Prime Life Insurance new scheme

Prime Life Insurance has launched a new insurance scheme for Nepali workers going to foreign countries for employment.

The policy has been issued at subsidised fee for workers heading overseas. Nepali overseas jobseekers can buy a policy of Rs 5,00,000 for a period of one to five years. In case of the policy holder dying in a foreign country, the company will provide insured fee of Rs 5,00,000 and additional Rs 50,000 (the maximum) to bring his or her body back to the country. The company will also pay the insured fee (as per injuries sustained) if the policy holder is injured in an accident in a foreign country.
Source: THT
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Nepal Rastra Bank issuing Reedemable Bond

Nepal Rastra Bank (NRB) is issuing 8 years redeemable bond worth Rs. 2 billion and 17 crores at the rate of 8% semiannually from 14th July, 2008 (2065 Ashad 30).
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Nepse online for transparency

Nepal Stock Exchange Ltd (Nepse) has started publishing Payout and Due Settlement on its website from today. According to Nepse, it will be published on a daily basis.

After it received complaints from investors that they were not getting share certificates they had bought or the money from shares they sold on stipulated time, Nepse decided to make accounts transparent on a daily basis. The time fixed by Nepse is three days to get the certificate or the money.

"We have also directed brokers to submit their financial status every Friday," Rewat Bahadur Karki, Nepse general manager said adding that after receiving complaints from investors Nepse decided to make transactions transparent.

"We are also thinking of charging fine if the brokers do not abide by the rules," he added.

Nepse being the frontline regulator of the capital market has to act on behalf of the investors.

Issuing a press release, Nepse today said that it was committed to protect the investors' interests and it believed that timely availability of money from the sale of shares would help maintain clarity in the market. Nepse has also a hotline service for complaints.

Meanwhile, after Securities Board of Nepal's (Sebon) strict regulation the investors' confidence has grown. “After Sebon's strict directives to the collection centres, they are checking the original citizenship certificates before accepting IPO applications, and that has encouraged the common investor,” said Dr Chiranjivi Nepal, chairman of the regulatory authority of the capital market.

Common people have throng the collection centres to submit the IPO forms nowdays.
Source: THT

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New proposal for transparent IPOs

Financial regulators have proposed that the Securities Board of Nepal (SEBON) introduce a measure that compels investors to produce the original citizenship certificate to get share certificates during an initial public offering (IPO).

The regulators - the Nepal Rastra Bank (NRB), the Insurance Board, and the Company Registrar's Office - discussed over the proposal in a recent meeting at the central bank, a source who attended the discussion told the Post. Representatives of SEBON also participated in the meeting.

The aim of this proposal is to remove the existing loopholes that allow players to submit large numbers of share applications by using other people's names.

“In order to monitor whether the issue manager has implemented this measure or not, a team representing all these regulators will be present during the process of share allocation,” said the source.

Presently, SEBON has regulations that make it mandatory to produce the original citizenship certificate while applying for shares during the IPO. However, many investors have complained that the issue managers have not been abiding by the regulations due to lack of inspection.

Meanwhile, SEBON is preparing to make it mandatory for all prospective investors in an IPO to open a bank account to receive refunds of their money after the allotment of shares.

Presently, the issue manager makes refunds in cash. This has induced prospective investors to apply for shares in the names of hundreds of acquaintances using their citizenship certificates to increase their chances of getting a higher allocation of shares. A SEBON official says once the guidelines go into effect, such investors will not be able to make use of their usual tricks.

“The guidelines are awaiting endorsement by the Ministry of Finance before they can be enforced,” said the official.

The new regulations will also allow companies to issue shares at a premium price. As of now, they are required to make IPOs at face value, which is normally set at Rs 100 a unit. “We have allowed the companies to set the premium price as high as 2.5 times the book value,” said the official.

He said the guidelines would also require companies to publish a more detailed and informative prospectus to provide clear information to potential investors. “Apart from SEBON, they must also forward the prospectus to the stock exchange,” he added.
Source: eKantipur

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Special General Meeting of Bank of Asia

27th meeting held on 30th June, 2008 (2065 Ashad 16) decided on the upcoming special general meeting. It is going to be held on 27th July, 2008 (2065 Shrawan 12) at 6 in the evening in Soltee Hotel to discuss on the amendments made in the Memorandum of Association and other regulations. The bank was all set to issue its IPO but was stopped by SEBON (Security Exchange Board of Nepal) just because its AGM was not being held, which is the prime reason for calling this special general meeting.
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Butwal Finance Ltd earns profit

