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			'id' => '2764',
			'article_category_id' => '42',
			'title' => 'Stocks Gear Up To 6 Years High',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	<div>
		&nbsp;</div>
	<div>
		Secondary market of Nepal spurted to new high after six years helped by partial settlement of political uncertainty. The Nepse, benchmark index of country&#39;s capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period while the lowest was 769.51 on February 03, 2014. On November 09, 2008 stock market index of Nepal had hovered around 810.81, and that has been surpassed by this review period&rsquo;s closing. The prime factor for this gear up has been pointed to the latest political developments which includes coming of the Constituent Assembly into function and the formation of Sushil Koirala-led Nepali Congress-CPN-UML coalition government. This tipped off the market with optimism and pushed the index to a new high after nearly six years.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The growth in benchmark index has been primarily contributed by insurance and hydropower sectors. Insurance sector has been the new hot cake of investors since the middle of previous fiscal year. Likewise investors have preferred most of the hydropower companies. During the review period, the sub-index of insurance sector has gone up by 652.17 points and hydropower sub-index jumped 344.22 points.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Market capitalization for this period has been fueled up by 5% as compared to the preceding month. Flexible margin lending (loan against share certificates as security) by different financial institutions, excess liquidity in the banking system, narrow down of market interest rates and lack of better investment alternative have underpinned the recent growth in the capital market. &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Nepal Stock Exchange (NEPSE) has revised its list of category &ldquo;A&rdquo; stocks. The new list has 130 companies compared to 120 in the last year. As per the bylaws, companies with minimum of Rs 20 million paid-up capital with at least 1000 equity holders can be categorized in this group. Besides, the company should also post profit for three straight years and its book value must be above paid-up value.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The momentum of this &quot;A Class&quot; category stocks has been reflected by the sensitive index. With the inclusion of new 10 companies in this category, the ratio of &#39;A&#39; graded companies with total listed companies now stands at 57%. Thus, the movements of the sensitive index and Nepse index show similar pattern. This indicates the need for introducing more categories and classification. &nbsp; &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
	<div>
		Following the positive trend of previous weeks, most of the sub-indices under Nepse registered growth during this review period too in addition to banking and &lsquo;others&rsquo; sub-indices. Insurance sub-index turned to be the highest gainer of the review period with a growth of 652.17 points followed by hydropower sub-index, which increased by 344.22 points. Hotel sub-index also added 245.11 points to rest at 1402.23. Development bank sub-index went up the hill to 54.52 points while trading sub-index registered a growth of 15.04 points. However, banking sub-index faced the losing session with downfall of 14.40 points to rest at 765.85 while &#39;Others&#39; sub-index settled at 793.02 down by 3.52 points during the review period. &nbsp;Meanwhile, Sensitive index that reflects the movement of &ldquo;A Category&rdquo; stocks of Nepal Stock Exchange ascended 4.09 points or 2.29% to settle at 178.64 points while float index went up 2.55 points to 55.19. &nbsp;During the review period, total of Rs. 5.98 billion turnover was realized from 16.67 units of share traded through 53,942 transactions.</div>
	<div>
		&nbsp;</div>
	<div>
		During the period, 44.51 percent of the total turnover was captured by commercial banks. Insurance sector grabbed the second position with 20.79 percent while 18.23 percent was occupied by hydropower sector. Rest of the portions of total turnover were covered by remaining sectors.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Technically, the Simple Moving Average (SMA) of Nepse index is aggressive when SMA of these 30 days and the past 200 days are compared. Despite the positive expectations, chances of correction at this level seem prominent. However, Nepse index may further rise to test some psychological levels and perhaps next resistance. As per the pivot analysis, the next resistance of Nepse range is at 840.39 and 858.11, while the support levels stand at 787.23 and 751.79 at lowest.</div>
	<div style="text-align: right;">
		<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
	<div>
		&nbsp;</div>
	<div>
		<img alt="Stock Taking" src="/userfiles/images/st(3).jpg" style="width: 550px; height: 193px; margin-left: 10px; margin-right: 10px;" /></div>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2014-03-24',
			'modified' => '2014-03-25',
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			'description' => 'The Nepse, benchmark index of country's capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period.',
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	(int) 1 => array(
		'Article' => array(
			'id' => '2587',
			'article_category_id' => '42',
			'title' => 'Compliance And Operational Risks In Mutual Funds',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By Sushil Maharjan</strong></div>
<div>
	&nbsp;</div>
<div>
	The country&rsquo;s only stock exchange, the Nepal Stock Exchange (NEPSE), has been thriving and attracting capital market investors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Securities Board of Nepal (SEBON) received approval from the Nepali government under the Securities Act, 2007 to establish Mutual Fund Regulations, 2010 as well as the power to issue licences for mutual funds to be sold in Nepal. &nbsp;In 2010, the first two mutual fund companies were licenced by SEBON and more are in the pipeline. &nbsp;Nepal&rsquo;s first mutual funds have since become well-established businesses that have successfully launched other mutual fund schemes. &nbsp;In this brief period, SEBON has made new provisions to open secondary markets for non-resident Nepalis by making necessary amendments to Mutual Fund Regulations, 2010. &nbsp;I strongly believe, in the next five to ten years, there will be more diversity in the Nepalis capital market as the mutual fund industry continues to mature.</div>
<div>
	&nbsp;</div>
<div>
	We have seen the NEPSE reach a historical low of approximately 375 points back in 2006, and a high of approximately 1180 points in 2008, only for the index to reach an all-time low of approximately 292 points back in 2011. Although the NEPSE has had its share of bear and bull markets, however the index is on the brink of surpassing its highest point for 2013. &nbsp;Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets. &nbsp;Thus, the portfolio net asset&nbsp;</div>
<div>
	value affects mutual fund unit prices on a daily basis.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The NAV of a mutual fund is derived from the value of the underlying securities held in the fund&rsquo;s portfolio, which is equal to the mutual fund&rsquo;s assets, less all of its liabilities. &nbsp;Many mutual funds use this number to determine the trading price for units of the fund. When investors buy and sell mutual funds, firms typically do so at the NAV; there is no secondary market in mutual fund units as the fund itself issues and redeems them.</div>
<div>
	&nbsp;</div>
<div>
	We know confident Nepali investors are a big boost to the capital market, though increased trading volume doesn&rsquo;t necessarily indicate that there is growing interest in the stock market; this may be because of reasons such as the improving political stability of Nepal, regulatory changes or available investment opportunities. &nbsp;Value investors see how well companies or stocks are performing within their mutual fund portfolios and measure the performance and returns of all funds across all mutual fund asset classes as well as of market indices.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this changing and high-paced investment world, there are reasons to be concerned about mutual fund companies&rsquo; failure to adopt fair value pricing, which would help to avoid losses due to market timers and to manage emerging risk and market trends. &nbsp;Compliance plays a very big role in capital markets and investments, especially with Nepal&rsquo;s new mutual funds. &nbsp;Compliance is the strict following of a requirement, such as specific regulations, policies, standards or laws. &nbsp;The goal of regulatory compliance is to ensure that corporations or public agencies are made fully aware of relevant laws and regulations and take the necessary steps to follow them; this is vital in for Nepal&rsquo;s capital market and mutual industry to thrive. &nbsp;An increasing number of regulations and need for operational transparency will require that institutions that offer mutual funds adopt and consolidate their compliance controls, as this will ensure that all the necessary governance requirements can be met without duplication or inefficiency. &nbsp;Mutual fund trade processing, recordkeeping, and transaction flows strengthen mutual fund oversight programs and operations. We know that compliance rules have the potential to improve mutual fund company operations and that the independence of the compliance function is key to preventing violations and/or abuses of securities laws, regulations and mutual fund policies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	One has to be very conscious of the various risk types associated with mutual funds. &nbsp;Operational risk cannot be overlooked; this arises from the individual systems and processes through which Nepal&rsquo;s mutual fund companies operate. &nbsp;Operational risk is stated in the Basel II regulations as the risk of loss resulting from inadequate or failed internal processes, people and systems or from any external events. &nbsp;As an investor, one must recognize that the people, processes and systems of any given company are imperfect, and that losses can occur due to errors and ineffective operations. &nbsp;Generally speaking, the volume of global financial transactions, combined with solid compliance reduces operational risk. &nbsp;However, I want to focus on mutual fund valuation risk and trading abuse. &nbsp;We know that assets can be overvalued or worth less than expected whenever they mature or are sold before then by brokers or dealers. &nbsp;Initiating institutions, brokers, custodian banks, fund administrators, transfer agents and auditors currently share their information electronically and their processes are already automated, thus raising the potential risks with respect to data management and valuations. &nbsp;As valuation risk affects transactions processing, front and back office operations, distribution, investment management as well as the private wealth and advisory services areas of mutual fund firms, I strongly believe that straightforward processes and trading strategies, dating and valuation techniques must be consistent throughout the trade processing cycle. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><img alt="Stock Taking" src="/userfiles/images/st1%20(Copy).jpg" style="width: 550px; height: 597px; margin-left: 10px; margin-right: 10px;" /></strong></div>
<div>
	&nbsp;</div>
<div>
