First Business News Portal in English from Nepal
KATHMANDU: The Nepal Stock Exchange went up by 2.08 per cent (36.32 points) to land at 1,778.12 points today. Market analysts say is the result of the government softening its stance on black money being invested in the secondary market.
The total turnover today stood at record high of Rs 6.11 billion, which was achieved through trade of14, 062,507 units of shares of 198 listed firms through 56,341 transactions.
“The government is softening the black and illegal money to investment into the secondary market, so the investors are increasing their investment in the secondary market as new finance minister is open and soften in the free market policy,” said a secondary market expert, seeking anonymity, adding that, the government’s move aims to soften the blow caused by the coronavirus pandemic. It has paved the way for legitimizing illegal money through share market.
The expert however said that the current Finance Minister Bishnu Prasad Poudel is more flexible and comparatively favoring the secondary market.
Today, the market witnessed a positive circuit break in first hour of the trading time. The sensitive index also went up by 1.47 per cent (4.98 points) to 343.07 points and float index also increased 1.58 per cent (1.58 points) to 120.99 points today.
Among all the subgroups were landed in the green zone. The trading subgroups hiked by 9.94 percent or 198.4 points to 2193 points and hotels sub-index has sky rocketed by 9.38 percent or 181.63 points to 2118.59 points. Similarly, manufacturing subgroup increased by 5.64 percent or 204.73 points to 3833.87 points and others sub-index has rose by 4.43 percent or 58.15 points to 1370.69 points.
Likewise, non life insurance went up by 4.33 percent, life insurance gained by 3.5 percent, microfinance ascended by 1.7 percent, finance went up by 1.57 percent, hydropower rose by 1.52 percent.
Similarly, development bank went up by 1.4 percent, mutual fund rose by 0.63 percent and banking gained by 0.21 percent.
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