Market extends losses as index drops to 2,660

The stock market continued its downward trend on Wednesday, with the NEPSE index declining by 14.45 points to close at 2,660.02. The fall follows Tuesday’s sharper drop of 26.16 points, bringing the index back to levels last seen around four months ago, after a brief post-election rally earlier in the year.

Market activity, however, showed a slight uptick. Total turnover rose to around NRs 4.41 billion from NRs 4.36 billion in the previous session. A total of 338 listed securities were traded, with more than 10.77 million shares changing hands.

Market breadth remained weak, with 202 companies declining compared to 62 gainers and 10 unchanged. Two hydropower stocks: Taksar Pikhuwa Khola Hydropower and Yambaling Hydropower hit the 15% positive circuit, emerging as top gainers and closing at Rs 456.20 per share.

On the losing side, Sopana Pharmaceuticals led the declines, falling 5.05% to NRs 988.40. It also ranked among the most actively traded stocks, alongside Aankhu Khola Hydropower, which recorded the highest turnover of NRs 2.962 billion despite a modest 0.81% gain.

Sector-wise, most indices closed in the red. Out of 13 subgroups, only finance and trading posted gains, while 11 declined. The production and processing sector was the worst performer, dropping 1.10%.