	From a mutual fund trade processing and recordkeeping standpoint, investors generally purchase, transfer in (or out), or sell fund units through multiple channels - either directly from the fund companies, or through various intermediaries, such as broker-dealers, financial advisors, banks and insurance companies. &nbsp;Settlement risk occurs when the counterparty does not deliver a mutual fund&rsquo;s value in cash as per its trading agreement with the other party upon the execution of trade instructions. &nbsp;This is particularly true for assets that have low liquidity and are not easily tradable in public exchanges. Moreover, issues associated with valuation risks go beyond the firm itself. Mitigating risks as much as possible will provide transparency and ensure the integrity and consistency of the data, models and processes used in making and reporting calculations in the valuation of mutual funds.</div>
<div>
	&nbsp;</div>
<div>
	<em><span style="font-size: 11px;">(Maharjan has extensive financial services industry experience and is currently with CIBC Mellon, Canada&rsquo;s Leader in Asset Servicing, jointly owned by Canadian Imperial Bank of Commerce and The Bank of New York Mellon. &nbsp;This is not an official publication of CIBC Mellon. The views expressed are those of the author and are not necessarily those of CIBC Mellon or New Business Age.)</span></em></div>
<div>
	&nbsp;</div>',
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			'created' => '2014-02-13',
			'modified' => '2014-02-18',
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			'description' => 'Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets.',
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			'id' => '2495',
			'article_category_id' => '42',
			'title' => 'Nepse Legs Up  For The Next Bull Run',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors&rsquo; sentiment was purely bullish &nbsp;and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The gaining momentum has been supported by excess liquidity in the banking system despite the central banks several rounds of reverse repo operations with an aim of absorbing the excess liquidity from the market. Liquidity available with the investors at this time has also helped to boost the market as average daily turnover in Nepal Stock Exchange has now crossed Rs. 500 million. Likewise lack of potential investment opportunities in the real sectors has flooded fresh additional investments in the stock market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Following the excess liquidity in the financial system, cut in interest rates for deposit as well as lending by Banks and Financial Institutions (BFIs) and relative flexibility in share margin loan have also underpinned the recent growth in the country&rsquo;s stock market. However informally it has been heard that Nepal Rastra Bank, the regulator of the country&rsquo;s banking industry, is mooting introduction of some rigid measures on loan against share certificate. If so is the case, there may be some corrections in the market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
<div>
	Following the previous trend, insurance sub-index topped the gaining chart with increase of 280.11 points for the period to rest at 1997.51. Hydropower sub-index added 248.03 points or 13.55% to settle at 1831.09. In the mean time, Hotel sub-index moved higher by 195.02 points to rest at 1100.64 on December 18, 2013. The Banking sub-index stepped up 192.84 points or 23.19 % to close at 831.66 while the sub-index of Development Banks registered a gain of 97.25 points for the period. The &lsquo;Others&rsquo; sub-index accumulating the heavy scrip of Nepal Telecom surged 54.03 points to settle at 822.38.</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 &lsquo;A&rsquo; class companies listed at the secondary market moved higher by 28.78 points or 15.70% to settle at 183.28 while the float index calculated on the basis of real transaction of listed securities went uphill by 8.71 points or 16.37% to close at 53.21. Total of Rs. 7390 million turnover was realized during the review period from the business of 21.16 million units of share via 48,940 transactions.</div>
<div>
	&nbsp;</div>
<div>
	During the period of November 24 to December 18, 2013, commercial banks accounted the most of the turnover covering 70.84% of the total. In the mean time, Insurance sector covered 11.04% and development bank 7.71% followed by hydropower sector with 7.06% and the rest of the sectors made up the remaining portion.&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both 30 days SMA and 200 days SMA. Unusual strong growth in index has invited correction at this level. Hence cautious observation is required at this level to determine support and resistance regions. &nbsp;</div>
<div style="text-align: right;">
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	<img alt="Stock taking" src="/userfiles/images/stock%20(Copy)%20(Copy).jpg" style="width: 550px; height: 208px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2014-01-24',
			'modified' => '2014-01-26',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors’ sentiment was purely bullish  and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before.',
			'sortorder' => '2340',
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	(int) 3 => array(
		'Article' => array(
			'id' => '2063',
			'article_category_id' => '42',
			'title' => 'Stagnant Market Ahead Of Earning Reports',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.</div>
<div>
	&nbsp;</div>
<div>
	Investors await the report on earnings from different banking and financial institutions which have driven the index for most of the time. The Standard Chartered Bank Nepal has declared 10 per cent bonus share and 40 per cent cash dividend; Nabil Bank has announced a 40 per cent cash and 25 per cent bonus share; Nepal SBI Bank decided to propose 12.5 per cent bonus share and 7.5 per cent cash dividend while other institutions are also in row to declare their earnings&rsquo; announcements. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Profit booking has also been noticed in a few sessions after the escalation of the market. Investors rush to secure their profit with a steady market growth and also heed dividend giving stocks and settle with those less attractive or with no returns. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As investors intensify their expectations, the deceleration of the earning for the fiscal year 2069/70 will guide the market move ahead of Dasain.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector</div>
<div>
	Following previous trends, the insurance sector added 125.34 points or 9.31 per cent to rest at 1346.57. The hydropower sector moved higher by 86.45 points or 6.66 per cent to 1298.23 while the hotels sector gained 32.63 points to reach 704.49. The commercial banking sector, however, plunged by 9.69 points or 1.84 per cent to rest at 526.29. The &lsquo;Others&rsquo; sector with the heavy scrip of Nepal Telecom descended 4.70 points to 661.46 whereas the development bank sector went down by 2.69 points to 277.46.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The sensitive index that measure the performance of 120 blue chips at secondary market plummeted by 4.24 points or 3.21 per cent to 132.18. However, the float index calculated on the basis of real transactions ascended by 0.52 points or 1.33 per cent to 39.02. &nbsp;A total of Rs. 3,580,221,388 turnover was realized during the review period from 11101443 units of shares traded via 39,607 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure depicts the sector-wise distribution based on total volume of trade. Commercial banks dominated the total volume of trade with 64.27 per cent holdings. Development banks covered 13.98 per cent, the insurance sector accounted for 12.08 points and the rest of the sectors made up for the remaining.</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both short term and long term SMA. However, narrowing down of the index suggests a few sideway movements for upcoming sessions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	&nbsp;</div>
<div>
	<img alt="" src="/userfiles/images/sctrl.jpg" style="width: 550px; height: 230px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2013-10-29',
			'modified' => '2013-10-29',
			'keywords' => 'new business age sectoral news & articles, sectoral news & articles from new business age nepal, sectoral headlines from nepal,  current and latest sectoral news from nepal, economic news from nepal, nepali sectoral economic news and events,  ongoing  sectoral news of nepal',
			'description' => 'The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1968',
			'article_category_id' => '42',
			'title' => 'Investors Welcome Quarterly Report',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="Sectors" src="/userfiles/images/sector%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 916px;" />The secondary market of Nepal placed itself in greener terrain as investors welcomed a healthy quarterly report from listed companies. The benchmark Nepse index moved higher by 27.02 points or 5.04 per cent to rest at 536.38 while the highest index was reached on 31 July with 547.61 and lowest on 16 July with 509.36.</div>
<div>
	&nbsp;</div>
<div>
	Healthy fourth-quarterly financial reports of many listed companies have stepped up capital market heat as share prices surged after positive reports in expectation of better returns. Interest rates from different financial institutions perfectly blend with investors&rsquo; confidence and growth in transaction.</div>
<div>
	&nbsp;</div>
<div>
	Announcement of the budget on time and emphasis on monetary policies to increase the capital base of Banking and Financial Institutions within a year has further opened the way for mergers, right shares and bonus shares of many institutions. The insurance sector was boosted initially with the news of increasing capital requirements, as was the banking sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Investors were keen to purchase stocks of select institutions that are likely to go for mergers. This has been noticed in the trading session, irrespective of the insititutions&rsquo; financial soundness. Total volume improved due to these. However, the volume gain was trimmed off with the news of promoters floating their shares to the public through the conversion process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Additionally, the market has picked up with a healthy performance of financial institutions, insurance and hydropower companies although a few stagnant periods for profit-booking were also there. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Major Sectors</strong></span></div>
<div>
	During the review period, it was seen that the insurance sector escalated by a lofty 235.47 points or 20.01 per cent to rest at 1177.03. Similarly, the hydropower sector went up by 141.45 points to close at 1203.45. Commercial banks added 18.77 points followed by 17.18 points up in development banks. Others sectors gained 11.75 points or 1.81 per cent to rest at 648.54 while the manufacturing sector inclined 10.11 points to 878.83. The hospitality sector, however, descended by 13.08 points or 2.02 per cent to settle&nbsp;</div>
<div>
	at 646.23.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index measuring the performance of 120 blue chips scrip at the secondary market went uphill by 5.47 points or 4.11 per cent to 133.18 while, the float index calculated on the basis of real transaction ascended by 2.09 points or 5.55 per cent to 37.65. A total turnover of Rs. 3,246,999,238 was realised during the review period from 11,009,397 units of share trade via 38,657 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure shows the sector-wise distribution based on total volume of trade where the commercial banking sector dominated by covering 63.01 per cent of total trade. The insurance sector accounted for 15.66 per cent, the hydropower sector occupied 10.16 per cent and remaining sectors made up for the rest.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) is dominated by the Nepse index. However, the key resistance area near the level of 530 shows some tight level for new direction.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>',
