Economic Digest: Nepal’s Business News in a Snap « Khabarhub
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Economic Digest: Nepal’s Business News in a Snap

07 July 2024  

Time taken to read : 5 Minute

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KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.

The stock market, represented by the NEPSE index, surged by 67.78 points to close at 2,119.70 points, boosted by a political coalition last week. Trading saw gains every day except Sunday, with significant activity in sectors like trading, where market value rose by 9.81%.

Total turnover increased to Rs 22.75 billion, and market capitalization grew to Rs 3.362 trillion, resulting in investors gaining Rs 109 billion after a previous week’s loss.

Amidst political instability, concerns were raised about misused cooperative funds affecting many, prompting calls for government intervention.

In Kathmandu’s Kalimati market, tomato prices notably rose, reflecting broader fluctuations in vegetable prices. Foreign currency rates remained stable throughout the week.

Overall, the week marked notable gains in the stock market, accompanied by concerns over cooperative issues and price fluctuations in local markets.

NEPSE index surges 67.78 points; investors gain Rs 109 billion last week

The NEPSE index, last week, rose by 67.78 points, bolstered by the coalition between Nepali Congress and CPN-UML. Starting at 2,051.92 points on Sunday, the market closed at 2,119.70 points by Thursday, fluctuating between 2,156.46 and 2,030.50 points.

The index climbed every day except the first, with gains of 16.29, 47.04, 3.79, and 15.46 points on subsequent days. All sectors showed gains, led by a 9.81% increase in the trading sector’s market value. Individual stocks also saw active trading, including NRN Infrastructure and Development Limited with transactions worth Rs 685.35 million.

Total turnover rose to Rs 22.75 billion from Rs 21.41 billion, and market capitalization increased to Rs 3.362 trillion from Rs 3.253 trillion, resulting in investors gaining Rs 109 billion for the week after a previous week’s loss of Rs 26 billion.

“Cooperative issue now under political shadow”

Leaders in Kathmandu discussed the shadow cast over cooperative issues by political instability.

Rastriya Janamorcha Chairman Chitra Bahadur KC highlighted the plight of hundreds of thousands affected by embezzled cooperative deposits, attributing the situation to political upheavals.

He urged stakeholders and political parties to pressure for resolution, condemning the misuse of funds meant for the poor.

Nepali Congress chief whip Ramesh Lekhak echoed concerns over billions deposited in cooperatives, emphasizing the security risks posed by rogue entities. CPN (Maoist Centre) general secretary Dev Prasad Gurung criticized the failure to implement cooperatives as intended for socialist advancement, lamenting their commercialization.

Tamoto prices soar in Kalimati market

The Kalimati Fruit and Vegetable Market Development Committee said prices for most vegetables increased in Kalimati on Saturday, with some maintaining Froday’s rates.

Specifically, the price of tomato has surged significantly in Kalimati. Additionally, prices for other vegetables have also shown an increase compared to Friday.

Currently, the least expensive vegetable available in Kalimati is Cauliflower, while the priciest is Mushroom.

Notably, the price of small local tomato, which was Rs 28 per kilogram on Friday, skyrocketed to Rs 40 on Saturday.

All speakers called for action against embezzlers and urged the government to address sector challenges promptly.

Foreign currencies maintain previous values

The Nepal Rastra Bank (NRB) announced that today (Sunday), most foreign currencies, including the US dollar, Euro, pound, Australian dollar, and dinar, have maintained their previous exchange rates from Saturday.

The buying and selling rates for these currencies remain unchanged: 1 US dollar buys at 133 rupees 28 paisa and sells at 133 rupees 88 paisa; 1 Euro buys at 144 rupees 24 paisa and sells at 144 rupees 88 paisa; 1 British pound buys at 170 rupees 44 paisa and sells at 171 rupees 21 paisa. Similarly, the buying and selling rates for the Australian dollar, Kuwaiti dinar, and Bahraini dinar also remain the same as Saturday’s rates.

(Compiled and prepared by Srija Khanal)

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

Publish Date : 07 July 2024 08:42 AM

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