Bearish regime on tough hold

The downward spiral at home equity market carries on with a further slump on Wednesday making it total of sixth consecutive decline. The market retraction was triggered by almost all of the sectors fronted by banking and insurance stocks. The benchmark Nepse index plummets 5.40 points or 0.91 percent to close at 585.04, its lowest close for more than 28 months.

Today, the market characterized with selling pressure, falling prices, low turnover and feeble investor confidence, said Pramod Karki, an investor in the stock market. Declining stocks outpaced more than twofold the advancing ones with 15 gainers and 42 losers at three hours trade where volume came to thinner of Rs. 30385763 compared to Rs. 53209728 turnover at the same time Tuesday.

Dragged down in scrip prices of most of the financial stocks smashed the Sensitive index to 147.06, losing 1.41 points or 0.95 percent. 78 scrip Sensex consist, 14 commercial banks, 37 finance companies, 15 development bank, 10 insurance companies and one each from hydropower and manufacturing companies. However, float Index an indicator of performance of ordinary shares in the market was down 0.39 points to 56.06.

Commercial banks experience the huge selling pressure that led its index to topple 7.60 points or 1.33 percent to 563.63. Citizens Bank (O: 683, H: 670, L: 635, C: 635), Himalayan Bank (O: 1480, H: 1488, L: 1425, C: 1430) plummets along with key banking stocks asStandard Chartered (-Rs. 51), Nabil Bank (-Rs. 31), Nepal SBI (-Rs. 10) along with others. Finance dropped down 2.90 points to 617.31 and insurance slid 1.31 points to end at 606.07.

Dragged down in scrip price of Nepal Telecom (Rs. 535, -Rs. 5) led others index to subtract 11.75 points or 1.84 percent. However, development bank rose marginal of 0.59 points to 647.80 and hydro edge up 6.02 points on positive demand of Chilime Hydropower (O: 1060, H: 1075, L: 1060, C: 1075).

Merely 63 companies registered their presence in the secondary market maintaining A-D ratio at 0.36. All in all 54727 shares traded today via 738 transactions to Rs. 30385763 turnover along with Rs.412370.06 million market capitalizations.

The top five standouts of the day are MFCL(9.89%), BLDBL( 5.56%), GFL( 4.44%), PRFL( 3.7%), RBS(1.99%).Whereas, CZBIL(-7.03%), MDBL(-3.75%), AFL( -3.58%), HBL( -3.38%), GFLK( -3.34%). comprised of the top five losers.