Despite the political uncertainty and constitutional crisis, the share market is every day climbing another peak. The Nepal Stock Exchange (Nepse) index today also created a record new high as it went up by 4.22 per cent or 88.12 points to the day’s trading with all-time high of 2.175.39 points.
Today – the first day of the trading week – also witnessed a total turnover of Rs 6.34 billion, which was achieved through trade of 14, 026,886 units of shares of 212 listed firms through 54,698 transactions, according to the Nepse.
The change in the leadership of Finance Ministry, who is totally in favour of stock market, and the cheap interest rates fuelled the share market, according to the financial analysts. The interest rates of fixed deposit hover around 7 per cent, which is very low compared to the return on the investment on share. Thus, the changing political scenario has also ne been able to deviate the upward stock market movement.
Along with the Nepse, sensitive index also went up by 4.31 per cent (17.18 points) to close the market at 415.88 points, and float index also increased by 4.1 per cent (5.82 points) to 147.74 points today, according to the date published by the Nepse, the front line regulator. “All the subgroups witnessed growth as trading subgroups gained by massive 9.64 per cent or 221.57 points to 2,520.67 points and others sub-index by 6.19 per cent or 103.44 points to 1775.36 points,“ the Nepse data revealed, adding that banking, manufacturing and life insurance sub-indices also saw growth by above four per cent.
The index has not only successfully broken away from the long-maintained resistance zone at 2,100 levels, it also gained aggressively throughout the day.
Nepal Life Insurance Company Ltd (NLIC) has the highest individual scrip turnover of a little over Rs 509.50 million, whereas the shares of Prime Commercial Bank Ltd (PCBL) traded the most as today was the last chance for investors to grab the shares of PCBL and claim its 15 per cent dividend. Some five listed commercial banks including PCBL’s share will be not traded till their annual general meeting by next week.
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