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			'created' => '2013-10-09',
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			'description' => 'A healthy fourth-quarterly report brings good tidings for financial markets and major sectors of the economy',
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	(int) 5 => array(
		'Article' => array(
			'id' => '1681',
			'article_category_id' => '42',
			'title' => 'Budget Prospects Pulled Market Above 500',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="STOCK TAKING" src="/userfiles/images/sectors(2).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 905px;" />The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The index climbed back to nearly four months high surpassing the previous resistance level of 500. Investor&rsquo;s expectation of the full budget for fiscal year 2013-14 was the main reason.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In the review period, the market also experienced positive supply shock. Initial public offering (IPO) of Mega Bank Nepal, right issue of Nepal Bank Ltd and some other IPOs and right issues absorbed the liquidity. This put pressure on the investors to sale off their stocks to unfreeze the funds for investment in the primary issues. Further, fiscal year-end tightening on margin loan from the financial institutions played its role to make the investors to offload some shares. Still the market saw an overall positive growth indicating further growth in the days ahead.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Rumours that Nepal Rastra Bank is all set to instruct financial institutions for raising paid-up capital acted as a spur to lift banking stocks.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, Sitaram Thapaliya has been appointed as the General Manager of Nepal Stock Exchange. The position was lying vacant since January 2013 after the tenure of Shankar Man Singh came to an end. Assuming office, Thapaliya said he would try to upgrade the online trading platform to facilitate the traders beyond located outside Kathmandu valley and abroad.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector&nbsp;</div>
<div>
	During review period, insurance sub-index added 29.79 points. That was followed by 29.37 points up in the &lsquo;others&rsquo; sector on the back of gain in the price of Nepal Telecom. Hotels sector went up 18.22 points or 2.75 percent to 662.85. Commercial banking sector posted growth of 9.74 points. However, manufacturing sector receded 7.74 points to 868.72 while hydropower sector plummeted 1.87 points to rest at 1041.43.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 blue chip companies went up 2.21 points to 126.12 while the float index which is calculated on the basis of real transaction went uphill 0.26 points to 35.75. A total turnover of Rs. 1,817,767,779 was realized during the review period from 8.530,819 units of shares traded via 25,787 transactions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As usual, the commercial bank has occupied the 77.65% of total volume of trade. Hydropower sector accounted 12.84%, insurance covered 9.57% and rest was made up by other remaining sectors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has been outcast by Nepse index while the index has crossed the level of 500. The 30 days SMA and 200 days SMA are in tight range suggesting resistance test at this level.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-23',
			'modified' => '0000-00-00',
			'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal,  current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events,  ongoing biz news news of nepal',
			'description' => 'The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.',
			'sortorder' => '1542',
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	(int) 6 => array(
		'Article' => array(
			'id' => '1064',
			'article_category_id' => '42',
			'title' => 'Fear Of Oversupply',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><br />
	</strong></p>
<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	(Review for 16 Apr to 16 May, 2013)</p>
<p>
	<strong><em>The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.</em></strong></p>
<p>
	The stock market drifted down to nearly six months low after the regulator Securities Board of Nepal (SEBON) move to allow offloading of the promoter shares through brokers. General investors fear that this will cause an oversupply impacting their asset price. As a result, the benchmark Nepse index on May 16 plummeted below that of 3 December 2012.&nbsp;</p>
<p>
	Though the regulator tried to pacify the investors stating that offloading of the shares will not affect market, the move does not seem to convince the investors. SEBON said, its move was simply to minimize the lengthy process under the previous rule that required an offer document to be prepared and publishing it before promoters shares could be offloaded. &nbsp;The new rule does away with that and says such shares can be sold directly through brokers. &nbsp;</p>
<p>
	There was another reason as well for the loss in the prices of the shares. During the review period, the price of bullions, particularly of the gold, has also gone down heavily attracting the investors away from the share market to the bullion market. The yellow metal lost nearly Rs 10,000 per tola (1 tola = 11.6638038 grammes). Nepali households buy gold for investment as well as for meeting some cultural necessities.&nbsp;</p>
<p>
	Performance by Sector</p>
<p>
	Across the sectors, manufacturing and trading were the only two that gained. The ‘Others’ sector lost heavy (42.28 points or 6.60%) to rest at 640.32. Insurance sub-index plummeted 29.17 points to close at 859.99. Commercial banking sector trailed down 25.74 points or 5.19% to rest at 496.38. Similarly, hydropower sector descended 9.07 points to 1020.41. Hotels sector drifted 5.34 points along with 5.31 points fall in finance sector to 644.65 and 246.31 respectively. However manufacturing sector gained 26.32 points or 3.04% to rest at 866.55 while trading sector gained 2.93 points to 167.94. &nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips skid 5.92 points or 4.72% to 125.55 while the float index calculated on the basis of real transaction went downhill 0.96 points or 2.69% to 35.75. Total turnover of Rs. 179,556,819 was recorded during the review period from 7,248,255 units of shares traded via 21,249 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector dominated the total volume of trade by holding 73.38% share. Insurance sector accounted for 9.16% and hydropower sector 8.42% while the remaining sectors made up for the rest.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has been dominated by Nepse index in the long term as 200 days SMA hovers below the index line while in the short term the index has approached towards the previous resistance level of 500 and suggests it is in a neutral position waiting for clearance towards new direction.</p>
<p>
	<span style="font-size:10px;"><strong>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</strong></span></p>',
			'published' => true,
			'created' => '2013-06-07',
			'modified' => '2013-06-07',
			'keywords' => 'Stock taking, Bikram Chitrakar, New Business Age-',
			'description' => 'The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.',
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	(int) 7 => array(
		'Article' => array(
			'id' => '983',
			'article_category_id' => '42',
			'title' => 'Cooled Down By Profit Booking',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Profit booking in different sectors persists now after the warming up of the secondary market for some time in the recent past. This follows nearly two years of down market. Investors started securing their positions as the Nepse index tested its level near 550. &nbsp;</p>
<p>
	Objection of the smaller political parties after the formation of the new government has also dragged the market down. Different protest programs from the small parties pulled the sentiments in a few sessions.</p>
<p>
	During the review period CDS and Clearing Ltd started its operation for digital clearing and settlement. Currently there are seven Depository Participants (DP) who can facilitate opening of demat accounts. Similarly, 6 out of 226 listed companies have signed for dematerialization of&nbsp;<span style="font-size: 12px;">their shares.&nbsp;</span></p>
<p>
	Full-fledged digital operation will facilitate quick transfer and settlement process. Similarly, right issue, voting and other matters can also be flashed on screen increasing the trade turnover rate.</p>
<p>
	Around eight companies have lodged application with Securities Board of Nepal for permission to issue an &nbsp;initial public offering(IPO). The combined weight of these applications is Rs 1.45 billion. Hence it is sure to increase the flow of share in the market while the direction of the market will be framed also by the upcoming quarterly financial reports.</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	Banking sector with significant volume of trade in local exchange slipped 16.78 points or 3.21% to rest at 522.12. Others sector with heavy concentration of NTC plummeted 39.94 points or 5.96% to settle at 669.68. Hotels sector lost 13.59 points followed by 13.08 points down in hydropower sector to 649.99 and 1029.48 respectively. Development bank descended 7.13 points to close at 248.78 while the finance sector receded 4.01 points or 1.59% to 251.55. However, insurance sub-index accelerated 10.77 points or 1.21% to rest at 888.68.The manufacturing sector surged 4.88 points or 0.58% to settle at 840.23</p>
<p>
	Sensitive index that measures the performance of 120 blue chips at the secondary market plunged 4 points or 3.04% to 131.47 while the float index calculated on the basis of real transactions went downhill 0.86 points or 2.34% to 36.71. Total of Rs. 1,711,318,453 turnover was realized during the review period from 6,534,271 units of shares traded via 23,595 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. The commercial banking sector accumulated 75.08% of total volume of trade. The hydropower sector occupied 7.63% followed by the insurance sector with 7.16% while remaining sectors covered the rest.</p>
<p>
	Technically, the Simple Moving Average (SMA) shows stationary movement in short term as both Nepse index and 30 days SMA are moving flat. Persistent sell-off in this level can trigger upside correction. However, high volatility is not expected.&nbsp;</p>
<p>
	<span style="color:#00f;"><strong>Review for 17 Mar to 16 Apr, 2013</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Sectorwise Distribution, Stock Taking" height="497" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_sectorwise_distribution.jpg" width="430" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Market Trend, Stock Taking" height="404" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_market_trend.jpg" width="442" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Movement In Indices, Stock Taking" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_movement_in_indices.jpg" /><br />
	</strong></span></p>
<p>
	<strong><span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>',
			'published' => true,
			'created' => '2013-05-20',
			'modified' => '2013-05-20',
			'keywords' => 'Stock Taking, Cooled Down by Profit Booking',
			'description' => 'The secondary market of Nepal bid farewell to the year 2069 on a sweet note. However, profit booking cooled down the market a bit. The benchmark Nepse index descended 14.41 points or 2.77% to settle at 520.69 while the session’s high was on 17 March with 535.10 and lowest on 31 March with 511.45.',
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	(int) 8 => array(
