Stock market drops after budget announcement in Nepal
The day following Finance Minister Barshman Pun’s announcement of the budget for the upcoming financial year 2024/25, the stock market experienced a decline. Today, the NEPSE index dropped by 23.81 points (1.12 percent) compared to the previous day.
Despite the decrease in the NEPSE index, the turnover surged. Yesterday’s turnover of Rs 3.89 billion escalated to Rs 4.57 billion today.
Among the listed companies, 56 witnessed an increase, while 191 observed a decrease. Notably, the manufacturing sector’s index recorded the highest rise, climbing by 2.68 percent. Conversely, the hotel and tourism industry dropped by 1.13 percent, business by 0.69 percent, and finance by 0.14 percent.
The banking sector suffered the most significant setback, with its index plummeting by 2.94 percent. Other notable declines included Development Bank by 1.11 percent, Hydropower by 0.11 percent, Investment by 0.83 percent, Life Insurance by 1.30 percent, Microfinance by 1.71 percent, and various other sectors by 0.70 percent.
Four companies witnessed a notable surge of 10 percent in their stock prices. Among them, Unilever Nepal, Kalinchok Darshan, Upper Lohorekhola, and Bhagwati Hydropower saw significant increases. Additionally, Pokhara Finance rose by 8.17 percent, Narayani Development Bank by 7.65 percent, Nepal Warehousing Company by 6.06 percent, and Muktinath Agricultural Company by 5.85 percent.
In terms of transaction amounts, Pokhara Finance, CEDB Hydropower, Best Cement, NRN Infrastructure, and Hathaway Investment Company emerged as the market leaders.
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