Massive selling spree brings down NEPSE index
After performing remarkably the whole week, Nepal Stock Exchange (NEPSE)
index lost 13.24 points to close at 735.87 points on Thursday, the last
day of stock trading.
Trade analysts attributed the double-digit fall to stock market investors
going into a selling spree following the decision of the government to
reduce capital gains tax from 15 to 10 percent in the new budget.
The NEPSE index had made impressive gains for the last few days after the
budget, hitting a high of 749.11 points on Wednesday.
But on Thursday, traders suddenly decided to make much of the bullish
market by going on a selling spree, causing a double-digit fall in
sub-indices of major trading groups.
The banking group, which was posting encouraging gains all through the
week, lost 16.38 points to close at 764.46 points. The hydropower group
dropped 16.38 points to end at 1,028.43 points while the finance groups'
sub index lost 4.89 points to end the day's trading at 692.19 points.
However, the insurance and hotel groups saw marginal gains in their sub
indices.
With the NEPSE index, the sensitive index also lost 3.59 points to close
at 195.17 points.
A total of 631,164 shares worth Rs 153.7 million were traded through 733
transactions on Thursday. nepalnews.com
