Market Watch, Stock News
Market Summary – Continous Rise of Index is Risky
Published by Octron on May 28, 2009
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For the fourth consecutive day, NEPSE skyrocketed, 27th May 2009 saw the highest rise in the last six months. With 3.52 % or 25.17 points increase than previous day, five and a half month’s high, index touched 739.89 points. The price of A list commercial banks like NABIL, SCB, NIB, HBL, EBL continued to rise.
The entire trading chart was covered green with all the sectoral indexes gaining momentum. Investor’s confidence on banking sector bolstered, which gained maximum of 5.08 % or 37.14 points to end at 768.92. Likewise, whooping surge was realized on hydropower (up 3.8 %) and development bank (+1.99%). Finance and other sector also registered their growth by 0.99% and 1.97 percent respectively. However, index of insurance sector got static on 640.56 points. Hefty demand for the blue chips took the charge over the market, hence drawing the sensitive index up by 4.47 % or 8.44 points to 197.42. Float index is stable at 68.28 points.
“So far the market has drifted upward, not because of the sound fundamentals of the companies but due to the political results backed by spurring words on stock market by new Finance Minster (Surendra Pandey).” said, Umesh Regmi (broker no:19) from Nepal Investment and Securities Trading Pvt. Ltd. He further added that, if market would incline upward continuously then it could be in danger. So investors should be very careful before putting their hands in any decision.
Click here to see 27th May 2009 Share Price List & Market Summary
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