Nepse flooded, lists 29.3-m-unit shares in a day

The secondary market is flooded with shares as today on a single day it listed 29.3-million-unit of primary shares of three financial institutions -- two commercial banks and one development bank.
Sunrise Bank and Prime Commercial Bank listed their 12.5-million-unit and 10-million-unit primary shares whereas Vibor Bikas Bank listed its 6.8-million unit primary shares.
With the three new financial institutions, the number of listed companies has also gone upto 163 in Nepal Stock Exchange (Nepse) with 697.76-million-unit of shares including primary, bonus, rights and promoters. According to Nespe, with the two additions, there are 23 commercial banks in banks subgroup -- the key market propeller. The 23 commercial banks have listed 281.56-million-unit shares.
Similarly, with one new entrance in the development banks sub-group the number of listed development banks has touched 30.
"Vibor Bikas Bank floated 26,52,000-unit shares worth Rs 265.20 million on June 10 for the public including its staff. It listed a total of 6.8 million-unit shares worth Rs 680 million including 41,48,000-unit promoter shares today.
The 30 development banks have listed 66.34-million-unit shares at Nepse that is dominated by banks and financial institutions. They have over 85 per cent of the total trading.
According to the rule, shares of listed companies will be traded after a week of listing. Thus, these three financial institutions will see their trading next week.

Nepse dropping
KATHMANDU: Nepse on Tuesday lost 4.89 points to close the day at 590.44 points. The single loser -- Everest Bank -- lost Rs 116 per unit share pulling the banks sub-group down by 8.03 points to 571.23 points. The secondary market saw 93,511-unit shares getting traded on the third day this week. On the second day, Nepse dropped by 4.1 points to close at 595.33 points. All the key market propellers -- commercial banks, development banks, finance companies, and hydropower companies -- plunged, pulling Nepse down. Standard Chartered Bank Nepal and Nabil bank -- considered blue chip shares in the domestic market -- lost Rs 60 and Rs 37 per unit on Monday pulling the banks index down by 6.58 points to 579.26 points. The only sub-group that gained was trading sub-group. Bishal Bazar Co Ltd pushed the index of the trading sub-group by 4.8 points to 261.21 points as its 10-unit of shares were traded at Rs 2,860 -- Rs 56 per unit more than the last closing.