Stock Market Rises by 83 Points, Hydropower Sector Sees Highest Gains

The stock market rose by 83.33 points on Monday, bringing the NEPSE index to 2,760 points. Finance Minister Swarnim Wagle urged the public not to spread unnecessary panic in the market and assured that the government is committed to making the upcoming budget transformative. Share prices of 264 companies increased, with all sectoral indices showing growth. The hydropower group recorded the highest surge of 4.59 percent.

Kathmandu, 23 Chaitra – After falling by 105 points the previous day, the stock market rebounded with an increase of 83.33 points on Monday. This recovery brought the NEPSE index back to 2,760 points. At 2:30 PM, the index hit its peak for the day, rising 98 points to reach 2,775. Following the significant decline the previous day, Finance Minister Swarnim Wagle spoke with officials from the Stock Brokers Association of Nepal, emphasizing that unnecessary fear had spread through the market.

The Finance Minister reiterated the government’s commitment to making the upcoming budget transformative and assured that necessary steps will be taken to ensure transparency among market stakeholders. This message was intended to alleviate excessive market concerns. During a meeting with officials from the Economic Journalists Society (SEJAN), he clarified that market reforms are underway in accordance with the manifesto of the Rashtriya Swatantra Party (RASWAP) and that progress is being made in the NEPSE restructuring. The minister’s confidence appears to have positively influenced market sentiments. However, trading volume declined somewhat, with turnover dropping from NPR 1.238 billion the previous day to NPR 1.092 billion on Monday.

Prices increased for shares of 264 companies on Monday, while three to four companies saw declines, and one remained unchanged. All sector indices rose, with the hydropower sector leading at a 4.59 percent increase. Other notable gains included the finance sector by 4.03 percent, banking by 3.18 percent, development banks by 3.63 percent, hotel and tourism by 3.24 percent, investment by 3.33 percent, life insurance by 2.66 percent, manufacturing and processing by 1.53 percent, microfinance by 2.43 percent, non-life insurance by 2.94 percent, others by 2.36 percent, and trade by 2.40 percent. Eight companies recorded share price increases of up to 10 percent. These include Upakar Laghubitta, Ridi Power, National Hydropower, Bhujung Hydropower, Super Khudi Hydropower, Rizline Energy, Suryakund Hydro Electric, and Hotel Forest. Corporate Development Bank’s shares rose by 9.88 percent, Shivshree Hydropower by 9.55 percent, and Himal Dolakha Hydropower by 9.18 percent.

Despite Reliance Spinning Mills having surged by 10 percent the previous day, increased selling pressure caused its price to fall by 1.60 percent on Monday. The most actively traded companies included Reliance Spinning Mills, Himalayan Reinsurance, NRN Infrastructure, AP Power, and Ridi Power.