After gaining 7.9 points over the last week, Nepal Stock Exchange (Nepse) index lost 1.58 percent or 11.3 points to close at 704.71 points on Sunday, the first day of the week´s transaction. However, share analysts don´t see any reason behind the double digit dive in the bench mark Nepse.
“There is no fresh reason to drag down the Nepse on Sunday,” Nanda Kishore Mundada, president of Nepal Stock Brokers´ Association, told Republica. Mundada said rising volume of shares in the small secondary share market of the country continued to pull down the shares prices.
“Registration of new shares through different Initial Public Offering (IPO) and announcement of right shares and bonus shares, given the small number of investors in the stock market, have lowered the stock prices,” added Mundada.
The Nepse slipped on Sunday with all of the trading groups losing their sub-indices. Banking group, the key trading group, lost its sub-index 10.46 points to drop at 741.87 points. In the same note, development bank group and hydropower group also saw their sub-indices dipped by 1.92 points and 27.04 points to end at 746.56 points and 950.15 points respectively.
Similarly, finance and Insurance group also plunged 19.78 points and 3.13 points to close at 672.79 points and 648.18 points respectively. Others group´s sub-index also declined to 655.59 points giving up 14.1 points.
At the end of the trading, total market capitalization, total worth of shares, stood at Rs 482.54 billion.
Total turnover on Sunday reached Rs 104.44 million with 185,042 units of shares traded through 1,505 transactions.
Source: Republica
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