Nepse down for fourth straight day
The stock market moved slightly higher at the morning session on Tuesday. Despite gaining 3 points initially, the benchmark Nepal Stock Exchange (Nepse) index trimmed its initial gains and eventually closed 1.46 points lower at 1,188.21 points.
Market activity showed slight improvement on Tuesday compared to the preceding day. Over Rs 214 million worth of shares were exchanged in the bourse on the day. Nonetheless, the turnover still appeared unsupportive to give the much-needed thrust in the secondary market.
Most of the sectoral indices finished the day in red. Substantial weakness was visible among Manufacturing stocks at it sub-index declined 1.16 percent. It was followed by Life Insurance, Finance, Hydropower and Development Bank groups. Banking sub-index also closed the day lower by 0.08 percent. On the other hand, the sub-index of Hotels group was up by 1.79 percent. Likewise, sub-indices of Others and Non-life Insurance also ended day in green.
In terms of stock-wise activity, Progressive Finance Ltd Promoter Share led the list of gaining sides, as Rs 34 million worth of its shares were changed hands on the day. Likewise, shares worth of Rs 17 million and Rs 11 million of First Microfinance Bittiya Sanstha Ltd and Chhimek Laghubitta Bikas Bank Ltd, respectively, were traded in the market on Tuesday. Furthermore, Nepal Investment Bank Ltd, Sanima Bank Ltd, Progressive Finance Ltd and Nepal Life Insurance Company Ltd logged transactions of more than Rs 5 million each.
In terms of advances, Support Microfinance Bittiya Sanstha Ltd continued to lead the list of top gainers for the second straight day as its share price surged by 9.93 percent. Likewise, share price of Progressive Finance Ltd and Bhargav Bikas Bank Ltd rose 9.4 percent and 8.8 percent, respectively. Similarly, Arambha Microfinance Bittiya Sanstha Ltd, United Insurance Co. (Nepal) Ltd and Kisan Microfinance Bittiya Sanstha Ltd gained over 3 percent each.
In contrary, First Microfinance Bittiya Sanstha Ltd witnessed the worst performance of the day as its share price plunged 9.51 percent. Next on the list was Shree Investment Finance Co. Ltd which saw its share price plunged by over 4 percent. Likewise, Synergy Power Development Ltd, Nerude Laghubitta Bittiya Sanstha Ltd and Mahila Sahayatra Microfinance Bittiya Sanstha Ltd were other losing stocks on Tuesday.
On the earnings front, Swabalamban Laghubitta Bittiya Sanstha Ltd published its financial report for the fourth quarter of Fiscal Year 2017/18 on Tuesday, posting a net profit growth of 31.17 percent year-on-year. Its unaudited net profit for the year stands at Rs 346 million. Among other companies publishing their earnings reports, Purnima Bikas Bank Ltd and Karnali Development Bank Ltd presented a decline in their net profit by 25.53 percent and 22.39 percent, respectively.
As per the ARKS technical analysis model, the market remained flat on Tuesday, indicating uncertainty in the equity market. Therefore, the uptrend can only be confirmed if index surges above 1,200-point level with a significant volume in coming sessions.
Source: My Republica