KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
In recent developments in Nepal, the Nepal Stock Exchange (NEPSE) surged past the 2200 points mark on Thursday, marking a significant milestone in its trading history.
This rise, culminating in a closing figure of 2204.61 points, represents a 1.24% increase fueled by recent political shifts. The formation of a coalition between the CPN-UML and Nepali Congress has injected optimism into the market, prompting increased investor activity.
The life insurance sector particularly flourished, witnessing a substantial increase of 318.69 points, underlining sector-specific bullish sentiment amidst broader market gains.
In the commodities market, gold prices saw a notable uptick, rising by Rs 800 per tola on Thursday. Fine gold now commands a price of Rs 144,900 per tola, while standard gold trades at Rs 144,200 per tola.
Concurrently, silver prices also saw a modest increase, reaching Rs 1,885 per tola. These price movements are reflective of both global trends and local market dynamics, influencing investor sentiment towards precious metals.
Additionally, Arx Group Pvt. Ltd. introduced the Golden Dragon 14-seat electric van in Nepal, priced at 57 lakhs. Featuring advanced specifications such as an 80 KW motor and a 53 kWh battery pack from CATL, these electric vans offer a range of 300 kilometers on a single charge, signaling Nepal’s growing adoption of sustainable mobility solutions.
NEPSE crosses 2200 points mark, trading over seven billion rupees
The Nepal Stock Exchange (NEPSE) crossed the 2200 points mark on Thursday, the final trading day of the week. After hovering between 1800 and 2200 points for a long time, NEPSE surpassed the 2200 points mark on Thursday.
This surge in NEPSE follows the political shift where the CPN-UML formed a coalition with the Nepali Congress (NC), ending its alliance with the CPN-Maoist Center and resulting in a change in government.
On Thursday, the last trading day of the week, NEPSE increased by 29.21 points, reaching 2204.61 points, a rise of 1.24 percent.
The surge in the market also saw a significant rise in the life insurance sector, which jumped by 318.69 points to reach 10727.73 points.
Gold prices surge by Rs 800 per tola
The price of gold in the domestic market rose by Rs 800 per tola on Thursday, according to the Nepal Gold and Silver Dealers’ Association.
Fine gold is now priced at Rs 144,900 per tola, while standard gold is trading at Rs 144,200 per tola.
Additionally, the price of silver increased by Rs 15 per tola to reach Rs 1,885 per tola.
The rise in gold prices could be influenced by various factors such as international market trends, local demand-supply dynamics, or economic indicators affecting investor sentiment towards precious metals.
Arx Group Introduces 14-Seat Electric Vans
Arx Group Pvt. Ltd., renowned as China’s premier motor manufacturer, has launched the Golden Dragon 14-seat electric van in Nepal. Priced at 57 lakhs, these vans promise exceptional value with a 53 kWh battery pack from CATL, the world’s largest EV battery manufacturer. Each van features an 80 KW peak-hour motor, enabling a range of 300 kilometers on a single charge.
Friday’s foreign currency exchange rates
Nepal Rastra Bank reported an increase in foreign currency exchange rates across major currencies like the US Dollar, Euro, British Pound, Australian Dollar, and Kuwaiti Dinar. These currencies have shown a consistent upward trend since a decline observed earlier in the week.
For example, the US Dollar’s buying rate rose to 133 rupees 40 paisa today from 133 rupees 34 paisa yesterday, with the selling rate increasing to 134 rupees from 133 rupees 94 paisa.
Similarly, the Euro and British Pound also saw gains, with buying rates for both currencies higher than yesterday. The Australian Dollar and Kuwaiti Dinar followed suit, reflecting similar upward movements in their exchange rates compared to the previous day.
The increases suggest strengthening demand for these currencies in Nepal’s market, possibly influenced by global economic factors or local conditions impacting foreign exchange 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.
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