		'Article' => array(
			'id' => '951',
			'article_category_id' => '42',
			'title' => 'Change The Way We Think Of Stocks',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Hom Nath Gaire</strong></p>
<p>
	 </p>
<p>
	What does it mean to value a stock as a business? How does it differ from the way most investors think about investing in stocks? These are the fundamental questions one should ask while planning to invest in stock market. To answer these questions, let’s start by considering what a stock actually is. In simple terms, a stock of a company represents a share of ownership of an actual business.&nbsp;</p>
<p>
	But as Warren Buffett, prominent American stock investor, often says, most people tend to think of a stock as a ticker symbol with a squiggly line attached. Most people think it is easier to look at a stock chart and try to predict whether its price will go up or down than it is to understand the underlying business and its performance. But the truth is, almost nobody is good at this. It takes an extremely rare individual to do it with enough consistency to make money.</p>
<p>
	Some professional and dedicated part-time traders succeed by buying and selling stocks using short-term strategies. But the overwhelming majority of investors would make a lot more money – and lose a lot less – if they learned to approach stocks in the way they would move toward ownership in a business. However, it is not an easy task to find a business that is simple enough to fully understand than to consistently predict where the price of its stock is going next.</p>
<p>
	Still, there are a number of benefits of this approach about investment. Several of the world’s greatest investors have shown that this approach is one of the simplest, safest, and most consistent ways to make money from the stock market. But perhaps even more important is the peace of mind. Let’s go through an example to clarify the concept. Suppose there are two investors who are buying stock in the same company, say X. &nbsp;Investor A, approaches investing as a business owner and does a little homework on the underlying business. He believes company X is a wonderful business trading at a good price, and he decided to buys a sizeable number of shares. But investor B is like most people and decides to buy share of X without any real understanding of the underlying business. May be he saw the stock X is being advertised on local news paper or television, heard this or that famous investor was buying it, or has a friend who made a lot of money in it.&nbsp;</p>
<p>
	If the share price of company X goes up, both investors will probably be feeling good about their decision. But what if the price was to suddenly fall by 5 percent, 10 percent or even more? Or the market experiences a serious correction that takes most stocks down with it?&nbsp;</p>
<p>
	In this case, the investor A is much more likely to sleep well at night. He knows he bought a quality business and he knows he paid a good price for it. Like wise, he also knows the fluctuations in the share price have nothing to do with the underlying business. In fact, he may actually be happy to see the price fall – as Warren Buffett used to say – because it will allow him to buy more shares or reinvest his dividends at a better price. On the other hand, Investor B would probably be in worry. Because, he has no idea what the underlying business is actually worth or what a fair price for it is. He only knows that he has lost money. He is probably still speculating whether it will be a 5 percent correction or a 30 percent crash and whether he should sell his ownership right now or wait it out.</p>
<p>
	The fact is, one normally can not know those things in any kind of reliable manner. But what he knows is that great businesses consistently make money all the way through good times and bad ones. And he can have a lot of certainty that over the long run, he will be rewarded from that great business as a shareholder. Thus, all should try to take decision like investor A, in our example rather than like B. Then only we can sleep well at night and simultaneously we can make money from the stock market.&nbsp;</p>
<p>
	Just look at the history of the 20th Century in global stock market. What calamity didn’t happen in the 20th Century? There were two world wars and various smaller ones, a great depression, hyperinflation, unemployment and even stagflation. All the productive resources were either seized by the government of destroyed in the wars and calamities; there were 50 percent to 90 percent marginal tax rates for many of those years. Nevertheless over the century, the Dow Jones Industrial Average (DJIA), world’s oldest stock index soared thousands fold. Likewise, the Bombay Stock Exchange’s sensitive index, SENSEX has also gained thousands fold over the same period.</p>
<p>
	These two examples, of course, stand witness that companies would have done better even under the government-created problems, though the business suffered from the politics, wars, the economy and inflation. However, there are never any guarantees in the stock market, betting on great businesses was always the right thing to do over the last 100 years. And there is a very high probability that you’ll do well buying great businesses over the next 100 years. Thus let’s start to think differently about the stock market.</p>
<p>
	<strong>How to Identify a Great Business?</strong></p>
<p>
	The first step for this approach is as simple as changing your thinking. It is nothing but just deciding you won’t buy a stock unless you can understand its business, even if it looks attractive and it’s reasonably priced. Most peoples would intuitively understand this if they were buying an actual business outright, but they seldom make the connection when buying stocks. What one should notice when to begin thinking this way is, very few stocks are likely to meet set criteria. When you really understand what you’re buying, you’ll tend to be much more selective and gravitate toward great businesses.&nbsp;</p>
<p>
	There are a few clues to identify a great business and to leave behind a poor one. The easiest one to identify is a profit margin of consistent thickness over many years, even if it’s a thin profit margin. For example, Wal-Mart’s net profit margin is thin, around 3%. But it is a very consistent and ranges every year like clockwork. Likewise, Microsoft’s gross margin has been around 80% for many years.&nbsp;</p>
<p>
	Consistent margins tell that something special is going on there. That business has been able to extract that profit out of the market because it’s doing something that people really want year after year and it has positioned itself in the marketplace so that it can keep doing it.</p>
<p>
	Another big clue of a great business is consistent free cash flow generation. That is a sign that the business does not require all kinds of expensive reinvestment year after year. It means the business can invest relatively little of that cash profit and put the rest toward things like paying out dividends, buying back shares, or making new investments in the future. A business gains a great deal of flexibility when it is able to generate a lot of free cash flow. A third clue is a history of dividend payments that rise every single year for many years (dividend grower). Not all great businesses have this trait, but many of them do. So it is something to look for. There are obviously more, but these are the big ones that most great businesses share.&nbsp;</p>
<p>
	<strong>How to Value a Business?</strong></p>
<p>
	Once a great business is identified, the next problem is to determine the fair trading price or value of business. There are two primary ways to value a business. One is by net worth, and the other one is by profit generation. Net worth is calculated the same way we would do it for ourselves. If one wants to find out what his net worth is, add up all the cash and all assets, like house, cars, etc. Then he should subtract everything he owes – things like mortgage, credit cards, and car loans – and that difference is his net worth.&nbsp;</p>
<p>
	We can do the same thing with a company. For this, first of all we should look at a company’s balance sheet and assign a value to its cash and other assets, add them all up, subtract what it owes – debt and other liabilities – and get its net worth. This is a simple example. This calculation can get rather complicated, depending on the business. Sometimes, assets have to be revalued, for example, if the company owns a bunch of land that they paid very little for many years ago that’s worth much more now. But the basic idea is the same. This measure of value is best-suited for asset-heavy businesses or strict value investing situations – where one can buy assets in a significant discount and wait for the market to fairly value it. Fair valuations will vary significantly, depending on the industry and the situation.&nbsp;</p>
<p>
	The other way to value a business is based on profit generation, or how much free cash flow the company produces. This tends to be a better measure of value for really great businesses or a business that you’re confident are going to make more money next year, five years from now, and 20 years from now. We can look to history for a benchmark for valuing these great businesses. When companies have bought out or taken over really great businesses in the past they had a tendency to pay right around 30 times of free cash flow. &nbsp;So generally speaking, if you can find one of these really great businesses trading for around 15 or 16 times free cash flow, you are probably getting a really good deal that you should buy and hang on to for a long time.</p>
<p>
	<strong>Conclusion&nbsp;</strong></p>
<p>
	Of course, the valuation of business or valuing companies is not an easy task. But this will get you started. There is a temptation for investors just learning to value businesses to focus on the “net worth”-type companies as mentioned earlier – the so-called “deep value” stocks – because they can appear to be much easier to value correctly. But what one may come to realize is many of those situations don’t work out very well. Oftentimes, what you’re really doing is buying a bad business that may be on its last steps.&nbsp;</p>
<p>
	So, after a while, many value investors may decide they don’t want to buy lousy businesses anymore. They may decide they would rather buy great businesses that are going to maintain and grow their value for a long time. That’s a typical transition for a value investor to make money from stock market. In fact, Warren Buffett himself made this transition over his career, which encourages new value investors to keep that in mind.</p>
<p>
	In our case in Nepal, the present stock market condition is quite favourable to choose the great business. First thing you’ll notice when you begin thinking this way is, very few stocks are likely to meet those criteria. When you really understand what you’re buying, you’ll tend to be much more selective and inclined toward great businesses.&nbsp;</p>
<p>
	<span style="font-size:10px;">The author is the Deputy Director of Confederation of Nepalese Industries and can be contacted via email at gaire_mukunda@hotmail.com. This article is based on an interview with value investor Dan Ferris published in The Daily Crux in December 2012.</span></p>',
			'published' => true,
			'created' => '2013-04-20',
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			'keywords' => '',
			'description' => 'The present stock market condition is quite favourable to choose this great business.',
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	(int) 9 => array(
		'Article' => array(
			'id' => '950',
			'article_category_id' => '42',
