu, has opened its tenth branch in Pokhara amid a function on Friday. According to a press statement issued by the bank, the branch office was inaugurated by chairman of the bank Jaganath Gyawali. The statement further said the bank is planning to expand its branch office at Narayanghat of Chitwan district.
The bank has mobilized deposits worth Rs 1.48 billion by the end of the third quarter of the current fiscal year and invested Rs 953.1 million. According to an unaudited account, the bank has managed to generate net profit of Rs 9 million and the bank has set a target of raising the profit volume to Rs 10 million by the end of current fiscal year.
Source: Republica
The bank has mobilized deposits worth Rs 1.48 billion by the end of the third quarter of the current fiscal year and invested Rs 953.1 million. According to an unaudited account, the bank has managed to generate net profit of Rs 9 million and the bank has set a target of raising the profit volume to Rs 10 million by the end of current fiscal year.
Source: Republica
Saturday, July 11, 2009
Banking sector healthy: Governor
Governor of the Nepal Rastra Bank Deependra Bahadur Kshetry said the banking sector was not as weak as people perceive and appealed the public not to doubt over the banks´ financial health and capacity.
Contrary to what people tend to believe after the NRB took action against Nepal Development Bank (NDB), Kshetry said commercial banks are healthier and safer to deposit money.
Kshetry was in Pokhara after visiting NRB branches in Biratnagar, Janakpur, Birgunj, Nepalgunj and Dhangadhi. During the visit, he took stock of the financial positions of the banks and interacted with the bankers, investors and depositors.
During the interactions, depositors had mainly asked him if the central bank was landing its axe on other banks as well. But Governor Kshetry said that the financial health of all the banks and financial institutions were fine so far.
Kshetry also urged the promoters of banks and financial institutions to adhere to the financial discipline and comply with the directives of the central bank.
During his address, Kshetry also clarified the reasons behind taking actions against the NDB.
“NRB took actions against NDB because the bank management did not took reform initiatives we suggested and refused to adhere to the financial discipline,” he said, adding that other development banks, on the other hand, have been following NRB´s instructions.
Kshetry also stated that he had received anonymous threat calls after the central bank decided to take action against NDB. “The number of the caller does not appear on the mobile screen, which means, they belonged to ´distinguished persons´. I have not receives such calls these days though,” he added.
Khestry also stated that his tenure could end soon. Talking to myrepublica.com, he expressed doubt over continuing as governor in the new fiscal year, indicating that former Governor Bijaya Nath Bhattarai could be reinstated in the position.
Bhattarai was disposed from the post after Commission for Investigation of Abuse of Authority filed a case against him on the charge of financial anomalies. A final verdict on his case is scheduled for July 15. “I think this will be my last visit as the governor of NRB,” he told myrepublica.com.
Source: Republica
Contrary to what people tend to believe after the NRB took action against Nepal Development Bank (NDB), Kshetry said commercial banks are healthier and safer to deposit money.
Kshetry was in Pokhara after visiting NRB branches in Biratnagar, Janakpur, Birgunj, Nepalgunj and Dhangadhi. During the visit, he took stock of the financial positions of the banks and interacted with the bankers, investors and depositors.
During the interactions, depositors had mainly asked him if the central bank was landing its axe on other banks as well. But Governor Kshetry said that the financial health of all the banks and financial institutions were fine so far.
Kshetry also urged the promoters of banks and financial institutions to adhere to the financial discipline and comply with the directives of the central bank.
During his address, Kshetry also clarified the reasons behind taking actions against the NDB.
“NRB took actions against NDB because the bank management did not took reform initiatives we suggested and refused to adhere to the financial discipline,” he said, adding that other development banks, on the other hand, have been following NRB´s instructions.
Kshetry also stated that he had received anonymous threat calls after the central bank decided to take action against NDB. “The number of the caller does not appear on the mobile screen, which means, they belonged to ´distinguished persons´. I have not receives such calls these days though,” he added.
Khestry also stated that his tenure could end soon. Talking to myrepublica.com, he expressed doubt over continuing as governor in the new fiscal year, indicating that former Governor Bijaya Nath Bhattarai could be reinstated in the position.
