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Wednesday 26 February 2020

Bourse rides on FinMin exit rumour

Kathmandu, February 26

The spring season seems to have come early in the share market, with all the subgroups landing in the green and the daily turnover crossing an eye-popping Rs 4 billion for the first time.

The country’s sole secondary market saw an unprecedented buying pressure today on the rumours doing the rounds that Finance Minister Yubaraj Khatiwada will soon be replaced, as his National Assembly membership expires on March 3. Khatiwada is widely considered as not being market-friendly.

Soaring by 3.30 per cent or 50.93 points today, Nepal Stock Exchange (Nepse) index closed at 1,596.13 points. The sensitive index rose by 2.91 per cent or 9.49 points to 336.05 points and float index went up by 3.12 per cent or 3.41 points to 112.70 points. Altogether 9.91 million shares of 180 companies were traded through 32,154 transactions today that amounted to Rs 4.15 billion.

“Share investors, especially large investors, had been curbing their investment in the local bourse as they were wary of the policies that Khatiwada had introduced in the name of regulating the market,” explained Uttam Aryal, chairperson of Investors Association of Nepal.

According to him, Nepse is likely to set new records in the coming days if the news of a new finance minister being appointed soon is confirmed.

While all the sub-indices rose today, the share value of companies listed under life insurance, manufacturing, banking and hotels subgroups surged notably. Three companies faced circuit breakers as their share price soared by 10 per cent — the upper limit of growth for a single day.

The life insurance subgroup was the highest gainer, surging by 6.12 per cent or 571.18 points to land at 9,905.94 points. Manufacturing sub-index ascended by 4.63 per cent or 142.8 points to 3,226.7 points.

Banking  — the subgroup with the highest weightage in the secondary market — jumped by 3.86 per cent or 50.47 points to 1,356.86 points.

Hotels subgroup advanced by 3.77 per cent or 73.88 points to 2,035.40 points; mutual funds sub-index went up by 3.2 per cent or 0.34 points to 10.93 points and non-life insurance subgroup expanded by 3.18 per cent or 233.51 points to 7,568.55 points.

Other subgroup went up by 2.18 per cent or 17.5 points to 821.95 points and development banks rose by 1.54 per cent or 30.66 points to 2,025.05 points.

The gain of the microfinance, finance, hydropower and trading sub-indices was below one per cent.

Share value of Everest Bank Ltd Convertible Preference, Rastriya Beema Company and Unilever Nepal soared by 10 per cent to Rs 671, Rs 12,431 and Rs 21,596, respectively.

Share price of Kalika Power Co went up by 9.91 per cent to Rs 122, Gurans Life Insurance Company by 9.73 per cent to Rs 1,026. Rastriya Beema Company Ltd (Promoter Share) went up by 9.64 per cent to 11,013, Civil Laghubitta Bittiya Sanstha ascended by 9.47 per cent to 1,387 and Joshi Hydropower went up by 9.38 per cent
to Rs 70.

Among the top losers, Radhi Bidyut’s share price dropped by 8.29 per cent to Rs 188 and Arun Valley Hydro went down by 7.96 per cent to Rs 104.

The post Bourse rides on FinMin exit rumour appeared first on The Himalayan Times.



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