NEPSE starts week on weak note

Kantipur Report
KATHMANDU, Aug 31 - The Nepal Stock Exchange (NEPSE) started the week on a weak note with the NEPSE index losing 10.39 points on Sunday. The index settled at 671.15 points when trading closed. The sensitive index also lost 3.24 points.
A double-digit decline of banking sub-index pushed NEPSE down on Sunday. Sunday's trading session saw the banking sub-index, a major component of the secondary market, declining by 16.09 points followed by development bank with a 8.53 point loss. Finance and insurance were the only two sub-indices that had marginal gains on NEPSE.
Total transactions on NEPSE reached Rs. 64.15 million with 100,516 units of shares being traded. Shares of 62 companies changed hands on Sunday.
Among the 22 commercial banks whose shares were traded on NEPSE on Sunday, Everest Bank's convertible preference posted the biggest growth with the stock rising 34 points while Nabil Bank lost the most on the trading floor by shedding 117 points.
Similarly, among the 13 development banks, Malika Bikas Bank and Gandaki Bikas Bank witnessed the highest increase of 5 points each while Ace Development Bank and Bageshwori Bikas Bank lost 15 points.
Among the 21 finance companies, IME Financial Institution was the highest gainer with an increase of 85 points in its share price. World Merchant Bank was the biggest loser shedding 52 points. The top five winners on NEPSE were IME Financial Institution with a 7.87 percent rise in its stock price followed by Lumbini General Insurance, Pokhara Finance, Everest Bank convertible preference and Reliable Finance.