Nepal Economic Digest (June 29, 2020)


June 29, 2020


Nepal Economic Digest (June 29, 2020)
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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Stock Market to reopen from Monday

The stock market will start its operation from Monday. A meeting of the board of directors held at the Securities Board of Nepal on Sunday decided to reopen the market from today, a board official said.

A formal announcement, however, is yet to be made. The market, which has been closed from 24 March, was open for two days in April. Earlier, the circuit break trading period was changed when it was open for two days.

The officials said that the business will be in the same condition from Monday. He said, “Circuit break and trading period have not been discussed in the meeting.”

As soon as the lockdown was lifted, businesses and offices began to open, but there was widespread protest after the stock market did not open.

Locusts will not cause big loss: Ministry

The Ministry of Agriculture and Livestock Development has said that the locust insects, which have already entered Nepal will not cause big loss in the agriculture sector of the country.

The Ministry has urged farmers not to panic as the locusts are small in size. Minister of Agriculture, Ghanashyam Bhusal said his ministry will coordinate with United Nations officials and the Government of India for measures needed to mitigate the effects of the insects.

According to him, the ministry will ensure a tracking strategy by coordinating with India’s concerned officials and the UN’s Food and Agriculture Organization.

Gold price reaches all-time high of Rs 91,300 per tola

The gold price has reached an all-time high of Rs 91,300 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the precious yellow metal registered an increase of Rs 700 per tola as the market opened on the first trading of the week.

Likewise, tejabi gold has been priced at Rs 90,860 per tola and silver at Rs 945 per tola.

Shikhar Insurance re- issues 30% right shares

Shikhar Insurance Company has re-issued 30% right shares from June 28 till July 19.

The company is issuing a total of 31.71 lakh units of right shares for its shareholders at par of Rs 100 per share.

The company had earlier proposed to issue 30 percent right shares from March 26 to April 15.

However, it was halted owing to the lockdown to stem the spread of COVID 19 pandemic.

The NIBL Ace Capital has been appointed as the issue manager of the right issuance.

(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.

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