Nepse snaps two-day gaining streak, slips 26.16 points

KATHMANDU: The Nepal Stock Exchange (Nepse) index snapped its two-day winning streak on Tuesday, slipping 26.16 points to close at 2,770.26.

The index had posted a nominal gain of 9.27 points over the past two sessions.

Although the Nepse index posted early gains, it soon moved into the negative territory and stayed there throughout the session to hit an intraday low of 2,765.44 points. A late buying toward the closing minutes pared some losses, but the index still closed 0.93% lower.

Despite the decline, total turnover improved to Rs 6.53 billion, with 14.01 million units traded through 151,354 transactions.

Market breadth remained heavily negative on Tuesday, as 213 stocks declined, while 42 advanced and 14 remained unchanged.

Palpa Cement Industries Ltd, which had been hitting the 15% positive circuit for the past few sessions, logged the highest turnvoer of Rs 583.34 million as investors sought to cash in on the gains. Reliance Spinning Mills Ltd and Corporate Development Bank Ltd followed with total turnovers of Rs 346.82 million and Rs 302.81 million, respectively.

Except for the Others sub-index, which was up by 0.73%, all sub-indices ended the session in the red. The biggest loss came from Hotels & Tourism sub-index which fell by 2.56%. Manufacturing & Processing and Hydropower sub-indices were next with losses of 2.46% and 1.74%, respectively.