KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On Tuesday, the NEPSE Index fell by 27.39 points (1.01%) to close at 2,663.32, ending a two-day rally that had seen gains of 93.22 points.
Despite a strong opening, the index experienced volatility, reaching an intraday high of 2,707.16 points before dropping to 2,652.66, with the finance sector facing the most significant decline.
A total of 300 stocks were traded in 45,870 transactions, generating a turnover of Rs. 4.59 billion.
In related financial news, gold prices fell to Rs 160,100 per tola, and silver decreased to Rs 1,940, reflecting broader market trends.
Additionally, the Nepali government has announced the opening of 57 new peaks for climbing to boost tourism and enhance access to the country’s mountainous regions.
NEPSE declines by 27.39 points; finance sector hit hardest
The NEPSE Index on Tuesdya experienced a decline of 27.39 points (1.01%), closing at 2,663.32. This drop marked the end of a two-day rally that had added 93.22 points, including a notable gain of 37.13 points the previous day.
Despite a strong market opening, the index struggled to sustain its upward trend. The trading session was marked by volatility, starting at 2,692.49 points, reaching an intraday high of 2,707.16 points, and then dipping to a low of 2,652.66 points.
The finance sector was particularly hard hit, contributing to the overall decline. Throughout the day, 300 stocks were traded across 45,870 transactions, resulting in a turnover of Rs. 4.59 billion with a total of 10,330,502 shares exchanged.
In summary, the NEPSE’s performance reflected a retraction after recent gains, driven by volatility and a significant downturn in the finance sector.
Gold traded at Rs 160,100 per tola today
Gold on Tuesday traded at Rs 160,100 per tola, down Rs 400 from Monday’s Rs 160,500, while silver also decreased by Rs 40 to Rs 1,940 from Rs 1,980.
This decline in both precious metals suggests a broader trend influenced by various factors, including global market dynamics and local economic conditions.
The data from the Federation of Nepal Gold and Silver Dealers’ Associations highlights the interconnectedness of these markets, indicating a potential shift in investor sentiment that warrants close observation.
Govt forms High-Level Economic Sector Reform Recommendation Commission
The government has formed a High-Level Economic Sector Reform Recommendation Commission.
A meeting of the Council of Ministers formed the five-member Commission led by former Finance Secretary Rameshwor Khanal, entertaining the proposal of the Finance Ministry towards that end.
The Commission comprises Dr Prakash Kumar Shrestha, member of the National Planning Commission, Prof Dr Ram Prasad Gyawali, Head of the Central Department of Economics, Tribhuvan University, economist Dr Biswas Gauchan and Dr Kalpana Khanal, the senior researcher at the Policy Research Institute.
Govt opens 57 more peaks for climbing
The Government of Nepal has decided to open 57 additional peaks for climbing, as announced during a cabinet meeting.
This initiative aims to enhance accessibility to Nepal’s diverse mountain range, which has many peaks that have previously been off-limits for mountaineering.
The plan will be managed by the Ministry of Culture, Tourism, and Civil Aviation, with the Department of Tourism responsible for the implementation and oversight.
This move is likely intended to boost tourism, diversify climbing options, and better utilize the country’s mountainous resources.
Melamchi drinking water distribution begins in Kathmandu
The distribution of Melamchi water has commenced in the Kathmandu Valley on Tuesday.
Water Supply Minister Pradeep Yadav launched the initiative today from the processing center at Sundarijal in Kathmandu.
Ratna Prasad Lamichhane, Executive Director of the Melamchi Water Supply Development Committee, stated that water from the treatment center in Sundarijal has been sent to various distribution branches of Kathmandu Valley Water Supply Limited (KUKL).
(Prepared by Srija Khanal)
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