Bhattarai was disposed from the post after Commission for Investigation of Abuse of Authority filed a case against him on the charge of financial anomalies. A final verdict on his case is scheduled for July 15. “I think this will be my last visit as the governor of NRB,” he told myrepublica.com.
Source: Republica
Govt programs fail to impress private sector
Business community has accused the government of not addressing the private sector´s concerns in its policy and programs.
President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Kush Kumar Joshi said the policy and programs neither made commitments for private sector´s growth nor did it give due importance to the private sector´s role in country´s advancement. “This has discouraged the business community,” said he.
Likewise, president of Nepal Chamber of Commerce Surendra Bir Malakar stated that the government did not pay heed to their demands for measures to end banda, strikes, kidnapping and extortion.
The business community mainly complained the government for not meeting its demand for implementation of multiple value added tax (VAT) rates. Businessmen even warned of a strike, if the government did not make time-bound commitment to introduce multiple VAT rates in the upcoming budget for the new fiscal.
They were speaking at the 34th annual general meeting of Kavre Chamber of Commerce and Industry (KCCI) that began on Saturday.
Among others, business leaders urged the government to designate a single ministry to look after information technology (IT) sector.
They blamed the present situation of multiple ministries looking after the sector and lack of coordination among them for hindering IT sector´s development. Joshi blamed lack of accountability on the part of the ministries for delay in the operation of the IT Park in Banepa.
“Multi-Technical College being built in Banepa with Chinese investment of Rs 700 million has also faced a similar fate due to the same problem,” Joshi said.
Joshi further stated that if the government designated a single ministry to look after the sector, FNCCI would eagerly work to bring in more investment in the sector. He even urged the government to hand over the IT Park and the college to the private sector for their effective operation.
“Both the park and the college can be operated under public-private partnership. It will help Kavre attain knowledge-based and tourism-led development,” Joshi stated. KCCI President Laxmi Lal Rajbhandari demanded the government to develop Banepa as a trade center in the east of Kathmandu. He also urged for immediate development of special economic zone (SEZ) in Panchkhal.
Source: Republica
President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Kush Kumar Joshi said the policy and programs neither made commitments for private sector´s growth nor did it give due importance to the private sector´s role in country´s advancement. “This has discouraged the business community,” said he.
Likewise, president of Nepal Chamber of Commerce Surendra Bir Malakar stated that the government did not pay heed to their demands for measures to end banda, strikes, kidnapping and extortion.
The business community mainly complained the government for not meeting its demand for implementation of multiple value added tax (VAT) rates. Businessmen even warned of a strike, if the government did not make time-bound commitment to introduce multiple VAT rates in the upcoming budget for the new fiscal.
They were speaking at the 34th annual general meeting of Kavre Chamber of Commerce and Industry (KCCI) that began on Saturday.
Among others, business leaders urged the government to designate a single ministry to look after information technology (IT) sector.
They blamed the present situation of multiple ministries looking after the sector and lack of coordination among them for hindering IT sector´s development. Joshi blamed lack of accountability on the part of the ministries for delay in the operation of the IT Park in Banepa.
“Multi-Technical College being built in Banepa with Chinese investment of Rs 700 million has also faced a similar fate due to the same problem,” Joshi said.
Joshi further stated that if the government designated a single ministry to look after the sector, FNCCI would eagerly work to bring in more investment in the sector. He even urged the government to hand over the IT Park and the college to the private sector for their effective operation.
“Both the park and the college can be operated under public-private partnership. It will help Kavre attain knowledge-based and tourism-led development,” Joshi stated. KCCI President Laxmi Lal Rajbhandari demanded the government to develop Banepa as a trade center in the east of Kathmandu. He also urged for immediate development of special economic zone (SEZ) in Panchkhal.
Source: Republica
Investors positive, market turns bullish
The market reversed the downward trend of the last few weeks as the NEPSE index increased throughout the week to close at 702.88 points (+5.31%). Investor confidence received a boost with the resumption of the parliament and the finance minister´s announcement of a timely budget. The managing director of Nepal Stock Exchange pointed out that the government should reduce capital gains tax from 15% to 10%. High hopes among investors for a market-friendly budget along with expectations of rights shares, bonus and dividend announcements after the fiscal year end has contributed to the bull rally this week.
