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Nepse Begins Week With Strength

The equity market climbed roughly 20 points in the beginning of Sunday’s session, indicating that stocks were off to a robust start. After initially falling into negative territory, the index began to rise steadily in the late trading hours. The index ended Sunday’s trading at 2,837.61, up 55.50 points at the closing.

The bourse extended its upward trend with another gain of over 50 points, following a recovery of more than 200 points the week before. Buying pressure dominated Sunday’s session, as investors expected the downturn to finish after two months. The company’s revenue increased to Rs. 7.82 billion.

Except for the Banking sector, which finished marginally lower, all sectors ended in the green.

The top leaders were the Development Bank, Trading, Hydropower, and Hotels & Tourism sectors, with respective sub-indices rising 6.54 percent, 5.96 percent, 5.5 percent, and 5.44 percent. The Manufacturing & Processing and Non-Life Insurance sectors both gained over 4%. All of the other segments ended on a high note.

The most actively traded stocks were Ankhu Khola Jalvidhyut Company Ltd and Nabil Bank Ltd, with turnovers of Rs. 315 million and Rs. 280 million, respectively.

With turnovers of Rs. 277 million and Rs. 243 million, Everest Bank Ltd and Siddhartha Bank Ltd followed suit. Other active stocks were Himalayan Distillery Ltd, Api Power Company Ltd, NIC Asia Bank Ltd, Mahalaxmi Bikas Bank Ltd, and Arun Valley Hydropower Development Company Ltd.

The upper circuit limit of 10% was reached by Panchthar Power Company Ltd, Chandragiri Hills Ltd, and Samudayik Laghubitta Bittiya Sanstha Ltd. Himalaya Urja Bikas Company Ltd, United Insurance Company Ltd, Lumbini Bikas Bank Ltd, and Sahas Urja Company Ltd all saw a 10% increase in their stock prices. Other hydropower and development bank equities, in particular, followed suit.

With losses of 6.50 percent and 2.22 percent, respectively, Everest Bank Ltd and Best Finance Company Ltd were the biggest losers. Other losers of the day were Jeevan Bikas Laghubitta Bittiya Sanstha Ltd, Nabil Bank Ltd, and Agriculture Development Bank Ltd.

The index made a solid bullish candlestick, climbing above the important 2,800 mark, according to ARKS technical analysis. Both the RSI and the MACD indicate that the trend may continue upward. Given that the market has held its position above the 2,800 level, the market is likely to recover further.

This column is produced by ARKS Capital Advisors Ltd.

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