Propelled by commercial banks, development banks and others group, Nepal Stock Exchange (Nespe) index today touched a record 1175.38 points. It gained 55.73 points or 4.98 per cent — yet another record in a single day’s trading — to 1175.38 points from last week’s closing of 1119.65 points.
“It is the highest growth in a single day’s trading,” said Rewat Bahadur Karki, general manager of Nepse.
The market today halted twice — first, for 15 minutes and again, for half an hour — as it witnessed a three per cent rise in the first hour of the trading and a four per cent rise afterwards. Nepse has brought the new rule of market halt based on per cent change upwards or downwards — instead of point-based — after it listed the largest ever listing of Nepal Telecom’s (NT) 1,50,00,000-unit of shares.
The others group that used to see no trading for months are the market propeller, at present, because of the NT shares. Though the market has been witnessing growth after NT’s entry in the secondary market, today others also contributed to the growth.
All groups except hydropower posted a rise in their indices. Hydropower group lost 7.83 points or 0.63 per cent to 1236.62 points from last week’s closing.
Commercial banks posted a robust growth of 38.44 points or 3.69 per cent to 1078.86 points, after a couple of weeks. Development banks group also posted 14.91 points or 0.99 per cent to 1518.74 points. However, the winner was the group of others that gained 143.31 points or 9.96 per cent to 1582.37 points due to the trading of 34,910-unit of NT shares.
The sensitive index also rose by 7.7 points, or 2.86 per cent to 276.8 points, from last week’s closing.
Meanwhile, though Nepse has changed the market halt rule it has not yet changed market calculation system nor instituted the floating index — two factors that are not reflecting the true face of the capital market. Market capitalisation has increased to Rs 6.12 trillion from last trading’s Rs 5.83 trillion. It is yet another record that in a single day Rs 0.29 trillion market capitalisation increased. But the phenomenon is not real and needs immediate correction. Nepse should start calculating market capitalisation of only tradable shares. The NT shares that the government holds and promoters’ shares of other companies that are not tradable should be excluded while calculating the market capitalisation.
“It’s time Nepse introduce floating index and a new system of calculating market capitalisation,” said shares analyst Rabindra Bhattarai.
Source: THT
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Monday, September 1, 2008
Gandaki Bikash Bank's Right Share Issue Date Extended
Gandaki Bikash Bank Ltd. has extended its right share issue upto 16 September 2008 (2065 Bhadra 31).
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Shikhar Bittiya Sanstha's Share Slip Distribution
Shikhar Bittiya Sanstha Ltd. is distributing its share allotment slip from 1st September 2008 (2065 Bhadra 16).
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Sunday, August 31, 2008
Govt to follow liberal economic policy
Finance Secretary Rameshore Khanal said Friday that the government would continue to adopt an economic policy based on liberalization and open market and hinted that the government would announce a new budget on the third week of September.
Speaking at an interaction organized by Reporters' Club on Friday, Khanal said that as promotion of competitive environment is essential for higher economic growth, the government will take measures to enhance healthy competition by promoting the private sector.
Khanal stressed on the need to ensure the supply of essential commodities to curb rising prices and informed the gathering that the government would bring policies to promote commercialization of agro products and exports. Only effective mobilization of human resources and promotion of the private sector can ensure healthy economic growth, he said.
During the same interaction, Kush Kuamr Joshi, president of Federation of Chambers of Commerce and Industry, warned that the economy was marching toward destruction owing largely to the petty interests of political parties.
All industries in Bara and Parsa are on the verge of collapse due to unnecessary politicalization of the work force, he said. Joshi also expressed ire over the failure of the government to act against the transport syndicates even after the recent Supreme Court ruling against them and strongly urged the government to sincerely implement law of the land.
President of Confederation of Nepalese Industries and member of the Constituent Assembly Binod Kumar Choudhary urged all concerned people to unite for the implementation of the one-point agenda of building the country and added that only such a unity would give a positive message to the private sector.
He said the government needed to create conducive environment to attract Rs 400 billion worth of investment from the private sector to achieve a ten percent growth rate and claimed that the per capita income of Nepalis could be raised to Rs 12,000 if the country achieved ten percent growth for ten straight years.
