Nepse back to losing ways

KATHMANDU: Nepal Stock Exchange (Nepse) index slipped back into negative territory on Wednesday, losing 5.03 points to close at 2,609.03.

The benchmark index had broken a six-day losing streak on Tuesday, raising hopes of a turnaround, but the renewed fall has dampened investor optimism.

Although the market opened with modest gains, it lost momentum as the session progressed and briefly dipped below the psychological 2,600-point support level. A late rebound helped trim some losses, yet the index still finished 0.19% lower.

A total of 169 scrips gained, 80 declined, and nine remained unchanged during the session. Total turnover fell slightly to Rs 3.73 billion, with 8.64 million units traded.

Newly listed Shreenagar Agritech Industries Ltd recorded the highest turnover of the day at Rs 263.94 million. Ngadi Group Power Ltd and Universal Power Company Ltd were next with turnovers of Rs 170.8 million and Rs 116.19 million, respectively.

Except for Manufacturing & Processing (1.22%) and Mutual Fund (0.39%), all sectoral indices closed lower. The Hydropower sub-index logged the steepest decline of 0.66%.