NEPSE drops sharply, loses 33 points

The stock market declined sharply on Monday, with the NEPSE index falling 33.28 points to close at 2,701.32 points. The market reversed the previous session’s gain of 7.90 points as selling pressure weighed on most sectors.

The market initially moved higher after the opening, reaching an intraday high of 2,744 points. However, the index came under pressure thereafter and continued to decline until the close.

Despite the fall in the index, trading activity remained strong, with total turnover exceeding NRs 6 billion. Shares worth NRs 6.07 billion changed hands on Monday, compared to NRs 4.67 billion in the previous session.

Market breadth remained negative, with share prices of 235 companies declining, while 35 companies gained and five remained unchanged.

Most sectoral indices ended in the red, with Banking being the only major sector to post a gain, rising 0.10%. The Manufacturing and Processing sector recorded the steepest decline, falling 2.30%. The Trading sector dropped 2.23%, while Hotels and Tourism declined 2.22%.

Other declining sectors included Development Banks (-1.82%), Hydropower (-1.90%), Life Insurance (-1.25%), Microfinance (-1.27%), Non-Life Insurance (-1.21%), Other (-1.69%), Finance (-0.70%), and Investment (-0.70%).

Among the gainers, newly listed Everest Color hit the positive circuit limit, rising 15%. Gorkhas Finance gained 3.86%, while Dhaulagiri Laghubitta increased 3.11%.

Aatmanirbhar Laghubitta recorded the biggest decline, falling 13.38%. Corporate Development Bank dropped 9.63%, followed by Kalanga Hydropower (-8.52%), Salapa Bikas Bank (-8.19%), and Hotel Forest Inn (-7.57%).

Reliance Spinning Mills recorded the highest turnover of the day, with shares worth NRs 338.6 million traded. Global IME Bank followed with turnover of NRs 281.3 million. Other heavily traded stocks included Ridi Power, Kumari Bank, and Central Finance.