KATHMANDU: Nepal’s stock market closed significantly higher on Tuesday, with the benchmark NEPSE index rising 58.63 points (2.23%) to settle at 2,682.
The rally came despite a drop in overall turnover, which fell to Rs 5.29 billion from Rs 9.17 billion the previous trading day. Out of 252 listed companies traded, 238 advanced while only 14 declined.
The non-life insurance group led the gains, climbing 3.48%, rebounding sharply after a 4% drop in the prior session. Shares of insurers had plunged in recent weeks after the September 9 demonstrations, which caused massive damage to commercial and residential properties as well as vehicles, prompting insurance claims worth around Rs 22 billion. Investors appeared encouraged by expectations of eventual claim settlements, including through reinsurance.
Other sectors also posted strong gains; hydropower (3.30%), development banks (2.95%), microfinance (2.54%), life insurance (2.31%), and hotel & tourism (2.78%). The banking index added 1.38%, while all other sectors, including finance, investment, production, and trade, closed in positive territory.
The market stayed in the green throughout the trading session, with broad-based buying driving the recovery.
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