NEPSE falls below 2,600 as broad-based selling weighs on market

The stock market fell below the 2,600-point mark on Monday, as broad-based selling pushed the Nepal Stock Exchange (NEPSE) index down 19.13 points to close at 2,599.58.

The decline ended a nearly two-month run above the 2,600 level. NEPSE opened at 2,618.62 and briefly climbed to an intraday high of 2,620.13 before retreating. The market has remained under pressure since August 14, gaining on only one trading day during the period.

Market breadth was weak, with shares of 229 companies declining, while 47 advanced and two remained unchanged. Sarvottam Paints Industries was the top gainer, rising 14.99% to NRs 917.20 and hitting the positive circuit limit. Dhaulagiri Microfinance also gained strongly, climbing 11.98% to NRs 1,150.

Panchakanya Mai Hydropower recorded the biggest loss, dropping 9.83% to NRs 311.90. Win Nepal Laghubitta fell 8.67% to NRs 1,169.

Trading activity also weakened. A total of 8.57 million shares of 350 securities changed hands, generating turnover of approximately NRs 3.24 billion, down from more than Rs 4.16 billion on the previous trading day.

Reliance Spinning Mills led turnover with shares worth about NRs 127.28 million traded. Its share price, however, fell 1.69% to NRs 2,728. Solu Hydropower ranked second with turnover of around NRs 118.8 million.

All 13 sectoral indices closed in negative territory. The Hydropower Index posted the steepest decline, falling 1.19%, followed by Non-Life Insurance, which dropped 1.12%.

Total market capitalisation stood at approximately NRs 4.47 trillion at the close.