			'title' => 'NEPSE Declines After Highest Rise In 39 Months',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	<span style="color:#00f;"><strong>(Review for 19 Feb to 21 Mar, 2013)</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="" height="433" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_sectorwise_distribution.jpg" style="float:left;margin:0 10px 0 0;" width="349" /><br />
	</strong></span></p>
<p>
	<strong style="color: rgb(0, 0, 255);"><img alt="Stock Taking, New Business Age" height="353" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_market_trend.jpg" style="float: right; margin-top:10px;" width="370" /></strong></p>
<p>
	The Nepali stock market receded from the green terrain during the review period as the investors gave top priority to political clues. The benchmark Nepse index shed 20.94 points or 3.97% to close at the review period’s low of 527.98 whereas the highest point was 548.92 on 19 Feb, 2013.</p>
<p>
	The index had reached 39 months high of 555.93 on 17 February 2013. The previous high of Nepse was 553.4 on 13 December, 2009.&nbsp;</p>
<p>
	Protests voiced by some political sections on the appointment of Chief Justice Khila Raj Regmi as the chairman of the government is the main reason for the recent decline, say market analysts.&nbsp;</p>
<p>
	Another reason was the profit booking by some investors lured by the new highs made by the Nepse. &nbsp;</p>
<p>
	One major recent development is that Nepal Stock Exchange (Nepse) has started preliminary research to upgrade its current trading system. It was on 24 August, 2007 that Nepse replaced the open-out-cry system by remote trading system using Wide Area Network. That system enables brokers to connect to the Nepse server through remote location and perform the transaction. The new system being tried is to facilitate individual investors to place order from their own home using the broker’s system.</p>
<p>
	As the market has turned down touching a high due to profit booking and political climate, stationary movement is expected for few sessions until some healthy clues are received by the investors.&nbsp;</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	During the review period, the “others” sector dropped down by 65.78 points or 9.30% to settle at 707.27. Manufacturing sector posted a heavy loss of 53.88 points or 6.44% to settle at 836.99. Hydropower sector plummeted 37.19 points to rest at 1035.86. The commercial banking sector declined 17.27 points or 3.27% to 528.02. Similarly, finance sector descended 1.56 points or 0.62% to 253.09. However, hotels sector added 5.89 points or 0.88% to reach at 666.97. Insurance sub-index gained 2.28 points or 0.26% to 881.02 while development bank accelerated 1.43 points or 0.57% to close at 252.76&nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips at the secondary market skid 6.15 points or 4.46% to 137.9 while the float index calculated on the basis of real transaction went downhill 0.35 points or 0.94% to 37.27. Total of Rs. 2,823,647,321 turnover was realized during the review period from 10,267,018 units of share traded via 31,100 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual commercial banks accounted for the heavy volume of trade with 81.33% of total trade. Hydropower sector occupied 6.50% while insurance sector constituted 3.62% and rest of the sectors covered the remaining.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has shown a sluggish movement as Nepse Index has been outcast by 30 Days SMA. Index has shown sideways movement for upcoming sessions for confirming the trend.</p>
<p>
	<img alt="Stock Taking" height="374" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_movement_in_indices.jpg" width="368" /></p>
<p>
	<span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
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			'keywords' => '',
			'description' => 'Stationary movement is expected for few sessions until some healthy clues are received by the investors.',
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			'id' => '875',
			'article_category_id' => '42',
			'title' => 'Politics Is Investors’ Focus',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p style="text-align: justify;">
	Secondary market slipped off the trend as political dealings and uncertainty cooled down investor’s sentiment. The benchmark Nepse index receded 19.73 points or 3.86% to settle at 510.88 while the session’s high was on 3rd Jan with 533.46 and lowest was on 20th Jan with 508.23.</p>
<p style="text-align: justify;">
	Growing political ambiguity and actions of opposition parties to hit the road with protest programmes against the government pulled the confidence level of the investors in the first month of 2013. The presence of Investors presence was discouraged by sequence of these events. Decrease in the turnover suggests the battered confidence of the investors.</p>
<p style="text-align: justify;">
	Market actions, as the second quarter reports of the listed companies started coming, indicated negative evaluation from the investors of these reports. This was particularly so of the banking and financial institutions.&nbsp;</p>
<p style="text-align: justify;">
	Securities Board of Nepal (SEBON) has issued directives to check the money laundering. This Anti-Money Laundering and Counter-terrorist Financial Directive 2069 provides that securities business person should inform the authorities if the daily transaction of an individual and firm exceeds Rs 1 million. Similarly, other capital market participants are also ordered to keep proper records so as to detect if the source of the investment is suspicious.&nbsp;</p>
<p style="text-align: justify;">
	Performance by Sector</p>
<p style="text-align: justify;">
	Commercial banking sector with dominant volume of trade in Nepal stock exchange descended 29.40 points or 5.98% to rest at 491.48. Hydropower sector skid 62.29 points or 6.33% to 983.9. Others sector lost 15.27 points along with 13.54% down in development bank to 763.65 and 245.94 respectively. Similarly, hydropower sector plunged 62.29 points or 6.33% to rest at 983.9 while finance sector went downhill 9.53% to 250.51. However hotels sector added 84.80 points or 12.51% to close at 677.8. Insurance sub-index gained 70.68 points or 8.67% to 815.24. Manufacturing sector moved higher by 9.04 points to rest at 860.13.</p>
<p style="text-align: justify;">
	Sensitive index that measures the performance of 133 blue chips scrip at secondary market cut off 1.80 points or 1.35% to 133.52 while the float index calculated on the basis of real transaction descended 1.30 points or 3.73% to 34.83. Total of Rs. 1,780,346,071 turnover was realized during the review period from 6,228,761 units of shares traded via 23354 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector accounted for 77.39% of total trade. Hydropower sector occupied 6.86% while development bank grabbed 5.87% and remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) showed shabby conditions in the short term as Nepse Index surged above the 30 Days SMA. However, in long term the 200 Days SMA seems helpless despite &nbsp;roaring movements. Key resistance test at the level of 510 can determine the further movement and new target level.&nbsp;</p>
<p style="text-align: justify;">
	<img alt="Stock Taking, Bikram Chitrakar" height="484" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013.jpg" style="font-size: 11px;" width="403" /><img alt="Stock Taking, Bikram Chitrakar" height="409" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(2).jpg" style="font-size: 11px;" width="419" /><img alt="Stock Taking, Bikram Chitrakar" height="412" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(3).jpg" style="font-size: 11px;" width="392" /></p>
<p style="text-align: justify;">
	<span style="font-size: 11px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
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the government pulled the confidence level of the investors in the first month of 2013.',
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			'title' => 'Above Three Years’ High',
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			'content' => '<p>
	<strong><span style="font-size:16px;">Above Three Years’ High</span></strong></p>
<p>
	<span style="color:#72d1fe;"><span style="font-size: 12px;"><b>(Review for 25 November to 24 December, 2012)</b></span></span></p>
<p>
	<span style="font-size:12px;"><strong>By Bikram Chitrakar</strong></span></p>
<p style="text-align: justify;">
	<img align="right" alt="" height="396" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sectorwise_distribution.jpg" style="margin:0 0 0 10px;" width="321" />December 2012 saw Nepal’s stock market reach nearly three years’ high and the bull run is continuing also in January 2013. The benchmark Nepse index stretched 28.31 points or 5.39 percent during the review period between November 25 and December 24 to close at the session’s high of 525.67 while the session’s low was on December 3 with 481.94. The previous high was at 524.19 recorded on 18 January, 2010.&nbsp;</p>
<p style="text-align: justify;">
	Fall in the banking interest rate and the liberal attitude of banks in extending loans for the purchase of shares from the secondary market have contributed to pull the investors toward the secondary market. The significant growth in the turnover shows the growth in the number of investors in the market.</p>
<p style="text-align: justify;">
	One important development of the month was New Fund Offer (NFO) by Siddhartha Capital. The scheme, named Siddhartha Investment Growth Scheme-I, is worth Rs 400 million with 5 years maturity. Another similar development was the issuance of IPO by Civil Bank; the bank floated eight million units of general shares. Both these offers in the primary market were lapped up by the investors. Still the secondary market continued its upward journey providing further proof to both of the claims of the analysts that the market is getting new investors and that the existing investors have regained their optimism.&nbsp;</p>
<p style="text-align: justify;">
	The recent acceleration has been underpinned by the same fundamentals that govern the sentiments of Nepali investors. Timely settlement of the present political chaos will certainly drive the market higher irrespective of the resistance that can be expected at this level.&nbsp;</p>
<p style="text-align: justify;">
	<strong>Performance by Sector</strong></p>
<p style="text-align: justify;">
	The manufacturing sector, led by Unilever Nepal, posted a whopping gain of 118.98 points or 14.03 per cent to reach 847.94. The commercial bank sector that holds a very high share in the market added 50.36 points or 9.82 per cent to settle at 513.05. Similarly, the development bank sector accelerated 11.40 points to 263.29 while the hydropower sector surged 3.12 points or 0.30 per cent to rest at 1050.88. However, the hotels sector plummeted 60.73 points or 10.24 per cent to 593.01. Likewise, the insurance sector lost 16.96 points and the ‘others’ sector 12.92 points to settle at 739.81 and 774.22, respectively. &nbsp;The finance sector descended 8.04 points or 3.14 per cent to settle at 255.87.</p>
<p style="text-align: justify;">
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market moved 9.42 points or 6.81 per cent up to 138.39 while the float index calculated on the basis of real transaction escalated 0.59 points or 1.65 per cent to 35.84. A total turnover of Rs 2,391,327,495 was realized during the review period through the trading of 6,746,527 units of share traded via 29,146 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the commercial bank sector grasped 77.65 per cent of the total volume of trade. The hydropower sector occupied 8.61 per cent, insurance sector 4.27 per cent and the remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) in both long term and short term is dominated by the Nepse. Both, 200 days SMA and 30 days SMA are outcast with straight ascending of the index, while testing of resistance level is intact at this level.</p>
<p style="text-align: justify;">