Butwal Finance Co. Ltd has earned Rs. 6 million profit. Within a decade of establishment the paid up capital of the company has reached to Rs. 69.67 million. A press conference organized during its 10th anniversary notified that till the last month Rs. 815 million were collected as deposit and Rs. 641 million were invested. It was unveiled that the merger procedure of five companies had reached to its final stage. Mahalaxmi Finance Ltd, Birjung Finance Ltd., Siddhartha Finance Ltd., Himchuli Bikash Bank and Butwal Finance Ltd. are amalgamating to stand as an "A" grade commercial bank.
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MBL has 13 ATMs

Machhapuchhre Bank Limited (MBL) has installed a new automated teller machine (ATM) at the Adarshanagar-based Nina Commercial Complex in Birgunj of Morang district. Ramesh Pokharel, chief manager of Nepal Rastra Bank, Birgunj, inaugurated the ATM on Wednesday. With the installation of the new ATM, the number of ATMs of the bank in the country has reached 13. The bank plans to instal more than 10 ATMs in other parts of the country. According to MBL, SCT Card, Visa Card, Visa Electron, Visa Electron Plus, Master Card, Master Card Maestro and Cirrus Card can be used in the new ATM.
Source: THT

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Kuber Merchant in profit

Kuber Merchant Bittiya Sanstha in its 2nd AGM held on 9th July, 2008 (2065 Ashad 25) revealed that during the fiscal year 2063/64, the company earned Rs. 4.1 million as net profit. KMBSL has decided to increase its paid up capital to Rs. 200 million. For this purpose, the company is issuing 1:2 right shares. Until the last month of the fiscal year 2063/64 it accumulated Rs. 387 million as deposit and has distributed Rs. 373 million as credit. Siddiman Basnet, Sharala Sharma, Rabindra Bahadur Budathoki and Dhirendra Prasad Pradhan from the promoters side while Sudhir Basnet, Rajesh Shrestha and Ganesh Chandra Baniya elected from the general shareholders are chosen for the BOD of the company.
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National Hydropower Company: Right Share Issue

National Hydropower Company Ltd. is going to issue right share in the ratio of 1:1 from 28th July, 2008 (2065 Shrawan 13). The bank is issuing 69,49,410 number of right shares at the rate of Rs. 100 per share. For this purpose it is having its book closure on 15th July, 2008 (2065 Ashad 31). The issue will be managed by NIDC Capital Markets Ltd.
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Goodwill Finance Ltd: Bonus Share Certificate Distribution

Goodwill Finance Ltd. is distributing its bonus share certificate to the shareholders from 11th July, 2008 (2065 Ashad 27).
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Investment in hydropower lucrative

A development bank is taking charge of the financial management of the 34-MW Marsyangdi III Hydropower Project, and acting as a financial consultant for the project, apart from being the trustee.

"Ace Development Bank will take charge of the entire financial management of the project and will play the lead role of financial advisor, fund manager and trustee for the project being developed by Keton Hydropower Ltd, a subsidiary company of BPC," Siddhanat Raj Pandey, managing director and chief executive officer of Ace Development Bank, said.

He added that Ace will raise approximately $78 million needed for the project, from the domestic and international financial markets by using ‘suitable financial instruments'. Ace has designed ‘partially convertible debentures with embodied option' to raise the required capital. It believes that the instrument will be lucrative for both domestic as well as international investors to invest in. Such a model is the first of its kind in Nepal.

Ace's hydropower initiative focuses on timely and intelligent investment in the sector at a time when the country is passing through a severe energy crisis.

al Oil Corporation (NOC), the sole supplier of the petroleum products in the country, has been asking more money from the government and government has time and again refused to provide cash to bail it out. The government gave the cash-stripped NOC Rs 6 billion at different times but the NOC is still in loss.

Nepal's dependency on fossil fuel cannot be lessened without the development of hydropower. And the rising global oil prices have left us with no other remedy but to shift the dependence from fossil fuel to hydropower.

Chilime Hydropower Company became the model hydropower project in Nepal through mass participation and paved the way for more private players to enter into the business. It is the first hy- dropower company to be listed for share trading at the Nepal Stock Exchange Ltd (Nespe). However, the much-talked and appreciated Chilime model has not been replicated, as there are only three listed hydropower companies in the secondary market.

MW Tamakoshi is set to follow the Chilime model, Ace has planned a slightly different model to raise the funds needed for the Marsyangdi-III. It has planed ‘partially convertible debentures with embodied option' to raise the capital.

