Stock market sheds 20.48pts

After weeks of gains, the stock market went into a decline this week. The Nepal Stock Exchange (NEPSE) Index shed 20.48 points to finish at 928.39 points during the week.

Market watchers said the market movement reflected some correction in the 'over-heated' prices. The total turnover stood at Rs 471.6 million, with 475,361 units of shares having traded over the week.

Group-wise share trading data shows that the banking sector, the dominating group, registered a fall of 25.50 points to 953.14 points. The index of hydropower companies plunged by 57.27 points to end at 1,176.12 points.

The development banks group decreased by 37.57 point to 1,113.44 points. The trading group saw a marginal decline of 0.77 points. Its index opened at 213.32 points to end at 212.55 points. The hotel sector registered a rise of 1.14 points to 372.41 points. The others group was unchanged at 817.47 points.

Nepal Share Market and Finance topped all by turnover. Its shares were traded over the turnover of Rs 36.87 million. Capital Merchant Bank and Finance came behind, with reporting turnover of Rs 32.42 million. Bank of Kathmandu was in the third position, with Rs 28.79 million transactions. Meanwhile, NEPSE de-listed five companies

for failing to meet its criteria. The companies are Nepal Trade Development Company (Koshi), Nepal National Productivity and Economic Development Center Ltd, Himgiri Textiles Industries, Biratnagar Jute Mills Ltd, and Morang Sugar Mills Ltd.

“These companies did not pay their renewal fees, did not hold their annual general meetings, and did not stay in contact,” said an official at NEPSE. “They can register with the over-the-counter market for trading.” So far, NEPSE has erased 43 companies from its listing.
Source: eKantipur