	<img align="" alt="" height="375" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/market_trend.jpg" style="margin:5px;" width="387" /><img align="" alt="" height="378" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/movement_in_indices.jpg" style="margin:5px;" width="362" /></p>
<p style="text-align: justify;">
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</strong></p>',
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<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span class="A13">By Bikram Chitrakar</span></span></strong></p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%; color: black;">When NEPSE Reached 33 Months High</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span style="line-height: 115%;">&nbsp;(Review for 30 October to 27 November, 2012)</span></span></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span class="A28">&nbsp;<span style="line-height: 115%; font-family: ">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. </span></span></span></p>
<p class="Pa7" style="text-align:justify">
	<span style="font-size:14px;"><span class="A4">N</span><span style="color: black;">ovember 2012 was an exciting month for the Nepali bourse. The market witnessed a wild upward movement after cooling for a long period. Majority sectors were supported by a straight gain while the volume was also significantly high. The benchmark Nepse index gained 45.33 points or 9.19 percent to settle at 493.16, whereas the session&rsquo;s high was 501.51 on November 20 and the low was 447.83 on October 30. </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Initially, the acceleration in the benchmark index was supported by hydropower and &lsquo;others&rsquo; sectors. Then there was a rapid movement and the index reached a 33-month high. Nepse index&rsquo;s previous high was 501.4 on February 4, 2010.&nbsp; </span></span><br />
	&nbsp;</p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;<span style="color: black;">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. As a result, many investors saw an opportunity at market low that unleashed a buying spree.&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Meanwhile, the Central Depository and Clearing system officially started its services during the review period, promising an accelerated settlement and clearing process. The system promises to finalise the settlements within 3 days of each transaction. However, in the dematarialsation of the securities, the progress has not been fast because only a few securities have been dematerialised so far.&nbsp;&nbsp; </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">Another historic development during the review period was the issuance of a mutual fund by Siddhartha Capital. The Siddhartha Investment Growth Scheme-I proposed by the company has 40 million units at Rs 10 per unit. This makes available a new investment area in the Nepali market that helps the investors to diversify their portfolio. </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">The Nepali market has always been a victim of &ldquo;Animal Spirit&rdquo;, a term used by Prof. JM Keynes to refer to the spontaneous urge to action without considering about the possible consequences of such action. Volatility has been experienced in the Nepali stock market even in such a short period of time that is not sufficient to determine where the possible support and resistance points are. Recent developments in the market provide enough proof to claim that the investors&rsquo; sentiment here is based either on greed or on fear. Such unnatural movements can last only a short span of time. </span></span></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp; </span></p>
<p class="Pa13" style="margin-top:5.0pt">
	<strong><span style="font-size:14px;"><span style="color: black;">Performance by Sector </span></span></strong></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;</span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">The commercial banks sector that occupies a heavy volume of trade in Nepal Stock Exchange gained 76.52 points or 16.67 percent to rest at 458.95. The hotel sector surged 89.58 points or 13.69 percent to 654.15. The hydropower sector escalated 86.06 points to 1031.6. Similarly, the development bank gained 7.24 points and the manufacturing sector 7.63 points to rest at 251.58 and 728.96, respectively. The insurance sector accelerated by 9.37 points or 1.28 percent to reach 733.47 points. However, the &lsquo;others&rsquo; sector plummeted 27.01 points or 3.46 percent to close at 780.1.&nbsp;&nbsp;<br />
	<br />
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market added 12.46 points or 9.73 percent to reach 128.1 points while the float index (calculated on the basis of real transactions) moved up 3.58 points or 10.22 percent to 35.03. A total turnover of Rs. 1,746,132,394 was realized during the review period with 6,012,652 units of shares traded through 24,809 transactions.&nbsp;&nbsp; </span></span></p>
<p class="Default" style="text-align:justify;text-indent:14.0pt;line-height:10.05pt">
	<span style="font-size:14px;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the trade volume with 76.95 percent share. The <span style="color: windowtext;">hydropower sector accounted for 9.29 percent while the development banks and &lsquo;others&rsquo; sector grabbed 4.25 percent and 4.07 percent, respectively. And the remaining portion was shared among the rest of the sectors.&nbsp;&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;">Technically, the Simple Moving Average (SMA) is dominating both 30 days SMA and 200 days SMA. The index has already tipped and a drop by a few points can be expected on the basis of chart analysis. The upward movement has already surpassed the yearly movement, while support and resistance were yet to be visible when this analysis was prepared.&nbsp;&nbsp;&nbsp; </span><br />
	&nbsp;</p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;">&nbsp;</span></p>',
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	<br />
	STOCK TAKING</span></div>
<div>
	<span style="Myriad Pro&quot;,&quot;sans-serif&quot;;Myriad Pro&quot;;color:#221E1F">By Bikram Chitrakar<br />
	<br />
	<br />
	</span></div>
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	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Market Escalates Ahead of Festivals<br />
	</span></span></strong><span style="font-size:14px;"><span style="line-height: 115%;"><br />
	Traditionally, the stock market falls a bit before the festival season that mark long holidays. However, the Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups.</span></span></div>
<div>
	<br />
	<br />
	<img align="right" alt="" border="1" height="1200" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking_.jpg" vspace="10" width="434" /><br />
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<div style="text-align:justify">
	<span style="font-size:
59.0pt">D</span><span style="font-size:10.0pt;Myriad Pro&quot;;
color:#221E1F">efying the traditions, the Nepali capital market experienced an increase in the month of Ashwin (mid- September to Mid-November), ahead of the festival of Dashain. Traditionally, the stock market falls a bit before such festivals that mark long holidays. The Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups. The benchmark Nepse index accelerated 11.94 points or 2.81% to close at 424.43 while the session’s high was 427.90 on 7th October and the session’s low was 412.49 on 11th September. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Among the major influences of the period were Nepal Telecom that is listed under the “others” group and ex-dividend date effect of Chilime Hydropower that is listed under “hydropower” group. Ex-dividend effect was also in the insurance sector and that too helped to move the market higher. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">One major development in the market during the review period is that the Citizen Investment Trust (CIT) has asked major institutional investors to join hands with Trust and pool their funds so as to play a more effective role of market maker. </span></div>
<div>
	 </div>
<div style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;Myriad Pro&quot;;color:#221E1F">Performance by Sector </span></strong></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">During the review period, the hydropower sector added double digits (88.26 points) followed by 88.10 points increase in the others sector to reach at 899.83 and 763.65 points respectively. Insurance sub-index increased 56.07 points or 7.93% to rest at 706.98. Also the hotels and trading sectors increased during the period. Hotels sector went up 19.99 points or 3.57% to 560.12 while trading sector registered the growth of 11.38 points to rest at 174.21. However, banking, development banks and manufacturing sectors plummeted. While manufacturing sector lost 41.33 points or 5.73% to settle at 721.33, the banking sector descended 7 points or 1.97% to 355.41 and the development bank skid 6.27 points or 2.60% to close at 240.8. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Sensitive index that measured the performance of 133 blue chips scrip at the secondary market, surged 4.43 points or 4.06% to 109.03 while, the float index calculated on the basis of real transaction downhill 0.79 points or 2.60% to 30.33. Total of Rs. 1,886,374,657 was realized as the turnover during the review period from 7,111,778 units of shares traded through 31,609 transactions. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">The accompanying figure illustrates sector-wise distribution based on total volume of trade. Banking sector that accounts for the heaviest volume of trade in exchange registered a share of 47.88% of the total trade. Hydropower sector grabbed 20.71% while insurance sector accounted for 15.66% of the trade and rest of the sectors covered the remaining portion. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Technically, the Simple Moving Average (SMA) is outcast as both 30 days SMA and 200 days SMA are dominated by Nepse index. However correction at this level can be expected due to the seasonal cyclical trend. </span></div>
<div>
	<strong><br />
	</strong></div>
<div>
	<strong><span style="font-size:8.0pt;line-height:115%;color:#221E1F">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></div>',
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mso-hansi-theme-font:minor-latin;mso-bidi-font-family:Impact">Stock Taking</span></span></p>
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115%;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;mso-ascii-theme-font:minor-latin;
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	<span style="font-size:11.5pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">&nbsp;The fourth quarterly reports of the companies failed to boost the market</span></p>
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	<span class="A13"><span style="font-size:
59.0pt">W</span></span><span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;
color:#211D1E">hile the fourth quarterly reports of the previous fiscal year were coming in, it looked like that the share market of Nepal was going to get another boost. Almost all the banks and financial institutions (a sector that dominates this market) were reporting increased profit for the previous year. But that did not happen. The benchmark Nepse index lost 11.53 points or 2.91% to rest at 396.83 at the end of the review month. The session’s high was on 23 July (408.36) and the low was on 15 August (392.03).</span> </p>