Ace's commitment to provide a one-window entire financial management facility to hydropower projects of any size is an example on how Nepali financial institutions can help the hydropower sector.

"Ace will pool a team of qualified professionals including hy dro-technicians, bankers and capital market specialists and build a network with domestic as well as international investors including global venture capital firms. Ace plans to meet the huge capital requirement of the domestic hydropower sector to some extent. "It will also be the first of its kind in Nepal's financial market," Pandey claimed.

Investment in hydropower plant is considered the best investment. But only three hydropower projects are listed and their shares are being traded. The group wise distribution of the traded shares and amount show that the trading of commercial banks occupies 47 per cent of the total volume. Finance companies, development banks, hydropower companies and insurance companies occupied 24 per cent, 13.47 per cent, 13.40 per cent and 2.04 per cent of the trade volume, respectively, during mid March to mid-April 2008, according to the Nepse.

Once the dam is built, hydropower projects provide dividends to the investors forever. Revenues from dams are considered inert as a lead weight. Projects can sell the power to utilities for long-term contracts, which might span 30 or 50 or more years. Meanwhile, the hydropower project can build a provision for inflation, check the utility's credit and then collect the perpetuity. Revenues from hydroelectric power plants are virtually free from the panic at Nepse or during recession.
By: Kuber Chalise, Source: THT

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Butwal Power Company and Ace Dev. sign agreement

Butwal Power Co (BPC) and Ace Development Bank Ltd inked an agreement today to develop 42- Megawatt (MW) Marshyangdi III Hydroelectric Project. Keton Hydropower Ltd, a subsidiary of BPC, will develop the project based in Tarkughat VDC of Lamjung.

The estimated cost of the run-of-river type hydroelectric project is $78 million (Rs 5.4 billion approximately).

The project will have design charge of 80 cubic meters per second and gross head is estimated at 55 m, Lohar said adding that the project is expected to start commercial operation by 2012.

Ranjan Lohar, CEO of BPC and Siddhanta Raj Pandey, CEO of Ace, signed a MoU on behalf of their respective companies.

“Ace will act as a finance advisor, finance manager, trustee and also look into the matters related to project finance. The bank will arrange for necessary capital by issuing appropriate financial instrument,” Pandey said.
Source: eKantipur

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New monetary policy to focus on inflation

With a major focus on curtailing the swelling inflation that is already close to 10 percent, Nepal Rastra Bank is all set to bring out its Monetary Policy for the next fiscal year, even though the government is deferring on the announcement of a new fiscal budget.

A high ranking government official told the Post that the central bank is making all the necessary preparations to announce its annual monetary policy in the third week of July. "As per the NRB Act, we will make the monetary policy public on the usual time despite the fact that the government is delaying the announcement of a new budget," said the official.

He further said that as the central bank can amend its monetary policy anytime, it will do so if the policies or provisions of the upcoming budget contradict with NRB's monetary policy.

He said that the major focus of the new monetary policy would be to deal with the rising price level, though the central bank has limited policy options. Since rising inflation is a global phenomenon, domestic policy can hardly make any remarkable impact to keep the inflation level within a desired level.

However, he dropped hints that there will be no change in the existing bank rate and Cash Reserve Ratio (CRR) to squeeze liquidity to control inflation, as there is neither a liquidity crunch nor excess liquidity to fuel the inflation. "Curtailing money supply in the name of limiting inflation will hurt growth prospects and that is something we don't want," he said.

He further said that the upcoming monetary policy would take measures to increase interest rates on deposits to provide some relief to the depositors, who are facing a negative interest rate.

"Higher interest rates on deposits will also help curtail consumption," he said and added that there will not be any remarkable impact on investment even if the lending rates go up by one to two percentage points.

The official said that the monetary policy is less likely to announce any major policy changes for promoting exports and added that there are hardly any measures that can be announced to promote the sector. The monetary policy, among others, will also announce the full-fledge implementation of the Basel II, an advance account keeping tool for financial institutions aimed at raising the quality of financial transactions up to international levels and promote more transparency.
Source: eKantipur

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Kathmandu Finance Ltd: Right Share Issue

Kathmandu Finance Ltd. is going to issue right share in the ratio 1:1 from 30th July, 2008 to 2nd September, 2008 (2065 Shrawan 15 to 2065 Bhadra 17). For this purpose, it is having its book closure on 17th July, 2008 (2065 Shrawan 2).
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Siddhartha Dev. Bank: Promoter Share Sale

