Tuesday, August 5, 2008

Nepse crosses 1,100-point mark, still looks up

Nepse does it again.
In two days time, it posted another historic high and is 'still' looking up. Propelled by commercial banks group, Nepse crossed 1,100-point mark today to register 1,102.1 points from yesterday's record of 1,075.34 points.
The three-hour session of the market today suspended its transactions within one hour at 12.48 for the day as the Nepse registered an increase by more than 25 points. The financial institution-dominated Nepse witnessed only 191 transactions with a turnover of Rs 423.72 million in a day's trading today.
Nepal SBI Bank Ltd took a lead with its per share unit price increasing by Rs 166 followed by Standard Chartered Bank Nepal Ltd's per unit share increase by Rs 139.
Commercial banks group registered a growth of 37.13 points or 3.28 per cent to 1168.28 points, whereas development banks group gained 12.57 points or 0.85 per cent to 1497.96 points to push the the sole secondary market, Nepal Stock Exchange Ltd (Nepse) index up by 26.76 points or 2.49 per cent to 1102.1 points from yesterday's closing of 1075.34 points.
The sensetive index — a barometer of the A-class companies — has also posted a growth of 7.82 points or 2.72 per cent to 294.91 points. The total market capitalisation has also crossed the past records reaching Rs 4.25 trillion.
"The bullish trend is going to continue for some time," Nanda Kishor Mundada, president of Brokers' Association of Nepal said adding that it will continue for another three to four months with little corrections here and there. "But the Nepse will float above 1000-point mark," he claimed.
This is the begining of fiscal year and all financial institutions are making public their accounts. "Normally, Nepse posts growth this time of the year. Nepal Investment Bank Ltd has shown a good results yesterday pushing the market up," he said, adding that other companies are also posting good results."The major correction will come in December-January after the settlement of rights and bonus shares, and cash dividends," Mundada added.
"Apart from that when the 19 per cent promoters' shares will come to the market being converted into public, it will increase the supply of shares and market might react in a different way, then," he added.
At present, retail buyers are increasing pushing the index up. The new investors should be very careful not to be fooled.
Meanwhile, Securities Board of Nepal (Sebon), issuing a press statement has urged the investors to be very careful while investing. "Be careful of the noise creators, who can mislead," states the press note. Investors might find themselves on the road over night, if they do not look at profit and loss accounts, management, income per share, book value, risk factors and financial health of the company, warns the board, the regulatory authority of the capital market.
"The financial statements published by all the financial institutions at present is unaudited that may have a high variation in real terms," cautious the board. Last year, a bank's unaudited and audited reports showed a variation of upto 31 per cent in its net profit.

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