The stock market was hit Monday when a rumour that the government was changing its existing policy on capital gain tax and would be imposing a cap on right issues spread and brought the Nepal Stock Exchange (NEPSE) Index down 18.63 points. The NEPSE Index closed at 899.99 points.
A knowledgeable source informed the Post that investors remained edgy all day due to rumour that the soon-to-be announced policy would take the base price of rights issues at Rs. 100 while calculating the tax that shareholders have to pay while selling stocks.
According to the rumour, the policy will also take the base price of bonus as zero since shareholders do not have to pay anything when they get hold of bonus shares. As per the existing policy, the capital gain tax to be paid is calculated by taking an average of right issues, bonus share and market price of ordinary shares.
Among the major eight sub-sectors in the NEPSE index, the banking sector, which commands the lion's share of Nepal's share market, tumbled 24.33 points. Similarly, the indices of development banks, hydropower, finance and insurance sub-sectors also went down significantly. However the indices of trading and hotel sectors went up.
Source: eKantipur
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Wednesday, October 29, 2008
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