The Nepal Stock Exchange (Nepse) index opened in positive note with a slight increment but corrected firmly and pulled the index 15 points lower. However, the market managed to recoup its earlier losses but failed to hold ground in green as the market witnessed a decline in the latter trading hours. At the close, Nepse fell 32.39 points to settle at 2769.13.
Profit booking in most of the sectors witnessed in the last trading of the week. Nonetheless, market participation has remained above par. Over Rs. 6.71 billion worth of equities changed hands.
Barring Others sectors, which rose 1.26%, all sectors ended the day in red. Hydropower, Trading and Development segment witnessed selling pressure with the sub-index losing more than 2%. Banking, Hotel and Tourism, Finance, Non-life Insurance, Manufacturing & processing, Life Insurance and Investment lost more than 1% on average. All other segments ended the day marginally lower.
Nepal Doorsanchar Company Ltd and Mahalaxmi Bikas Bank Ltd scrips led the list of active stocks. Over Rs. 604 million and Rs.572 million worth of shares traded. It was followed by Upper Tamakoshi Hydropower Company Ltd which saw a turnover of Rs. 395 million. National Hydropower Company Ltd, Chhimek Laghubitta Bikas Bank Ltd and Manjushree Finance Ltd posted turnovers of Rs. 192 million, Rs. 172 million and Rs. 146 million respectively. Garima Bikas Bank Ltd, Nabil Bank Ltd, ICFC Finance Ltd and Nepal Bangladesh Bank Ltd were among other heavily traded shares.
Manushi Laghubitta Bittiya Sanstha Ltd saw notable strength with a scrip rallying 10%. It was followed by Terhathum Power Company Ltd rose 9.99% on the day. Shares of Narayani Development Bank Ltd and First Microfinance Development Bank Ltd surged above 6% each. Manjushree Finance Ltd, Guheshwori Merchant Bank & Finance Co. Ltd and Forward Microfinance Bittiya Sanstha Ltd were among other top gainers.
Mailung Khola Jalbidhyut Company Ltd was the biggest percentage loser of the day with the energy scrip tanked 5.03%. Shiva Shree Hydropower Company Ltd, Mountain Energy Company Ltd, Himalayan Power Parter Company Ltd, Goodwill Finance Company Ltd and Mountain Hydro Power Company Ltd registered declines of over 4% each.
As per the ARKS technical analysis, the index formed a bearish candlestick on the daily timeframe reflecting profit booking in the session. At the current juncture, the immediate support level lies at 2730. On the other hand, immediate resistance lies at the 2800 mark which is crucial for the index to make a new high and stretch its recovery.