NEPSE hits eight-month high as market surges

The stock market surged to an eight-month high on Sunday with the NEPSE index rising sharply again. 

On Sunday, the NEPSE recorded a rise of 54.55 points closing at 2,931.56, its highest level in nearly eight months. The last time the index reached similar levels was on July 30 last year, when it climbed past 2,922.63 to 2,954.14. The index had increased by 64 points the previous trading day (Thursday).

The trading day saw a turnover amounting to NRs 23.60 billion, compared to NRs 21.22 billion the previous trading day (Thursday).

Among the 264 companies traded, 183 saw their share prices rise, 73 declined, and eight remained unchanged. 

The microfinance sector recorded the highest gain at 4.21%, followed by:

• Banking: 2.49%
• Development Banks: 2.46%
• Finance: 2.13%
• Hotels & Tourism: 3.05%
• Hydropower: 0.33%
• Investments: 0.77%
• Life Insurance: 2.00%
• Manufacturing and Processing: 1.93%
• Non-life Insurance: 2.72%
• Others: 1.71%

Only the trading sector saw decline, which fell 0.11%.

Six companies recorded a 10% increase in share price and other three over 9%. These included Reliance Spinning Mills, Corporate Development Bank, Salpa Development Bank, Abhiyan Microfinance, Solu Hydropower, Bhujung Hydropower, Hotel Forest Inn, and Vijay Microfinance. 

Super Madi Hydropower posted the largest decline, falling 3.15%. 

Other highly traded companies included Kumari Bank, National Hydropower, Shivam Cement, Gadi Group, and Himal Dolakha Hydropower.

Last week, the market saw a turnover of nearly 60 billion rupees with the market closing 57 points higher than the previous week’s closing.

Investors’ confidence has strengthened following the recent elections, in which the Rastriya Swatantra Party (RSP) secured a near two-third majority, raising hopes for government stability.