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	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The reason was however obvious. The investors ignored the satisfactory reports as pessimistic sentiments (about dividend yield) ruled the environment. Shares of major blue chip companies fell down despite the companies showing healthy performance in the last year.</span>&nbsp; <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">However the hydropower companies were exceptions as they registered straight growth stoking expectations of attractive dividends. Three out of the four listed hydropower companies reported grown in their income pushing the group index up.</span> </p>
<p class="Default">
	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Also the monetary policy for the fiscal year 2069/70 failed to drive the stock market. The policy has increases Cash Reserve Ratio (CRR) for the Banking and Financial institutions. This is sure to push up the lending rates causing restraint in borrowing and thus in the business volume and profits of the banking companies.</span> <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">In the review period, the Securities Board of Nepal (SEBON) has suggested Citizen Investment Trust CIT) to mobilize Rs 5 billion in the secondary market to boost up the sagging sentiments in the market. CIT says it is evaluating the feasibility to undertake the role of a market maker. If CIT really takes up this role, it will be a milestone for the betterment of capital market in Nepal.</span> </p>
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<p class="Default">
	<strong>&nbsp;</strong></p>
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	<strong><span style="font-size:11.5pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Performance by Sector </span></strong></p>
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	<strong>&nbsp;</strong><span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Banking sector which occupies the major volume of trade in the exchange plummeted 26.68 points or 7.52% to 354.7. Finance sector descended 12.74 points or 5.05% to 252.21 while development bank lost 6.92 points to close at 246.18. Trading sector receded 4.23 points to come to 187.74. However hydropower sector gained hefty 65.69 points of 8.53% to settle at 770.53. Manufacturing sector too went up 42.06 points to 728.8 while there was 17.62 points increase in others to 635.62.</span> </p>
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	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Sensitive index that measures the performance of 133 blue chips plunged 1.78 points or 1.74% to 102.11 while the float index calculated on the basis of real transaction went down 1.41 points or 4.64% to 30.37. The turnover was of Rs. 1,362,406,374 during the review period from 4,572,497 units of share traded via 27,297 transactions. </span></p>
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	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The accompanying figure shows the sector-wise distribution based on the total volume of trade. Commercial bank has accounted for 63.31% of total volume of trade. Hydropower sector occupied 20.49% while remaining sector covered the rest.</span> </p>
<p class="Pa10" style="text-align:justify">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Technically, the Simple Moving Average (SMA) indicates to stagnation in the short term as both Nepse index and 30 days SMA are moving flat. In the long term analysis, the index has already crossed the 200 days SMA indicating that an absence of strong fundamentals will lead to correction. </span></p>
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	<strong>&nbsp;<span style="font-size:8.0pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '2764',
			'article_category_id' => '42',
			'title' => 'Stocks Gear Up To 6 Years High',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	<div>
		&nbsp;</div>
	<div>
		Secondary market of Nepal spurted to new high after six years helped by partial settlement of political uncertainty. The Nepse, benchmark index of country&#39;s capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period while the lowest was 769.51 on February 03, 2014. On November 09, 2008 stock market index of Nepal had hovered around 810.81, and that has been surpassed by this review period&rsquo;s closing. The prime factor for this gear up has been pointed to the latest political developments which includes coming of the Constituent Assembly into function and the formation of Sushil Koirala-led Nepali Congress-CPN-UML coalition government. This tipped off the market with optimism and pushed the index to a new high after nearly six years.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The growth in benchmark index has been primarily contributed by insurance and hydropower sectors. Insurance sector has been the new hot cake of investors since the middle of previous fiscal year. Likewise investors have preferred most of the hydropower companies. During the review period, the sub-index of insurance sector has gone up by 652.17 points and hydropower sub-index jumped 344.22 points.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Market capitalization for this period has been fueled up by 5% as compared to the preceding month. Flexible margin lending (loan against share certificates as security) by different financial institutions, excess liquidity in the banking system, narrow down of market interest rates and lack of better investment alternative have underpinned the recent growth in the capital market. &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Nepal Stock Exchange (NEPSE) has revised its list of category &ldquo;A&rdquo; stocks. The new list has 130 companies compared to 120 in the last year. As per the bylaws, companies with minimum of Rs 20 million paid-up capital with at least 1000 equity holders can be categorized in this group. Besides, the company should also post profit for three straight years and its book value must be above paid-up value.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The momentum of this &quot;A Class&quot; category stocks has been reflected by the sensitive index. With the inclusion of new 10 companies in this category, the ratio of &#39;A&#39; graded companies with total listed companies now stands at 57%. Thus, the movements of the sensitive index and Nepse index show similar pattern. This indicates the need for introducing more categories and classification. &nbsp; &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
	<div>
		Following the positive trend of previous weeks, most of the sub-indices under Nepse registered growth during this review period too in addition to banking and &lsquo;others&rsquo; sub-indices. Insurance sub-index turned to be the highest gainer of the review period with a growth of 652.17 points followed by hydropower sub-index, which increased by 344.22 points. Hotel sub-index also added 245.11 points to rest at 1402.23. Development bank sub-index went up the hill to 54.52 points while trading sub-index registered a growth of 15.04 points. However, banking sub-index faced the losing session with downfall of 14.40 points to rest at 765.85 while &#39;Others&#39; sub-index settled at 793.02 down by 3.52 points during the review period. &nbsp;Meanwhile, Sensitive index that reflects the movement of &ldquo;A Category&rdquo; stocks of Nepal Stock Exchange ascended 4.09 points or 2.29% to settle at 178.64 points while float index went up 2.55 points to 55.19. &nbsp;During the review period, total of Rs. 5.98 billion turnover was realized from 16.67 units of share traded through 53,942 transactions.</div>
	<div>
		&nbsp;</div>
	<div>
		During the period, 44.51 percent of the total turnover was captured by commercial banks. Insurance sector grabbed the second position with 20.79 percent while 18.23 percent was occupied by hydropower sector. Rest of the portions of total turnover were covered by remaining sectors.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Technically, the Simple Moving Average (SMA) of Nepse index is aggressive when SMA of these 30 days and the past 200 days are compared. Despite the positive expectations, chances of correction at this level seem prominent. However, Nepse index may further rise to test some psychological levels and perhaps next resistance. As per the pivot analysis, the next resistance of Nepse range is at 840.39 and 858.11, while the support levels stand at 787.23 and 751.79 at lowest.</div>
	<div style="text-align: right;">
		<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
	<div>
		&nbsp;</div>
	<div>
		<img alt="Stock Taking" src="/userfiles/images/st(3).jpg" style="width: 550px; height: 193px; margin-left: 10px; margin-right: 10px;" /></div>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2014-03-24',
			'modified' => '2014-03-25',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Nepse, benchmark index of country's capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period.',
			'sortorder' => '2609',
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	(int) 1 => array(
		'Article' => array(
			'id' => '2587',
			'article_category_id' => '42',
			'title' => 'Compliance And Operational Risks In Mutual Funds',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By Sushil Maharjan</strong></div>
<div>
	&nbsp;</div>
<div>
	The country&rsquo;s only stock exchange, the Nepal Stock Exchange (NEPSE), has been thriving and attracting capital market investors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Securities Board of Nepal (SEBON) received approval from the Nepali government under the Securities Act, 2007 to establish Mutual Fund Regulations, 2010 as well as the power to issue licences for mutual funds to be sold in Nepal. &nbsp;In 2010, the first two mutual fund companies were licenced by SEBON and more are in the pipeline. &nbsp;Nepal&rsquo;s first mutual funds have since become well-established businesses that have successfully launched other mutual fund schemes. &nbsp;In this brief period, SEBON has made new provisions to open secondary markets for non-resident Nepalis by making necessary amendments to Mutual Fund Regulations, 2010. &nbsp;I strongly believe, in the next five to ten years, there will be more diversity in the Nepalis capital market as the mutual fund industry continues to mature.</div>
<div>
	&nbsp;</div>
<div>
	We have seen the NEPSE reach a historical low of approximately 375 points back in 2006, and a high of approximately 1180 points in 2008, only for the index to reach an all-time low of approximately 292 points back in 2011. Although the NEPSE has had its share of bear and bull markets, however the index is on the brink of surpassing its highest point for 2013. &nbsp;Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets. &nbsp;Thus, the portfolio net asset&nbsp;</div>
<div>
	value affects mutual fund unit prices on a daily basis.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The NAV of a mutual fund is derived from the value of the underlying securities held in the fund&rsquo;s portfolio, which is equal to the mutual fund&rsquo;s assets, less all of its liabilities. &nbsp;Many mutual funds use this number to determine the trading price for units of the fund. When investors buy and sell mutual funds, firms typically do so at the NAV; there is no secondary market in mutual fund units as the fund itself issues and redeems them.</div>
<div>
	&nbsp;</div>
<div>