Siddhartha Dev. Bank Ltd. has published notice to sale its prevailing promoter share. The company has noticed its own promoter shareholders giving the first preference for buying its promoter share within 35 days of the notice published in the Daily Newspapers. (First Date of Publication: 2065 Ashad 25)
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Lumbini Bank Ltd: Right Share Allotment

Lumbini Bank Ltd. has allotted its right share to its shareholders up to 7th January, 2008 (2065 Poush 23).
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Kist Merchant Banking & Finance: Share Certificate Distribution

Kist Merchant Banking & Finance Ltd has allotted the right shares to its shareholders up to 1st May, 2008 (2065 Baisakh 19). The share certificates are going to be distributed from 9th July, 2008 (2065 Ashad 25).
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Financial rules change mooted

The government tabled a proposal Tuesday to amend the Interim Constitution to avoid possible a financial crisis that might emerge as the government is likely fail to present a new fiscal budget due to the prolonging political impasse.

Among other points, the proposed amendment would allow the government to make expenditures equivalent to a third of the real expenditure of the current fiscal in the next fiscal year if the government fails to bring a new budget due to various reasons.

Likewise the amendment, if endorsed by the Constituent Assembly, would also authorize mobilization of revenue as per the existing Financial Act. The expenditure will be included in the appropriation bill that the new government will present in the CA meeting as the fiscal budget for the next financial year.
Source: eKantipur

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Locals demand shares in Arun III

Claiming that they "inherit" certain rights on the proposed Arun III Hydro-electricity Project that is to be constructed in their districts, locals of Bhojpur and Sankhuwasabha claimed that they must acquire certain percent of the total share of the project.

They also stressed on the need of locals' participation and investment in any project in any part of the country.

In order to exert pressures for the purpose, local youths in Khandbari also formed a Youth Concerned Group and began sensitizing locals regarding the issue.

"Such an environment so as to allow all families of the district to buy shares must be created," said chairman of the group, Dipendra Karki. They also warned that they would obstruct the project, which is all set to begin its works after a month, if they were denied certain portion of the project shares.

A team of contractor company, Sutlej, is now at the construction site of Num VDC of the district. The company has been saying that the locals should obtain the shares from the 21.9 percent shares which have been provided to the government.

According to the team members, they would begin work within a month after receiving survey license from the government. If everything goes as planned, the company aims to complete the survey within 30 months and the entire project within the same time span following the survey.

Dabindar Bardera, chairman of Sutlej Construction Committee, said that they would complete the project

within five years if the government completes processes of compensating the owners of private land encroached by the project.

The biggest ever hydro-project in the eastern region, the Arun III aims to produce 402 megawatt electricity.
Source: eKantipur

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Yeti Finance Ltd: Book Closure and Right Share

Yeti Finance Ltd. is going to issue 1:1 right share. The company is issuing 3,12,500 number of right shares amounting Rs. 3,12,50,000 at the rate of Rs. 100 per share. For this reason, it is having its book closure on 6th July, 2008 (2065 Shrawan 1).
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Gandaki Dev. Bank: Book Closure and Right Share

Gandaki Dev. Bank Ltd. is going to issue right share in 1:1 ratio from 29th July, 2008 to 1st September, 2008 (2065 Shrawan 14 to 2065 Bhadra 16). The bank is going to issue 5,00,000 number of right shares amounting Rs. 50 million at the rate of Rs. 100 per share. For this purpose it is having its book closure on 15th July, 2008 (2065 Ashad 31). The issue will be managed by NMB Bank.
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Subhechha's shares oversubscribed

Subhechha Bikash Bank Ltd. has received applications for its shares worth Rs. 783 million during its Initial Public Offering (IPO). The company issued 120000 number of shares worth Rs.12 million. For this 65449 people dropped their application worth Rs. 783 million hence oversubscribing the offering by 65 times.
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Machhapuchchhre Bank Ltd: Right Share Issue

Machhapuchchhre Bank Ltd. is issuing right shares in the ratio 10:6. The bank is going to issue 49,29,907 number of right shares amounting Rs. 49,29,90,700 at the rate of Rs. 100 per share. For this reason, it is having its book closure on 14th July, 2008 (2065 Ashad 30). The company is issuing the share from 29th July, 2008 to 1st September, 2008 (2065 Shrawan 14 to 2065 Bhadra 16). The issue will be managed by NMB Bank.
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National Hydro Power: Book Closure