Commercial Banking (+7.52%) sector was the biggest gainer this week with substantial increases across most major banks with gains in the sector led by Nabil Bank (Rs.445). Sanima Bikas Bank (+Rs. 111) and Ace Development Bank (+Rs. 80), both among the top three gainers, strengthened the Development Bank sub-index by 6.33%. Despite strong performance by Fewa Finance (+Rs. 243), which is scheduled to close its books on July 13 for issuing 1:2 right shares, as the highest gainer for the second consecutive week, the Finance sector (+0.47%) increased only slightly due to the big declines in the prices of Everest Finance (- Rs 144) and NIDC Capital Market (- Rs 466) as their prices adjusted after the book closure for 1:1 right shares and 10:3 bonus shares respectively. Nepal Telecom´s (+Rs 15) advancement pushed up the ´Others´ sector (+2.73%) while Chilime Hydropower´s (+Rs.35) gain elevated the Hydropower sub-index (+1.61%). Insurance sector (-0.01%) was the only sector in the red this week.
The market turnover for the week amounted to Rs. 383,313,602 -- a 17.36% decrease from last week. However, last week´s turnover was inflated due to the bulk trading of shares of National Hydro Power, Nepal Bangladesh Bank and Nepal Credit and Commerce Bank by NB Group. Regardless, the final day of trading this week recorded a healthy turnover of Rs. 77,567,483 indicating increased demand pressure. We expect the market to maintain its upbeat tone in the upcoming week. Technical analysis signals indicate that the market is in an uptrend which will be sustained for a while.
Source: Republica
Commercial Banking (+7.52%) sector was the biggest gainer this week with substantial increases across most major banks with gains in the sector led by Nabil Bank (Rs.445). Sanima Bikas Bank (+Rs. 111) and Ace Development Bank (+Rs. 80), both among the top three gainers, strengthened the Development Bank sub-index by 6.33%. Despite strong performance by Fewa Finance (+Rs. 243), which is scheduled to close its books on July 13 for issuing 1:2 right shares, as the highest gainer for the second consecutive week, the Finance sector (+0.47%) increased only slightly due to the big declines in the prices of Everest Finance (- Rs 144) and NIDC Capital Market (- Rs 466) as their prices adjusted after the book closure for 1:1 right shares and 10:3 bonus shares respectively. Nepal Telecom´s (+Rs 15) advancement pushed up the ´Others´ sector (+2.73%) while Chilime Hydropower´s (+Rs.35) gain elevated the Hydropower sub-index (+1.61%). Insurance sector (-0.01%) was the only sector in the red this week.
The market turnover for the week amounted to Rs. 383,313,602 -- a 17.36% decrease from last week. However, last week´s turnover was inflated due to the bulk trading of shares of National Hydro Power, Nepal Bangladesh Bank and Nepal Credit and Commerce Bank by NB Group. Regardless, the final day of trading this week recorded a healthy turnover of Rs. 77,567,483 indicating increased demand pressure. We expect the market to maintain its upbeat tone in the upcoming week. Technical analysis signals indicate that the market is in an uptrend which will be sustained for a while.
Source: Republica
Gold moody, silver stable
Gold price in Nepali market experienced ups and downs, responding to the exchange rates of Nepali rupee and US dollar this week. Changing international economics also supported the trend.
According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), gold price decreased by Rs 260 this week per 10 gram with the highest price on Wednesday (Rs 23,750) and lowest on Friday (Rs 23,405). Earlier, on last Friday, gold price closed at Rs 23,665 for per 10 gram.
Nepali bullion market opened at Rs 23,535 (per 10 gram) on Sunday and slipped to Rs 23,490 on the next two trading days. It gained Rs 260 on Wednesday and traded at Rs 23,750 per 10 gram, which was the highest rate of the week. In traditional Nepali measurement system, one Tola (11.664 grams) of gold was traded for between Rs 27,300 and Rs 27,700.
