Stocks Tumble, Wiping Rs 52 Billion off Market Cap

Nepal’s stock market declined 1.12%, or 31.17 points, Sunday, August 31, to close at 2,749.83. 

Previously, Nepal Stock Exchange (NEPSE) index had dropped 1.35 percent last Thursday after rising for three consecutive days–1.91 percent Wednesday, 0.17 percent Tuesday, and 0.77% Monday.

The formation of a red candlestick pattern on the first trading day of the week suggested the downward trend may continue the following day.

All major indices declined–Sensitive Index by 1.05%, Float Index 1.21%, and Sensitive Float Index 1.12%.

Daily turnover, too, remained just above Rs 6.06 billion, down from Rs 8.09 billion the previous trading day. Over 14.80 million shares were traded in 97,174 transactions, compared to 17.89 million shares across 78,379 transactions last Thursday.

Out of 250 companies traded, only 21 advanced, 228 declined, and 1 remained constant.

Leading the gainers, Unnati Sahakarya Laghubitta Bittiya Sanstha Limited (USLB) surged 6.77%, with a last traded price of Rs 2,396.07 per share. In contrast, Global IME Sammunat Yojana -2 (GBIMESY2) hit the negative circuit limit to become the biggest loser.

In terms of transaction value, Nepal Reinsurance Company Limited (NRIC) topped the chart with trades worth Rs 454.645 million, followed by Himalayan Reinsurance Limited (HRL) at Rs 288.825 million and Himalayan Distillery Limited (HDL) at Rs 263.326 million.

All 13 sectoral sub-indices closed in the red. The Development Bank sub-index suffered the steepest loss at 1.59%.

Market capitalization slipped to Rs 4,595.09 billion, down from Rs 4,647.18 billion last Thursday.