Amid slim chances of announcement of bonus and rights shares by companies and rumors of promoter share coming into the stock market, Nepal Stock Exchange (Nepse) index continued to go down for five consecutive trading over increasing selling pressure.
The benchmark Nepse lost 6.81 points to close at 703.01 points on Sunday, the first day of week´s transaction. Stock analysts said investors are on selling mood amid less probability of the announcement of bonus and right share and rumor of promoter share doing rounds in the secondary share market.
“As paid of capitals of most of the banks have crossed over Rs 1.6 billion and they can arrange remaining Rs 400 million from reserve, chances of registering new bonus and right share in coming days are very less,” Nanda Kishore Mundada, president of Nepal Stock Brokers Association, told myrepublica.com on Sunday.
Mundada also said arrivals of promoter shares in the secondary market also pushed down the share price as investors expect further fall in price.
During Sunday´s trading session, Banking group, a major player in the stock market, lost 8.9 points to drop at 745.7 points, triggered by the decline in share prices of Bank of Kathmandu, Citizens Bank International, Everest Bank, Nabil Bank and Standard Chartered Bank. Likewise, sub-index of Development Bank group, also shed 8.2 points to close at 712.56 points, due to drop in share prices of Ace Development Bank, Shuvechha Bikas Bank, Pashupati Development Bank and Gorkha Development Bank. Finance and Insurance groups also lost 2.64 points and 3.13 points to close at 671.01 and 638.68 points respectively. Others group also saw its sub-index drop by 5.87 points to close at 657.94 points. However, Hydropower group, gained 2.06 points to close at 879.68 points.
Total transaction reached to Rs 74.9 million with 89,704 units of shares changing hands through 810 transactions. Total market capitalization, total worth of share in the stock market, stood at Rs 492.99 billion at the end of Sunday´s transaction.
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