KATHMANDU, Sept 21: Nepal Stock Exchange (NEPSE) on Sunday jumped 111.70 points to close at 2,623.62 points after the Ministry of Finance stepped up to enforce various reform measures to restore confidence of the share investors that was adversely affected by the impacts following the Gen Z movement.
According to stockbrokers, the market was impacted also by the NEPSE revising the system of closing price to be enforced from Tuesday. The frontline regulator has resumed the previous system of calculating closing prices of listed companies based on the last traded price. As of now, a 15-minute weighted average system has been in place, under which the closing price has been determined based on all trades executed in the last 15 minutes between 2:45 PM and 3:00 PM.
The secondary market opened at 2,511.92 points and escalated to the day’s high at 2,633.6 points in the midway of the total trading hours. In the next 10 minutes, the index dropped by around 37 points, while the market slowly inclined in the remaining period before it closed for the day.
The big comeback in the country’s stock exchange market was observed following its nosedive by 160.33 points in single-day trading of last week. Overall, the market gained 4.44 percentage points in the intraday trading on Sunday.
Two groups including non-life insurance and mutual funds shed 460.22 points and 0.14 points, respectively. Of the 11 gainers, life insurance jumped the biggest of 666.67 points.
The sensitive index which measures the performance of ‘A’ class companies gained a whopping 19.97 points. The daily turnover stood at Rs 9.17 billion.
Among the individual companies, 224 were gainers while 28 were recorded as losers. Nepal Reinsurance Company Limited had the largest turnover of its shares worth Rs 831.35 million.
Nine companies including Sindhu Bikash Bank, Bhugol Energy Development Company, Goodwill Finance, Shivam Cements and Joshi Hydropower Development Company Public Limited, among others gained the highest of 10 percent of their market values. Siddhartha Premier Insurance by shedding 7.64 percent was recorded as the highest loser.