NEPSE turnover rises as reinsurance stocks surge

Kathmandu, November 4 Nepal’s share market edged up 1.40 points on Wednesday, following a gain of 6.62 points the previous day. With the marginal rise, the Nepal Stock Exchange (NEPSE) index settled at 2,665 points. Market turnover increased to Rs 7.43 billion from Rs 5.65 billion recorded on the previous day.

Share prices of 98 companies increased, while those of 171 declined. Prices of nine companies remained unchanged. The Others group recorded the highest gain, rising 6.18 per cent.

The increase was largely driven by sharp gains in the share prices of the two reinsurance companies, Nepal Reinsurance and Himalayan Reinsurance, listed under the group. Nepal Reinsurance, in which the government holds a majority stake, saw its share price surge by 15 per cent, the highest increase of the day, after the Cabinet decided to allow the company to issue right shares. Himalayan Reinsurance also gained 11.48 per cent after it became certain that the company would issue right shares to increase its capital.