Posted on 2009-06-25
KATHMANDU: The Nepal Stock Exchange (NEPSE) kept falling for the fourth successive day as potential investors stayed away from the secondary market in anticipation of the initial public offerings (IPOs) and issuance of rights shares of various companies.
The NEPSE index shed 1.22 point to close at 670.25 points on Wednesday.
Stock analysts attribute the low activity on NEPSE to the IPO of Public Development Bank and rights share issuance of other financial institutions. Accor-ding to stock analysts, investors are waiting for the IPO of Public Development Bank and rights shares issue of around half a dozen financial institutions.
Except banking and development bank, all the sub-indices declined on Wednesday. The banking and development bank sub-indices increased by 0.49 point and 1.71 points respectively.
Among the 20 commercial banks on NEPSE, Everest Bank posted the biggest growth with its stock rising by 41 points. Standard Chartered Bank lost the most on the trading floor on Wednesday.
Infrastructure Devel-opment Bank was the only gainer among development banks while two finance companies registered a growth in their stock prices.
Insurance companies´ performance was also dismal with four companies seeing a loss in their share prices. In the hydropower sector, Chilime Hydropower lost 35 points to close at Rs. 1130.
The turnover at NEPSE was better than Tuesday with total transactions of Rs. 33.54 million through 57,131 units of shares.
The top five gainers on NEPSE were Infrastructure Devel- opment Bank with a 4.55 percent rise in its stock price followed by Global Bank, National Hydro Power, Fewa Finance and NMB Bank.
Similarly, the top five losers on Wednesday were Civil Merchant Bittiya Sanstha with a 3.71 percent decline in its share price followed by Merchant Finance, Chilime Hydropower, Citizens Bank Interna-tional Ltd. and Annapurna Bikas Bank.
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