Day: June 5, 2024

The price of fine gold in Nepal has seen a notable decline, dropping by Rs. 500 per tola, according to the latest report released by the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA).

Fine gold is now valued at Rs. 1,42,200 per tola, marking a Rs. 500 decrease from its previous closing rate of Rs. 1,42,700 per tola. Similarly, Tejabi gold has also experienced a price reduction, standing at Rs. 141,500 per tola, down by Rs. 500 from its closing price of Rs. 1,42,000 per tola the previous day.

This decline contrasts with the recent peak on June 4, 2024, when fine gold reached an all-time high of Rs. 1,42,700 per tola in the Nepali market.

Additionally, the price of silver has also seen a downturn, with a decrease of Rs. 35 per tola. The current market rate for silver stands at Rs. 1,860 per tola, compared to yesterday’s closing rate of Rs. 1,825 per tola.

Both domestic and international markets have witnessed this downward trend in precious metal prices. Globally, the latest update indicates the price of gold at $2,341.30 per ounce, while silver is experiencing negative momentum, with prices reaching $29.70 per ounce.

The fluctuations in gold and silver prices are closely watched by investors, traders, and consumers alike, as they navigate the dynamics of the bullion market and make informed decisions regarding their investments and purchases.

The existing promoter of Kumari Bank Limited (KBL), Niva Saiju, is auctioning 16,830 units of shares to interested promoter shareholders, starting from today.

Only existing promoters of KBL are eligible to bid for the auction within 35 days from the date of publication of this notice, i.e., 23rd Jestha.

Shareholders should submit their bids at the central office of the bank located at Tangal, Kathmandu, or at Kumari Capital Limited located at Naxal, Nagpokhari, Kathmandu. If no bids are received from existing founder shareholders within the specified timeframe, the shares will later be auctioned to the general public.

KBL’s share price closed at Rs. 142.80 on the latest trading day, while the partially paid-up rights shares (KBLPO) have a last traded price of Rs. 104.00.

This auction notice provides an opportunity for existing promoters of Kumari Bank Limited to increase their stake in the bank’s promoter group. The sale of these promoter shares by Niva Saiju could potentially lead to a reshuffling of the bank’s ownership structure and promoter group composition.

As the auction process unfolds, investors and market participants will closely monitor the developments, as they could have implications for the bank’s future strategic direction and governance.

The Nepal Stock Exchange (NEPSE) Index registered a decrease of 0.26% today, shedding 5.58 points to close at 2,079.71 levels. This decline follows a previous session gain of 6.22 points.

The trading session began with the index at 2,087.74 points. During the day, the index fluctuated, reaching an intraday high of 2,091.88 points and a low of 2,072.31 points before settling at the closing level of 2,079.71 points.

Today’s trading involved 306 stocks across 49,733 transactions, with a trading volume of 8,042,767 shares. The total turnover amounted to Rs. 3.99 Arba, while the market capitalization stood at Rs. 32.97 Kharba, and the float market capitalization was Rs. 11.19 Kharba.

NRN Infrastructure and Development Limited (NRN) led the market in turnover, achieving Rs. 19.03 crores and closing at Rs. 605 per share.

Meanwhile, Bhagawati Hydropower Development Company Limited (BGWT) recorded the highest gain, surging 10% and hitting the positive circuit breaker.

On the downside, Upper Lohore Khola Hydropower Company Limited (ULHC) experienced a notable decline, dropping 5.51% to close at Rs. 377 per share.

In terms of sector performance, four sector indices ended in the green. The “Mutual Fund Index” saw the highest sectoral gain of 4.92%, while the “Trading Index” recorded the largest loss of 1.03%.

Despite the overall index decline, the robust trading volume and mixed sectoral performance indicate sustained investor interest and varying dynamics across different segments of the Nepali stock market.