The stock market made a strong start this week, with benchmark index rising 11.95 points to end at 492.80 points on Sunday -- the first trading day of the week. Then after a recess on Monday, a public holiday, the market rallied further on Tuesday, making it one of the best days for the exchange as the index topped 501.52 points at close. This was the first time the benchmark index had crossed the 500-point mark in over two-and-half years. [break]
Although the rally could not continue after this point, the index closed at 497.08 points for the week on Thursday, up 3.37 percent compared to last week.
The index rose helped in part by better performance of banks, insurance companies and hotels.
Over the week, the banking sub-index gained 24.58 points to end the week at 462.91 points, while the sub-indices of insurance and hotel closed at 760.45 points and 661.12 points, up 26.22 points and 55.01 points, respectively. Most of the other sub-indices also ended higher, apart from trade and manufacturing which closed flat at 176.32 points and 721.33 points, respectively.
Stock market analysts said the week´s performance shows that the market sentiment was upbeat, despite corrections that took place in the second half of the week, which caused the index to shed some points.
As investor confidence remained strong, shares worth Rs 530.99 million were traded on the market over the week. Of the 115 companies, whose shares were traded on the bourse over the week, Nepal Bangladesh Bank outperformed others, with the banking institution´s stock transaction amount standing at Rs 63.63 million during the week. Nepal Investment Bank was close on the heels, whose share transaction amount topped Rs 62.41 million during the week.
Next in line was Bank of Kathmandu, which recorded share transaction of Rs 39.93 million this week.
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