NEPSE drops for 6th straight day

The Nepal Stock Exchange (NEPSE) continued its downward trend for the sixth consecutive day losing 8.88 points to close at 693.94 points on Monday. Monday's trading session saw the banking sector, a major component of the secondary market, decline by double digits to close at 731.24 points. The banking sector lost 13.7 points due to a drop in the share prices of major banks like Standard Chartered, Nabil, Bank of Kathmandu and Everest Bank. The hydro sector also plunged by double digits on Monday. Dragged down by the falling stock prices of Butwal Power Company and Chilime Hydropower Company, the hydropower index lost 11.82 points to settle at 862.88 points. Likewise, the development bank sector also shed 8.1 points to close at 703.33 points. Poor performance by finance companies caused the finance sector to lose 5.96 points. Insurance was the only sector that went up on Monday. Total transactions on NEPSE reached Rs. 89.93 million with 119,276 units of shares being traded. Shares of 56 companies changed hands on NEPSE. Among the 20 commercial banks whose shares were traded on NEPSE on Monday, Nepal Credit and Commerce Bank posted the biggest growth with its stock rising by 15 points while Standard Chartered Bank lost the most on the trading floor by shedding 160 points. Similarly, among the 11 development banks, Annapurna Bikas Bank witnessed the highest increase of 5 points while Swabalamwan Bikas Bank lost 43 points. Among the 19 finance companies, Union Finance was the highest gainer with an increase of 25 points in its share price. NIDC Capital Markets was the biggest loser shedding 65 points. The top five winners on NEPSE were Lumbini General Insurance with a 10 percent rise in its stock price followed by United Finance Company, Life Insurance Company, Nepal Credit and Commerce Bank and Annapurna Bikas Bank. Similarly, the top five losers on Monday were Prabhu Finance Company which fell by 8.15 percent followed by Swabalamwan Bikas Bank, NIDC Capital Markets, NMB Bank and Nepal Share Markets. Standard Chartered Bank topped the chart in terms of turnover with Rs. 18.12 million.
Source: Kantipur