Stock market plunges after profit booking
The market that has attracted three circuit breakers last Thursday and two circuit breakers yesterday, has plunged today due to selling pressure to book profit.
The Nepal Stock Market (Nepse) index dropped down by 8.76 points today as the market closed at 647.99 points as the hydropower, others and banking sub-groups lost.
The investors, who were encouraged by the last Thursday and Sunday's gain, have planned to book the profit from the market.
The hydropower sub-group lost 20.04 points to close at 1563.02 points, whereas others and banking sub-group lost 16.45 points and 12.94 points, respectively pulling the Nepse down. But insurance sub-group gained today also.
The shareholders of Prime Life Insurance gained some 10 per cent, while Sidhartha Insurance – also due to its book close – lost 33.17 per cent for the day. The market witnessed Rs 328.15 million turnover in the intra-day trading.