Tuesday, July 12, 2016

Rs 9.80 billion wiped off from market in a single day after Maoists quit government

Ruling coalition partner CPN (Maoist Center's) decision to withdraw support from the government caused the share market to lose Rs 9.8 billion in a single day.
The market saw a roller coaster ride today during the intra-day trading, after the party withdrew its support from the Khadga Prasad Sharma Oli government.
The total market capitalisation fell to Rs 1,826.64 billion by the closing of the trading today, from today morning's opening of Rs 1,836.44 billion. The benchmark Nepse index also shed 9.2 points, or 0.54 per cent, to close the market at 1693.07 points.
According to Nepal Stock Exchange (Nepse), almost all trading groups, except Manufacturing and Processing, and Others, shed values. Insurance was the biggest loser of the day as its sub-index fell 97.21 points, followed by Hydropower sub-index which shed 34.77 points.
Despite Nepse's fall, a total of 1.64 million shares of 138 listed companies worth Rs 1.13 billion were traded in the market through 5,213 transactions today.
Janata Bank Ltd, Everest Bank Ltd, Nepal Life Insurance Company Ltd, Nepal Grameen Bikas Bank Ltd and Nepal Bangladesh Bank Ltd were the top five companies in terms of turnover, while Sagarmatha Insurance, Bottlers Nepal (Tarai) Ltd and Machhapuchhchhre Bank were at the top in terms of gains in share values. Similarly, Mithila Laghubitta Bikas Bank, Laxmi Laghubitta Bittiya Sanstha and Rastriya Beema Company Ltd (Promoter Shares) were the top losers of the day.

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