The precious yellow metal was traded on Sunday at Rs 23,535 (per 10 grames) while the price fell on Monday and Tuesday to Rs 23,490. Price hike was seen on Wednesday when gold was traded at Rs 23,750 per 10 gram. Thursday and Friday experienced fall and gold was traded at Rs 23,535 and 23,405 respectively.
International gold price had a fall of $19 between Sunday and Friday. The price of an ounce of gold was $933 on Sunday and $913 on Friday with some ups and downs during the week days. Back home, silver stayed stable throughout the week. Silver traded at Rs 356 (per 10 gram) from Sunday to Friday.
Source: THT
According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), gold price decreased by Rs 260 this week per 10 gram with the highest price on Wednesday (Rs 23,750) and lowest on Friday (Rs 23,405). Earlier, on last Friday, gold price closed at Rs 23,665 for per 10 gram.
Nepali bullion market opened at Rs 23,535 (per 10 gram) on Sunday and slipped to Rs 23,490 on the next two trading days. It gained Rs 260 on Wednesday and traded at Rs 23,750 per 10 gram, which was the highest rate of the week. In traditional Nepali measurement system, one Tola (11.664 grams) of gold was traded for between Rs 27,300 and Rs 27,700.
The precious yellow metal was traded on Sunday at Rs 23,535 (per 10 grames) while the price fell on Monday and Tuesday to Rs 23,490. Price hike was seen on Wednesday when gold was traded at Rs 23,750 per 10 gram. Thursday and Friday experienced fall and gold was traded at Rs 23,535 and 23,405 respectively.
International gold price had a fall of $19 between Sunday and Friday. The price of an ounce of gold was $933 on Sunday and $913 on Friday with some ups and downs during the week days. Back home, silver stayed stable throughout the week. Silver traded at Rs 356 (per 10 gram) from Sunday to Friday.
Source: THT
Friday, July 10, 2009
4,657 Sunrise share applications rejected
A dispute has arisen between applicants for Sunrise Bank shares and NMB Bank, the share issue manager, after the issue manger disqualified 4,657applications for 1,173,599 share units, citing serious flaws in the application process.
Upendra Paudel, chief executive officer at NMB Bank, said that the disqualification of the applications was not guided by any ill intension but was forced by the serious nature of mistakes made by the applicants.
According to the bank, a total 339,574 valid applications had been made, for 98,958,860 shares.
However, applicants have objected to the disqualification and demanded that their applications be included in the share allotment process.
Dhruba Timilsina, deputy director at the Securities Board of Nepal -- the capital market regulator, said the applications were disqualified due to mismatch in the applicants´ account numbers, signatures and other particulars.
As per newly introduced guidelines on issue of securities, the collection points will be responsible for any mistakes found in share applications, so they have to make sure all share applications are filled properly.
Under the allotments made, 10 shares have been allocated to each application for up to 80 units where as 700 units are allotted for those who applied for between 17,010 to 20,000 units.
A total of 344,526 applicants had applied for 100,319,959 shares. A total 3,750, 000 shares have been allotted to 89,149 applicants, including 187,500 units allotted to 295 Sunrise Bank staffers.
Sunrise Bank had floated the public shares from May 3 to May 6.
Source: Republica
Upendra Paudel, chief executive officer at NMB Bank, said that the disqualification of the applications was not guided by any ill intension but was forced by the serious nature of mistakes made by the applicants.
According to the bank, a total 339,574 valid applications had been made, for 98,958,860 shares.
However, applicants have objected to the disqualification and demanded that their applications be included in the share allotment process.
Dhruba Timilsina, deputy director at the Securities Board of Nepal -- the capital market regulator, said the applications were disqualified due to mismatch in the applicants´ account numbers, signatures and other particulars.
As per newly introduced guidelines on issue of securities, the collection points will be responsible for any mistakes found in share applications, so they have to make sure all share applications are filled properly.
Under the allotments made, 10 shares have been allocated to each application for up to 80 units where as 700 units are allotted for those who applied for between 17,010 to 20,000 units.
A total of 344,526 applicants had applied for 100,319,959 shares. A total 3,750, 000 shares have been allotted to 89,149 applicants, including 187,500 units allotted to 295 Sunrise Bank staffers.
Sunrise Bank had floated the public shares from May 3 to May 6.
Source: Republica
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