Nepal Stock Exchange (Nepse) on Wednesday soars a whopping 92.22 points after banks reduced interest rates on deposits.
The secondary market opened at 1,871.33 points and closed at 1,963.55 points. The market index was in an inclining path throughout the trading hours.
Stockbrokers said the banks’ decision to reduce interest rates attracted investors to inject more money into the secondary market, resulting Nepse soars. The Nepal Bankers’ Association has decided to reduce the interest rates of fixed deposit to 9.99 percent per annum from over 12 percent, with effect from the Nepali New Year that will start from Friday.
All the 13 trading groups had their market prices increased. Life-insurance, with adding 443.26 points, was the topmost gainer among the trading groups, while the indices of eight groups soared three-digit points.
All the 218 listed companies gained in their values. The sensitive index that measures the performance of the blue chip companies also added 18.25 points.
Along with the notable rise in the market index, the daily turnover also jumped over the Rs 1 billion mark. The transaction volume increased to Rs 1.97 billion, more than double of Rs 945.24 million on Tuesday.
Among individual companies, Shivam Cements carried out transactions of its shares worth Rs 117.13 million and was at the top of the lists. Siddhartha Equity Fund was the biggest gainer, while Everest Bank Limited Debenture 2086 lost the highest percent of its market value.
