The new subgroup created by the Nepal Stock Exchange (Nepse) that came into practise today failed to push the share market index as the market came under selling pressure.
Nepse closed the market with 79.74 points lower to 2,474.39 points from Thursday's closing, a 3.12 per cent drop on the first day of the trading week.
The stock market has added one more subgroup -- making the total 13 subgroups -- from today shifting some four companies from the others subgroup. The new subgroup 'investment' has Citizen Investment Trust (CIT), Hydroelectricity Investment and Development Company (HIDCL), Nepal Infrastructure Bank (NIFRA), and NRN Investment and Development Company (NRNA).
The Nepal Infrastructure Bank was traded under development bank subgroup on the first day, and was shifted to others subgroup, the very next day. However, after a week, today it was traded under the investment subgroup. The 'indecision' by the Nepse has always given room to suspect Nepse index and total market capitalisation, as they have also not been transparent in calculations. Though, Nepse claims that the regrouping and adding the subgroup will not impact the Nepse index, the index and market capitalisation has been under scanner since long.
The Nepse has also renamed the hotels subgroup to hotels and tourism, and shifted Chandragiri Hills to the subgroup that already has Soaltee Hotel, Oriental Hotels (Radisson), Taragaon Regency Hotel and Yak and Yeti Hotel, though the Yak and Yeti Hotel had long ago asked itself to be delisted,
Though, the share market has 13 subgroups, and it produces 17 indices everyday from today, the market crumbled to below 2,500 points level for the first time since early February. However, the total turnover stood at Rs 8.35 billion today.
All the major sectors closed the day with notable loss, except hotels and tourism sector that gained due to Chandragiri Hills. The investment sector fell the most -- by 4.2 per cent -- in its maiden trading day today, whereas others, manufacturing and processing and life insurance sector fell over 3.5 per cent.
Shikhar Insurance Company was traded the most after the non-life insurer called for its annual general meetings (AGMs) for the years 2018-19 and 2019-20. Approval of bonus shares, issuance of right shares and increment of its authorised capital lured the investors. Of the total Rs 8.35 billion trading of shares today, Shikhar Insurance Company witnessed over Rs 1 billion worth of its stocks being traded. Likewise, Nepal Infrastructure Development Bank saw a turnover of Rs 635 million, followed by Global IME Bank (Rs 340 million), Nepal Reinsurance Company (Rs 286 million) and Nepal Life Insurance Company (Rs 257 million), according to the Nepse.
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