KATHMANDU: Economic Digest (weekly) offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
The NEPSE Index on Tuesday soared by 114.70 points (4.57%), closing at 2,623.56, following a previous gain, reflecting strong investor confidence despite intraday volatility.
In the domestic market, gold prices dropped by Rs 500 to Rs 160,000 per tola, while silver fell by Rs 15 to Rs 1,925 per tola, suggesting shifts in demand.
Meanwhile, Foreign Minister Dr. Arzu Rana Deuba met with MCC CEO Alice P. Albright to discuss the progress of a $50 million infrastructure project in Nepal, highlighting the importance of timely completion.
Additionally, the Public Procurement Monitoring Office blacklisted 18 construction contractors and suppliers, barring them from public procurement activities.
NEPSE Index surge on Tuesday
The Nepal Stock Exchange (NEPSE) Index experienced a significant upward movement on Tuesday rising by 114.70 points (4.57%) to close at 2,623.56. This follows a gain of 44.45 points in the previous trading session, indicating a positive momentum in the market.
Throughout the day, the index exhibited volatility, starting at 2,510.35 points and fluctuating to an intraday low of 2,510.11 before reaching a peak of 2,623.56. Such fluctuations suggest a dynamic trading environment influenced by investor sentiment and market activity.
In terms of trading volume, 307 stocks were exchanged across 96,906 transactions, resulting in a robust turnover of Rs. 7.61 billion with a total of 17,507,555 shares traded.
This high level of activity reflects strong investor engagement and confidence in the market’s upward trajectory.
Gold price drops in domestic market
Gold prices in the domestic market decreased by Rs 500 per tola, settling at Rs 160,000, down from Rs 160,500 the previous day.
This decline was reported by the Nepal Gold and Silver Traders Federation. Additionally, silver prices also fell, dropping by Rs 15 to Rs 1,925 per tola.
The decrease in both gold and silver prices may reflect broader market trends, demand fluctuations, or changes in investor sentiment.
Foreign Minister Rana and MCC CEO Albright review MCC project in Nepal
Foreign Minister Dr. Arzu Rana Deuba met with Alice P. Albright, CEO of the Millennium Challenge Corporation (MCC), to discuss the progress of the MCC project in Nepal, signed in 2017.
The meeting at the Nepali Embassy emphasized the need for timely completion of the project, which includes a transmission line and road upgrades funded by $50 million in assistance.
PPMO blacklists 18 suppliers and construction contractors
The Public Procurement Monitoring Office has blacklisted 18 construction contractors and suppliers.
In a notice made on Monday, the PPMO said that this action takes effect immediately, as per Section 63 (9) of the Public Procurement Act, 2007.
Those blacklisted will be prohibited from participating in any procurement activities of public entities for the duration of their ban.
(Prepared by Srija Khanal)
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