Former Vice Chairman of National Planning Commission Dr Shankar Sharma said only enhancement of the private sector could ensure a healthy economic growth rate. Dr Sharma also said the government needed to invest Rs 15 billion in irrigation to ensure healthy development of the agriculture sector.
Source: eKantipur
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Speaking at an interaction organized by Reporters' Club on Friday, Khanal said that as promotion of competitive environment is essential for higher economic growth, the government will take measures to enhance healthy competition by promoting the private sector.
Khanal stressed on the need to ensure the supply of essential commodities to curb rising prices and informed the gathering that the government would bring policies to promote commercialization of agro products and exports. Only effective mobilization of human resources and promotion of the private sector can ensure healthy economic growth, he said.
During the same interaction, Kush Kuamr Joshi, president of Federation of Chambers of Commerce and Industry, warned that the economy was marching toward destruction owing largely to the petty interests of political parties.
All industries in Bara and Parsa are on the verge of collapse due to unnecessary politicalization of the work force, he said. Joshi also expressed ire over the failure of the government to act against the transport syndicates even after the recent Supreme Court ruling against them and strongly urged the government to sincerely implement law of the land.
President of Confederation of Nepalese Industries and member of the Constituent Assembly Binod Kumar Choudhary urged all concerned people to unite for the implementation of the one-point agenda of building the country and added that only such a unity would give a positive message to the private sector.
He said the government needed to create conducive environment to attract Rs 400 billion worth of investment from the private sector to achieve a ten percent growth rate and claimed that the per capita income of Nepalis could be raised to Rs 12,000 if the country achieved ten percent growth for ten straight years.
Former Vice Chairman of National Planning Commission Dr Shankar Sharma said only enhancement of the private sector could ensure a healthy economic growth rate. Dr Sharma also said the government needed to invest Rs 15 billion in irrigation to ensure healthy development of the agriculture sector.
Source: eKantipur
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Nepal Hydro Power Company's Right Share Issue Date Extended
Nepal Hydro Power Company Ltd. has extended its right share issue date upto 25th September 2008 (2065 Ashwin 9).
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Pashupati Development Bank IPO money not deposited
The issue managers handling the Initial Public Offering (IPO) of Pashupati Development Bank (PDB) have failed to deposit the money collected during the recently closed IPO at the central bank within the stipulated time.
A knowledgeable source told the Post that NIDC Capital Markets and Nepal Finance and Saving Company (NFSC), the issue managers, have missed the deadline. “They should have deposited it by August 24. We have not been informed about the cause of the delay,” said a Securities Board of Nepal (SEBON) official.
According to sources, the issue managers have collected Rs 1.7 billion from the share applicants, more than 20 times the value of the shares offered.
NFSC acting CEO Sudhindra Pradhan admitted that they were running late and promised to deposit the money soon. “We have been receiving money from our collection centers, and we hope to collect and deposit the entire amount at Nepal Rastra Bank very soon,” he added. PDB, a category B development bank, recently made its IPO for 800,000 shares worth Rs 80 million to the general public. The IPO lasted from August 12-18. SEBON directives require the entire amount collected during an IPO to be deposited into a separate account at the central bank within five days after the offering closes.
In order to check possible use of paper money with the active participation of financial institutions, SEBON holds such accounts for six days.
Source: eKantipur
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A knowledgeable source told the Post that NIDC Capital Markets and Nepal Finance and Saving Company (NFSC), the issue managers, have missed the deadline. “They should have deposited it by August 24. We have not been informed about the cause of the delay,” said a Securities Board of Nepal (SEBON) official.
According to sources, the issue managers have collected Rs 1.7 billion from the share applicants, more than 20 times the value of the shares offered.
NFSC acting CEO Sudhindra Pradhan admitted that they were running late and promised to deposit the money soon. “We have been receiving money from our collection centers, and we hope to collect and deposit the entire amount at Nepal Rastra Bank very soon,” he added. PDB, a category B development bank, recently made its IPO for 800,000 shares worth Rs 80 million to the general public. The IPO lasted from August 12-18. SEBON directives require the entire amount collected during an IPO to be deposited into a separate account at the central bank within five days after the offering closes.
In order to check possible use of paper money with the active participation of financial institutions, SEBON holds such accounts for six days.
Source: eKantipur
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Kaski Finance's Share Allotment Slip Distribution
Kaski Finance Ltd. is distributing its share allotment slip from 31st August 2008 (2065 Bhadra 15).
