Kathmandu [Nepal], August 24 – Nepal’s stock market opened the week on a weak note on Monday with the benchmark Nepal Stock Exchange (NEPSE) index falling 19 points to close at 2,599 points.
Trading activity also declined with total turnover dropping to Rs 3.23 billion from Rs 4.16 billion recorded on Friday.
Of the companies traded during the session 229 saw their share prices decline while 47 advanced and two remained unchanged.
Reliance Spinning Mills, Solu Hydropower, Sahas Urja, Ridi Power, Excel Development Bank and Sanima Middle Tamor were among the companies with the highest turnover.
Among the biggest gainers Sarbottam Paints rose 15 percent while Dhaulagiri Microfinance gained 11 percent. Panchakanya Mai Hydropower recorded the steepest decline falling 9 percent.
All sectoral indices ended in negative territory reflecting broad-based selling pressure across the market.
The hydropower sector recorded the largest decline falling 1.19 percent followed by non-life insurance which dropped 1.12 percent.
The banking sector declined 0.67 percent while development banks fell 0.47 percent and finance companies dropped 0.80 percent. Hotels and tourism edged down 0.01 percent, investment companies declined 0.41 percent and life insurance fell 0.81 percent.
Manufacturing and processing dropped 0.46 percent, microfinance 0.53 percent, other sectors 0.78 percent and trading companies dropped 0.50 percent.
The decline came alongside lower turnover signalling subdued investor activity at the start of the trading week.
