Nepse plunges

As expected Nepse plunged by 20.38 points to 638.51 points on Sunday from the last week's closing of 658.83 points.
The secondary market will see heavy selling this week, pulling Nepse further down as Bank of Asia Nepal and Citizens Bank International -- two commercial banks -- are floating their Initial Public Offerings (IPOs) of Rs 300 million each from next Sunday.
The sole secondary market on the very first day of this week proved that the investors are still not feeling confident. The share market was on a roll last week with the Nepse index closing 49.38 points higher to go to 658.83 points. The previous week's closure was at 609.46 points.
Though the market showed signs of growth last week after a long time, investors did not feel confidence of its continuty and it was proven by today's transactions."These are only occasional spurts, and the overall market sentiment is very much bearish as there are no encouraging signs from any quarter," said an investor.