The index, which opened at 490.36 points on Wednesday morning, gained 9.41 points, or 1.91 percent, throughout the day to close at 499.77 points. The last time the index had scaled to this height was on November 21 when Nepse ended the day at 499.31 points.[break]
“The hike came mainly because of political reason,” two stock brokers told Republica, referring to Nepali Congress´s decision to field Sushil Koirala to lead the national consensus government.
Nepali Congress came up with the decision when only a day is left for expiry of the deadline issued by President Dr Ram Baran Yadav to the political parties to select a cosensus candidate for the prime minsiterial position.
Wednesday´s rally was led by stocks of commercial banks with the banking index posting gains of 3.42 percent. As the banking group makes up around half of the total market capitalization, any fluctuation in the banking index causes the entire benchmark index to move up or down.
Among commercial banks, the top gainer was Nepal Bangladesh Bank, which added 8.16 percent to its value to end the day at Rs 265. The stocks of Prime Commercial Bank also gained 7.55 percent to close at Rs 285, while Sanima Bank and Citizens Bank rose 7.17 percent and 5.79 percent, respectively, to end the day at Rs 254 and Rs 256.
Related story
Daily Commentary: Nepse triggers positive circuit breaker for a...
