Kathmandu, November 24: Nepal Stock Exchange last week (Nov 18 to 22) lost 15.32 points to close at 1,120.62 points as the effect of the Cabinet reshuffle did not match the expectations of investors.
On Sunday, the secondary market opened at 1,135.95 points. In the following four trading days, it continued to go down. The largest fall was observed on the last trading day i.e Thursday when the benchmark index slipped 7.71 points. Overall, the market went down 1.35 percent.
“Last week when Prime Minister K P Oli reshuffled his cabinet, the investors had expected he would also appoint a new, capital market- friendly Finance Minister. As it could not happen, their confidence level went down, thus also negatively affecting the share market,” said a stockbroker on condition of anonymity.
The sensitive index that measures the trading of shares of blue chips companies also went down 3.17 points to close at 246.89 points.
Only Trading sub-group rallied 42.61% with relentless buying pressure seen on shares of Salt Trading Corporation. ‘Others’ sub-index edged 0.27% higher.
Of the total of 11 trading groups, nine ended in the red during the review period. The Manufacturing & Processing saw the largest lost as its sub-index went down by 191.20 points to close at 2,259.76 points.
The sub-indices of Non-life Insurance, Life Insurance, Hydropower, Hotels, Microfinance, and Commercial Banks also recorded double-digit loss. Development Banks and Finance Companies shed 8.84 points and 8.07 points respectively.
The only two gainers of the last week were Trading and ‘Others’. The sub-index of Trading went up by 155.72 points while the same of Others edged 1.73 points higher.
