Nepse hits 13-month high

Nepal Stock Exchange (Nepse) index hit 13-month high, gaining 21 points to close the day´s trading at 409 points on Wednesday, after investors showed more confidence in the market and put their money on shares of banks and hydropower companies.
The rejuvenation of the market, which grew by 5.43 percent, caused total market capitalization to jump to Rs 386.63 billion. The turnover at Nepse touched Rs 54.17 million on the day, when a total of 145,289 shares changed hands through 453 transactions.
Officials attributed the Nepse´s massive rebound to sharp rise in transactions of shares of banks, hydropower companies and development banks.
Index of banking sector, which commands lions share in the stock market, had risen by 30.96 points on the day, recording 8.34 percent growth over previous day´s closing and closed at 402.3 points on Wednesday.
Likewise, the hydropower sub-index rose by 40.69 points to close at 633.82 points. The sub-index of Development Bank too increased by 2.14 percent to end the day´s trading at 262.62 points.
Standard Charted Bank, Grand Bank Nepal, Bank of Kathmandu, Citizens Bank and Sunrise Bank were the top gainers of the day. Share prices of Standard Chartered Bank increased by 10 percent to Rs 2,178 on the day. Similarly, share values of Grand Bank also rose by 10 percent to Rs 231, while Bank of Kathmandu saw its share price jump by 9.98 percent to close at Rs 694 per unit.
Despite the rebound, the sub-index of finance company slid by 0.26 percent and closed at 260.91 points.