National Hydro Power Co. Ltd is issuing right share in the ratio 1:1. For this reason, it is having its book closure on 15th July, 2008 (2065 Ashad 31).
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Chilime Hydro Power's Special General Meeting

Chilime Hydro Power Co. Ltd has declared its special general meeting to be held on 30th July, 2008 (2065 Shrawan 15) in Nepal Rajakiya Pragyan Pratisthan, Kamaladi at 4:00 PM. The discussion agenda include the approval of Cash Dividend Distribution.
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Kathmandu Finance Ltd: Book Closure

Kathmandu Finance Ltd. is issuing right share in the ratio 1:1. For this reason, it is having its book closure on 17th July, 2008 (2065 Shrawan 2).

It has noticed that only the share transactions done till 2065 Shrawan 1 and the names transfered within 7 days after the date of book closure, are eligible to apply for the right share.
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NABIL issuing Reedemable Bond

NABIL Bank is going to issue 10-year Redeemable Bond worth Rs 300 million at the rate of 8.5 interest to its bondholders. The company is issuing the bond from 13th July, 2008 to 17th July, 2008 (2065 Ashad 29 to 2065 Shrawan 02). The issue will be managed by NIDC Capital Market.
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World Merchant Bank Ltd to distribute Share Certificate

World Merchant Bank Ltd. is going to distribute its bonus share certificate from 11th July, 2008 (2065 Ashad 27). (The company had issued the bonus share in the ratio 10:2 to all its shareholders).
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Global Bank offers the best services

Chandra Prasad Dhakal is chairman of Global Bank. A commerce graduate, Dhakal is also chairman of IME Financial Institution Limited and managing director of International Money Express Private Limited. In an interview with Prem Khanal of The Kathmandu Post, Dhakal talked at length about Global Bank and its plans for the future. Excerpts:

Could you please outline the performance of the bank?

Global Bank Ltd started operation about 18 months ago as the country's 19th commercial bank. Its overall performance so far has been excellent. We are on track to achieve the target we set in the beginning. We have so far mobilized deposits worth Rs 5.5 billion and invested over Rs 5 billion. Being experienced in the remittance sector, our overall transaction in foreign currency is comparatively good. We are in a position to make an operating profit of over Rs 100 million by the end of the current fiscal year. We have highly trained and motivated manpower and excellent infrastructure, which have contributed to bringing the bank to its current position.

How are you planning to deal with the growing competition in the banking sector?

Banks have definitely become more innovative and are coming up with varieties of products in both the deposit and lending departments. With the restoration of peace, lots of new investment avenues have opened up. Hydropower is one such sector in which Global Bank is preparing to invest. The bank has excellent human resources, which is the most crucial factor to fend off the growing competition in the marketplace. As a result of continuous training and orientation, our staff is fully aware of the changing market and banking scenarios. This has enabled us to address the changing needs of our customers through various novel products. We have already launched SCT debit cards. Also, we will soon be launching VISA debit and credit cards besides adding around 10 more ATMs in the coming fiscal year.

What special products does Global Bank offer its customers?

In the deposit segment, Global Bank has a number of products to cater to all segments of society. We have Global Future Star deposit scheme for minors below 16 years of age, Global Nari Bachat scheme to attract savings from women and Global Senior Citizens scheme for citizens over 55 years old, which offer attractive returns on deposits. For general depositors, we have Global Shubhalabh Bachat scheme, which offers up to 6 percent interest on daily balance. In the lending segment, we have simplified and efficient lending procedures. We also have very competitive lending rates which are attractive to borrowers.

Given Global Bank's rich experience in handling remittances, do you have any plans to focus on this sector?

Viewing the structure of the Nepalese economy, I don't think it would be wise to concentrate all your efforts on one specific sector. We do have a plan to be the leader in the remittance sector, and we are working in that direction. We have already established a strong network in major cities abroad where Nepali workers have a sizable presence. We already have the largest nationwide distribution network here.

Do you think 25 banks are more than enough for a small economy like ours?

Looking at the level of access the general public has to banking, I don't think 25 banks are very many. A majority of Nepal's people still cannot avail themselves of banking services. Furthermore, we have many sectors like hydropower and infrastructure development that banks have not entered. The Nepali banking industry still doesn't have the capacity to manage the required volume of investments. If the country received four or five major hydro and road projects, the deposit mobilization of the banking sector would fall short of what is required. The current financial potential of the banking sector is still not large enough to tap the country's economic potential.

Can you highlight the capital structure of your bank? What message would you like to give to investors who want to invest in Global Bank's primary shares?

