NEPSE extends losing streak, falls 25.81 points

The stock market continued its downward trajectory on Wednesday, with the NEPSE index dropping by 25.81 points to close at 2,744.45. This follows a 26.16-point decline on Tuesday, bringing the total two-day loss to 52 points.

Despite ongoing reports of government efforts to reform and strengthen the capital market, investor confidence appeared subdued. The downturn was widespread, with 10 out of 13 sector indices posting losses. Only development banks, mutual funds, and the trading sector recorded modest gains.

The manufacturing and processing sector saw the sharpest decline, falling by 2.24%. Other sectors including banking (-0.76%), finance (-0.64%), hotels and tourism (-1.64%), hydropower (-1.45%), investment (-0.66%), life insurance (-0.84%), microfinance (-0.54%), non-life insurance (-1.11%), and others (-0.92%) also ended in the red.

Market activity slowed significantly, with total turnover dropping from NRs 6.53 billion on Tuesday to NRs 4.98 billion on Wednesday. A total of 12.13 million shares from 351 companies were traded during the session.

Out of the traded companies, share prices of 235 declined, while only 30 advanced and 4 remained unchanged. Corporate Development Bank emerged as the top gainer, with its stock rising by 13.81%. On the losing side, Kumari Bank’s debenture fell the most, dropping by 11.46%. Shares of Shikhar Power declined by 9.92%, while Palpa Cement fell by 7.79%.

In terms of turnover, Reliance Spinning Mills led the market with NRs 241.9 million worth of shares traded, followed by Palpa Cement at NRs 202.2 million and Corporate Development Bank at NRs 182.4 million.