Nepse Market Summary April 24 2024

Source: Sharesansar

The Nepal Stock Exchange (NEPSE) Index saw a slight gain of 0.15 points, settling at 1,969.17 points at the close of trading today, following a loss of 15.41 points in the previous session.

Opening at 1,969.41, the trading day witnessed fluctuations as the index reached an intraday high of 1,979.57 before dipping to an intraday low of 1,963.34.

With a bustling trading environment, 313 different stocks were exchanged in 36,483 transactions. The total volume of shares traded stood at 7,284,272, reflecting a total turnover of Rs. 2.53 Arba. The market capitalization closed at Rs. 31.22 Kharba, with a float market capitalization of Rs. 10.54 Kharba.

Nepal Reinsurance Company Limited Promoter Share (NRICP) emerged as the highlight of the day with a turnover of Rs. 63.30 Crore, closing at a market price of Rs. 281.00.

Similarly, Pokhara Finance Ltd. (PFL) showed the highest gain of 10%, followed by Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) with a gain of 9.92%.

global-ime-bank

Conversely, Mai Khola Hydropower Limited (MKHL) faced a decline, losing 7.84% to close at Rs. 470.

In terms of sector, Three sector Indices concluded in positive territory, with the “Finance Index” leading with a gain of 2.44%. However, the “Hotel And Tourism Index” witnessed a decline of 0.44%.

Zimbabwe Launches New Gold-Backed Currency

Zimbabwe's new gold-backed currency gets off to a chaotic startZimbabwe has introduced a new currency called Zig, which is backed by gold reserves. This new currency aims to stabilize the economy by replacing the old Zimbabwe dollar. However, experts are skeptical about the success of the Zig due to various challenges. One major concern is the insufficient volume of gold reserves in Zimbabwe to prevent fluctuations in the exchange rate. Additionally, the volatility of gold prices poses a risk to the stability of the new currency. Despite these challenges, it is too early to determine the effectiveness of the Zig as it is a unique experiment in the 21st century. Other countries have tried different approaches, such as El Salvador adopting Bitcoin as an official currency, with mixed results. Ultimately, for Zimbabwe to achieve meaningful change and stability, it needs to address underlying economic issues such as fiscal deficits and sanctions, in addition to introducing a new currency.

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