The total paid-up capital of Global Bank is presently Rs 1 billion. Of that, 70 percent has come from its promoters, and this week we are making the Initial Public Offering to mobilize the remaining 30 percent. We have also worked out a detailed capital plan as we have to raise the paid-up capital to Rs 2 billion by 2013. We have a plan to issue right shares in a gradual manner besides distributing the profits we make each year to our investors. As for our message to potential investors, I would like to say, "Your investment in our bank will be completely secure, and we will give the best return possible."
Source: eKantipur

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Nirdhan Utthan Bank Bonus and Right Share Enlisted

66686 numbers of bonus shares and 395197 numbers of right shares of Nirdhan Utthan Bank Ltd. have been enlisted in the Nepal Stock Exchange on 1st July, 2008 (2065 Ashad 17).
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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

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Machhapuchchhre Bank Ltd: Book Closure

Machhapuchchhre Bank Ltd. is issuing right share in the ratio 10:6. For this reason, it is having its book closure on 14th July, 2008 (2065 Ashad 30).

It has noticed that only the share transactions done till 2065 Ashad 29 and the names transfered within 7 days after the date of book closure, are eligible to apply for the right share.
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IPOs, bonds drag down Nepse

IPOs, bonds and debentures of various financial institutions worth around Rs 2 billion pulled Nepal Stock Exchange (Nepse) index down by 23.23 points to 928.39 points from last week’s closing of 951.62 points.

Nepse, in its five-day session, wound up in negative territory for the first four days. The market opened in the red on Sunday as it plunged by 2.75 points to 948.87 points. On Monday, it dipped by 11.41 points to 937.46 points. On Tuesday, it further plunged by 6.16 points to 931.30 points. On Wednesday, circuit breaker was used as it dipped by more than 20 points. Even so, at the end of the day it plunged by 25.06 points to 906.24 points. However, on Thursday it bounced back by 22.15 points to close the market at 928.39 points.

Though the contribution of A-category companies increased this week to 78.37 per cent, the sensitive index — a barometer of A-category firms — dipped by 6.30 points to 244.11 points from last week’s closing of 250.41 points.

In terms of monetary value, Nepal Share Markets and Finance (with Rs 36.87 million), Capital Merchant Bank and Finance (with Rs 32.42 million), Bank of Kathmandu (with Rs 28.79 million), Nepal Investment Bank (with Rs 27.37 million) and Standard Chartered Bank, Nepal (with Rs 19.26 million) are this week’s top gainers.

In terms of numbers of share units traded, National Hydro topped with 47,000-unit of its shares traded this week while Civil Merchant Bittiya Sanstha topped in terms of number of transactions, with 210.

Except hotel and finance companies all other groups wound up in negative territory. The hotel group gained 1.14 points to reach 372.41 points while finance companies group gained 14.02 points to reach 1095.89 points.
Source: THT

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Gold price still on a roll

This week, gold witnessed fluctuation in the domestic market but closed at Rs 175 higher to go up to Rs 20,835 compared to the opening day’s Rs 20,660 per 10 gram. On Sunday, it opened at Rs 20,660 per 10 gram — Rs 255 higher than last week’s closing of Rs 20,405.

Rising global oil price has pushed the bullion market up. “Gold price kept rising due to rising crude price that hit a record of above $145 a barrel,” states Nepal Gold and Silver Dealers’ Association.

The price of gold, however, in the domestic market saw a reverse trend as it controlled itself despite the price rise in the international market. “Due to offseason, the stockist did not raise the price to match international price,” it states On Sunday, the price opened at Rs 20,660 and remained constant for two more days — Monday and Tuesday. On Wednesday it surged up to Rs 21,005, the highest in recent weeks.

Despite rising gold price in the international market, the domestic market saw a plunge in the price of precious yellow metal on Thursday as it plunged to Rs 20,920. It, however, settled at Rs 20,835 on Friday, the last day of the weekly trading in the domestic market.

In the international market too, gold fluctuated from last week’s closing of Rs $911 per ounce to $945 but closed at $935 per ounce.

Similarly, silver also witnessed fluctuation this week. The market opened at Rs 392 per 10 gram, one rupee higher than the last week’s closing price of Rs 391. For another two days, till Tuesday, the price remained constant. On Wednesday, it went up to Rs 394.50. But on Thursday, it plunged to Rs 392 and closed Rs 4 less than the opening price at Rs 388 per 10 gram on Friday.
Source: THT

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