Sajhamanch Archive

Stocks end higher as market stretches rebound

Published: in English by .

KATHMANDU: Strength from the prior trading day carried over to the last trading day of the week as Nepse traded in green throughout the session. After advancing constantly in the beginning half of the trading session, the index lost some steam in the afternoon. However, the index managed to hold on to earlier gains finishing at 2,475.09 – up 42.95 points against Wednesday’s close.

The gain also marks a third straight day of advance after almost a month of correction. Investors showed relatively higher enthusiasm to enter the market as general prices of most of the stocks have dropped markedly in the recent retracement. Volumes also improved consequently. Day’s turnover stood at over Rs. 4.66 billion.

All sectors ended in green led by Hotels and Tourism segment, which ended 4.10% higher. Manufacturing & Processing sub-index also rallied 3%. Life Insurance, Microfinance, Investment and ‘Others’ sub-indices were among other major gainers with gains of over 2% each. All remaining sectors ended in positive territory, barring Trading sector which fell 1.06%.

Nepal Bangladesh Bank Ltd was the most actively traded stock of the day with turnover of over Rs. 770 million. Nepal Infrastructure Bank Ltd followed with a turnover of Rs. 217 million. Nepal Life Insurance Company Ltd, Nepal Reinsurance Company Ltd and Upper Tamakoshi Hydropower Ltd registered turnovers of Rs. 134 million, Rs. 124 million and Rs. 122 million.

United Idi Mardi RB Hydropower Ltd and Greenlife Hydropower Ltd remained locked in the positive circuit level of exactly 10%. Chandragiri Hills Ltd and Nepal Bangladesh Bank Ltd were among other major gainers with rallies of over 9% each. Shiva Shree Hydropower Ltd, Narayani Development Bank Ltd and Shivam Cements Ltd jumped around 7% each.

On the other hand, Joshi Hydropower Development Company Ltd and Ankhu Khola Jalvidhyut Company Ltd slumped over 6% each. Similarly, Dibyashwori Hydropower Ltd and Khanikhola Hydropower Company Ltd suffered losses of over 5%. Rairang Hydropower Development Company Ltd, Union Hydropower Ltd and Ghalemdi Hydro Ltd were among other major decliners.

As per the ARKS technical analysis, the index formed a strong bullish candlestick as Nepse extended its recovery. Besides, a rebound from 2,370 support mark also reflects buyers gaining control. Momentum indicators also suggest that sentiment slightly favoring bulls in the current context. The index may face a minor resistance at 2,500 psychological mark, a breach of which can see the index make an extended recovery.

Republica 

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