KATHMANDU, Feb 13: Nepal Stock Exchange (Nepse) witnessed a landslide fall of 100.67 points on Sunday after investors rushed to sell their shares due to banks raising interest rates, citing liquidity crunch and the latest political developments.
The secondary market that opened at 2,801.56 points went to a straight fall of around 80 points within the first five minutes of the commencement of trading for the day. Although the market gained nominal points in the next few minutes’ trading, it failed to boost investors’ confidence, finally taking the market to close at 2,700.89 points.
The investors’ sentiments were hit mainly by two factors on Sunday’s trading. On the one hand, the banks raising their interest rates on deposits created a fear among investors that it will affect the stocks trading adversely while the impeachment motion against Chief Justice Cholendra SJB Rana further aggravated the investors’ sentiment, according to stockbrokers.
Nepse sees landslide fall of 100.10 points on Monday trading
Last time, the market witnessed a freefall of 100.10 points on January 24. With the investors in a ‘wait and watch,’ situation, even the government’s announcement of the date for the local polls last week could not help the investors regain their confidence. As a result, the market slid 75.18 points in the overall trading last week too.
The indices of the entire 13 trading groups declined on Sunday’s trading. Life insurers and non-life insurers lost the largest of 604.88 points and 552.54 points, respectively.
Of the traded scrip, only five posted gains. The investors of NIBL Samriddhi Fund-2, Sunrise Bluechip Fund, Nabil Balanced Fund-III, Mega Mutual Fund-1 and Laxmi Unnati Kosh were the gainers.
Upper Tamakoshi Hydropower Limited lost the largest of 8.37 point percent. There was a trading of the company’s shares worth Rs 328.40 million, the largest among the turnover amount.
According to Nepse, the cumulative intraday transaction amount rose to Rs 5.97 billion from Rs 3.82 billion on Thursday.
