Nepse budge below benchmark 600

Kathmandu,11-Oct-09
Jamb Daily News Service The home equity market continued to stretch out in reverse direction on fragile investors' sentiments. The lackluster feat of Nepal Stock Exchange on recent days was kicked up with book closing date of Standard Chartered Bank Nepal. The downbeat momentum of stock market has waned the sentiments of investors due to bleak news on economical and growing political discrepancies amid the dividend declaration period by companies.
The benchmark index which lost 30.07 points on previous week plummets below the psychological level of 600 on Sunday's trade showing investors confidence are yet on dust level. Nepse closed at 599.33 points erasing 5.04 points or 0.83 percent, retreating to low for 27 months just points ahead of 7th July, 2007 of 598.52 points.
It is natural that, the trend of stock market swayed on positive and negative terrain; however our market has divulged string of unnatural move toward negative terrain from past few months. It's not because investors sentiment has haunted by bearish paws, it's because there are scarcity of strong good news that can escort up stock market. Better than expected earnings results of financial institutions along with dividend declaration by many, failed to provide the glimmer of hope to boost the market sentiments. However, the question is lingering in everyone's mind is, how and when will be market budge up to sun shine?
Most of the investors are selling at the same time driving the prices in downward spiral especially commercial bank scrip. Commercial banks which commands the titanic volume of trade at sole secondary market plummet 6.20 points or (-1.05%) to close at 582.76. Blue chip scrip asStandard Chartered (Rs. 3560, -Rs. 60), Everest Bank (Rs. 2250, -Rs. 20), Bank of Kathmandu (Rs. 1544, -Rs. 31) lost their scrip price along with basket of banking scrip. Likewise, finance shed 3.19 points to 630.95 triggered by downhill price of Patan finance (Rs. 279, -5.10%) andStandard finance (Rs. 275, -4.84%). Hydro sector lost 1.35 points; insurance slid diminutive of 0.13 points and others lost 7.04 points on weak performance of share of Nepal Telecom (Rs. 544, -Rs. 6). However, development bank rose 0.85 points or 0.13 percent to 654.50.
Sensitive index, 78 scrip domestic blue chip ended losing 0.91 points or (-0.60%) to 151.52 as most of the scrip price traded below previous close. Sensex consists, 14 commercial banks, 37 finance companies, 15 development bank, 10 insurance companies and one each from hydropower and manufacturing companies. Similarly, float Index an indicator of performance of ordinary shares in the market fell 0.43 points to 57.41.
Merely 67 companies registered their presence in the secondary market with 16 gainers and 39 losers. The A-D ratio was maintained at .41. All in all 67656 shares traded today via 620 transactions. Moreover, Rs. 46983265 turnover was realized along with Rs.420197.01 million market capitalizations.
The top five standouts of the day are AIC(3.23%), PFL( 2.98%), ACEDBL( 2.18%), PFCL( 1.94%), KFL(1.84%). Whereas, CZBIL(-6.18%), PFLBS(-5.1%), STFL( -4.84%), CMBF( -3.74%), BLDBL( -3.69%). comprised of the top five losers.