Although the market had shown Tuesday´s exuberance during early trading hour, the upbeat sentiment did not last for long and soon the benchmark index started sliding. By the end of the day, the index, which opened at 501.51 points on Wednesday morning, lost 2.2 points to close at 499.31 points. [break]
“We can call this market correction as this is the first time the index has taken a dip since November 11,” said Anjan Poudel, president of the Stock Brokers Association.
Nepse´s daily report shows most of the sub-indices in the red on Wednesday. The hydropower index suffered the most on the day, shedding 11.45 points to end the day at 1061.36 points. Commercial banks became the second largest victim as its index lost 3.67 points to end at 465.37 points, while development bank index closed at 253.44, down 2.31 points.
The biggest loser on Wednesday was Nepal Housing and Merchant Finance Company as the company´s stock price fell 9.59 percent to end the day´s trading at Rs 198. The value of promoters´ shares of Nabil Bank also lost 5.75 percent to close at Rs 1,000, while stocks of Business Universal Development Bank fell 4.92 percent to Rs 116 by the closing time.
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