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Nepal Telecom shares push stock market up
The entry of Nepal Telecom’s shares this week pulled the stock market back from its corrective mood with the Nepal Stock Exchange (NEPSE) index, which dropped by double digits last week, gaining 62.29 points at the end of this week to finish at 1119.65 points.
The price of Nepal Telecom’s shares went up by around 36 percent to close at Rs 1,225 on Thursday, the last day of transaction of the week. According to NEPSE, the telecom shares recorded a total turnover of Rs 95.62 million traded in 375 transactions, the highest among all companies this week.
Nepal Telecom’s rise also caused the index of the Other groups to nearly double. The group’s index was pushed up by 669.85 points to finish at 1439.06 points.
Other gainers this week were the Development Banks group and Trading group, whose indices nudged up by 5.75 points and 7.45 points respectively to end at 1503.83 points and 210.59 points.
A statement from NEPSE said that 692,590 units of shares worth Rs 650.01 million were traded through 3,649 transactions during the week at the sole secondary share market of the country. In term of transaction amount, total transaction recorded during this week was 12.7 percent higher than that of last week.
Last week, 488,394 units of shares worth Rs 576.8 million were exchanged through 3,748 transactions.
The Sensitive Index, the indicator of transaction of the ‘A’ category companies, lost 13.24 points to end at 269.1 points. Transaction of the category ‘A’ companies accounted for 53.64 percent of all transactions this week.
The group index of commercial banks’ shares lost 57.61 points this week to finish at 1040.91 points.
Shares of hydropower companies also met the same fate with their group index falling by 40.71 points from the week’s opening of 1285.16 points.
The indices of the Hotel group and the Insurance group slid 7.71 and 11.17 points respectively to drop to 352.44 and 879.61 points.
The Finance group’s index went down 2.93 points from 178.84 points.
Kist Merchant Banking and Finance topped other companies in terms of transaction amount and number of shares traded which were Rs 134 million and 208,000 respectively during the week.
In term of transaction amount, the top five companies this week were Kist Merchant Banking and Finance, Nepal Telecom, Bank of Kathmandu, Nepal Credit and Commerce Bank and Capital Merchant Banking and Finance respectively.
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The price of Nepal Telecom’s shares went up by around 36 percent to close at Rs 1,225 on Thursday, the last day of transaction of the week. According to NEPSE, the telecom shares recorded a total turnover of Rs 95.62 million traded in 375 transactions, the highest among all companies this week.
Nepal Telecom’s rise also caused the index of the Other groups to nearly double. The group’s index was pushed up by 669.85 points to finish at 1439.06 points.
Other gainers this week were the Development Banks group and Trading group, whose indices nudged up by 5.75 points and 7.45 points respectively to end at 1503.83 points and 210.59 points.
A statement from NEPSE said that 692,590 units of shares worth Rs 650.01 million were traded through 3,649 transactions during the week at the sole secondary share market of the country. In term of transaction amount, total transaction recorded during this week was 12.7 percent higher than that of last week.
Last week, 488,394 units of shares worth Rs 576.8 million were exchanged through 3,748 transactions.
The Sensitive Index, the indicator of transaction of the ‘A’ category companies, lost 13.24 points to end at 269.1 points. Transaction of the category ‘A’ companies accounted for 53.64 percent of all transactions this week.
The group index of commercial banks’ shares lost 57.61 points this week to finish at 1040.91 points.
Shares of hydropower companies also met the same fate with their group index falling by 40.71 points from the week’s opening of 1285.16 points.
The indices of the Hotel group and the Insurance group slid 7.71 and 11.17 points respectively to drop to 352.44 and 879.61 points.
The Finance group’s index went down 2.93 points from 178.84 points.
Kist Merchant Banking and Finance topped other companies in terms of transaction amount and number of shares traded which were Rs 134 million and 208,000 respectively during the week.
In term of transaction amount, the top five companies this week were Kist Merchant Banking and Finance, Nepal Telecom, Bank of Kathmandu, Nepal Credit and Commerce Bank and Capital Merchant Banking and Finance respectively.
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KIST Merchant Banking & Finance's Promoters Share Sale
KIST Merchant Banking & Finance Ltd. has announced the sale of its promoters share.
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