	We know confident Nepali investors are a big boost to the capital market, though increased trading volume doesn&rsquo;t necessarily indicate that there is growing interest in the stock market; this may be because of reasons such as the improving political stability of Nepal, regulatory changes or available investment opportunities. &nbsp;Value investors see how well companies or stocks are performing within their mutual fund portfolios and measure the performance and returns of all funds across all mutual fund asset classes as well as of market indices.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this changing and high-paced investment world, there are reasons to be concerned about mutual fund companies&rsquo; failure to adopt fair value pricing, which would help to avoid losses due to market timers and to manage emerging risk and market trends. &nbsp;Compliance plays a very big role in capital markets and investments, especially with Nepal&rsquo;s new mutual funds. &nbsp;Compliance is the strict following of a requirement, such as specific regulations, policies, standards or laws. &nbsp;The goal of regulatory compliance is to ensure that corporations or public agencies are made fully aware of relevant laws and regulations and take the necessary steps to follow them; this is vital in for Nepal&rsquo;s capital market and mutual industry to thrive. &nbsp;An increasing number of regulations and need for operational transparency will require that institutions that offer mutual funds adopt and consolidate their compliance controls, as this will ensure that all the necessary governance requirements can be met without duplication or inefficiency. &nbsp;Mutual fund trade processing, recordkeeping, and transaction flows strengthen mutual fund oversight programs and operations. We know that compliance rules have the potential to improve mutual fund company operations and that the independence of the compliance function is key to preventing violations and/or abuses of securities laws, regulations and mutual fund policies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	One has to be very conscious of the various risk types associated with mutual funds. &nbsp;Operational risk cannot be overlooked; this arises from the individual systems and processes through which Nepal&rsquo;s mutual fund companies operate. &nbsp;Operational risk is stated in the Basel II regulations as the risk of loss resulting from inadequate or failed internal processes, people and systems or from any external events. &nbsp;As an investor, one must recognize that the people, processes and systems of any given company are imperfect, and that losses can occur due to errors and ineffective operations. &nbsp;Generally speaking, the volume of global financial transactions, combined with solid compliance reduces operational risk. &nbsp;However, I want to focus on mutual fund valuation risk and trading abuse. &nbsp;We know that assets can be overvalued or worth less than expected whenever they mature or are sold before then by brokers or dealers. &nbsp;Initiating institutions, brokers, custodian banks, fund administrators, transfer agents and auditors currently share their information electronically and their processes are already automated, thus raising the potential risks with respect to data management and valuations. &nbsp;As valuation risk affects transactions processing, front and back office operations, distribution, investment management as well as the private wealth and advisory services areas of mutual fund firms, I strongly believe that straightforward processes and trading strategies, dating and valuation techniques must be consistent throughout the trade processing cycle. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><img alt="Stock Taking" src="/userfiles/images/st1%20(Copy).jpg" style="width: 550px; height: 597px; margin-left: 10px; margin-right: 10px;" /></strong></div>
<div>
	&nbsp;</div>
<div>
	From a mutual fund trade processing and recordkeeping standpoint, investors generally purchase, transfer in (or out), or sell fund units through multiple channels - either directly from the fund companies, or through various intermediaries, such as broker-dealers, financial advisors, banks and insurance companies. &nbsp;Settlement risk occurs when the counterparty does not deliver a mutual fund&rsquo;s value in cash as per its trading agreement with the other party upon the execution of trade instructions. &nbsp;This is particularly true for assets that have low liquidity and are not easily tradable in public exchanges. Moreover, issues associated with valuation risks go beyond the firm itself. Mitigating risks as much as possible will provide transparency and ensure the integrity and consistency of the data, models and processes used in making and reporting calculations in the valuation of mutual funds.</div>
<div>
	&nbsp;</div>
<div>
	<em><span style="font-size: 11px;">(Maharjan has extensive financial services industry experience and is currently with CIBC Mellon, Canada&rsquo;s Leader in Asset Servicing, jointly owned by Canadian Imperial Bank of Commerce and The Bank of New York Mellon. &nbsp;This is not an official publication of CIBC Mellon. The views expressed are those of the author and are not necessarily those of CIBC Mellon or New Business Age.)</span></em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2014-02-13',
			'modified' => '2014-02-18',
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			'description' => 'Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets.',
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	(int) 2 => array(
		'Article' => array(
			'id' => '2495',
			'article_category_id' => '42',
			'title' => 'Nepse Legs Up  For The Next Bull Run',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors&rsquo; sentiment was purely bullish &nbsp;and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The gaining momentum has been supported by excess liquidity in the banking system despite the central banks several rounds of reverse repo operations with an aim of absorbing the excess liquidity from the market. Liquidity available with the investors at this time has also helped to boost the market as average daily turnover in Nepal Stock Exchange has now crossed Rs. 500 million. Likewise lack of potential investment opportunities in the real sectors has flooded fresh additional investments in the stock market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Following the excess liquidity in the financial system, cut in interest rates for deposit as well as lending by Banks and Financial Institutions (BFIs) and relative flexibility in share margin loan have also underpinned the recent growth in the country&rsquo;s stock market. However informally it has been heard that Nepal Rastra Bank, the regulator of the country&rsquo;s banking industry, is mooting introduction of some rigid measures on loan against share certificate. If so is the case, there may be some corrections in the market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
<div>
	Following the previous trend, insurance sub-index topped the gaining chart with increase of 280.11 points for the period to rest at 1997.51. Hydropower sub-index added 248.03 points or 13.55% to settle at 1831.09. In the mean time, Hotel sub-index moved higher by 195.02 points to rest at 1100.64 on December 18, 2013. The Banking sub-index stepped up 192.84 points or 23.19 % to close at 831.66 while the sub-index of Development Banks registered a gain of 97.25 points for the period. The &lsquo;Others&rsquo; sub-index accumulating the heavy scrip of Nepal Telecom surged 54.03 points to settle at 822.38.</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 &lsquo;A&rsquo; class companies listed at the secondary market moved higher by 28.78 points or 15.70% to settle at 183.28 while the float index calculated on the basis of real transaction of listed securities went uphill by 8.71 points or 16.37% to close at 53.21. Total of Rs. 7390 million turnover was realized during the review period from the business of 21.16 million units of share via 48,940 transactions.</div>
<div>
	&nbsp;</div>
<div>
	During the period of November 24 to December 18, 2013, commercial banks accounted the most of the turnover covering 70.84% of the total. In the mean time, Insurance sector covered 11.04% and development bank 7.71% followed by hydropower sector with 7.06% and the rest of the sectors made up the remaining portion.&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both 30 days SMA and 200 days SMA. Unusual strong growth in index has invited correction at this level. Hence cautious observation is required at this level to determine support and resistance regions. &nbsp;</div>
<div style="text-align: right;">
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	<img alt="Stock taking" src="/userfiles/images/stock%20(Copy)%20(Copy).jpg" style="width: 550px; height: 208px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2014-01-24',
			'modified' => '2014-01-26',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors’ sentiment was purely bullish  and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before.',
			'sortorder' => '2340',
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	(int) 3 => array(
		'Article' => array(
			'id' => '2063',
			'article_category_id' => '42',
			'title' => 'Stagnant Market Ahead Of Earning Reports',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.</div>
<div>
	&nbsp;</div>
<div>
	Investors await the report on earnings from different banking and financial institutions which have driven the index for most of the time. The Standard Chartered Bank Nepal has declared 10 per cent bonus share and 40 per cent cash dividend; Nabil Bank has announced a 40 per cent cash and 25 per cent bonus share; Nepal SBI Bank decided to propose 12.5 per cent bonus share and 7.5 per cent cash dividend while other institutions are also in row to declare their earnings&rsquo; announcements. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Profit booking has also been noticed in a few sessions after the escalation of the market. Investors rush to secure their profit with a steady market growth and also heed dividend giving stocks and settle with those less attractive or with no returns. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As investors intensify their expectations, the deceleration of the earning for the fiscal year 2069/70 will guide the market move ahead of Dasain.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector</div>
<div>
	Following previous trends, the insurance sector added 125.34 points or 9.31 per cent to rest at 1346.57. The hydropower sector moved higher by 86.45 points or 6.66 per cent to 1298.23 while the hotels sector gained 32.63 points to reach 704.49. The commercial banking sector, however, plunged by 9.69 points or 1.84 per cent to rest at 526.29. The &lsquo;Others&rsquo; sector with the heavy scrip of Nepal Telecom descended 4.70 points to 661.46 whereas the development bank sector went down by 2.69 points to 277.46.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The sensitive index that measure the performance of 120 blue chips at secondary market plummeted by 4.24 points or 3.21 per cent to 132.18. However, the float index calculated on the basis of real transactions ascended by 0.52 points or 1.33 per cent to 39.02. &nbsp;A total of Rs. 3,580,221,388 turnover was realized during the review period from 11101443 units of shares traded via 39,607 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure depicts the sector-wise distribution based on total volume of trade. Commercial banks dominated the total volume of trade with 64.27 per cent holdings. Development banks covered 13.98 per cent, the insurance sector accounted for 12.08 points and the rest of the sectors made up for the remaining.</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both short term and long term SMA. However, narrowing down of the index suggests a few sideway movements for upcoming sessions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	&nbsp;</div>
<div>
	<img alt="" src="/userfiles/images/sctrl.jpg" style="width: 550px; height: 230px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2013-10-29',
			'modified' => '2013-10-29',
			'keywords' => 'new business age sectoral news & articles, sectoral news & articles from new business age nepal, sectoral headlines from nepal,  current and latest sectoral news from nepal, economic news from nepal, nepali sectoral economic news and events,  ongoing  sectoral news of nepal',
			'description' => 'The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1968',
			'article_category_id' => '42',
			'title' => 'Investors Welcome Quarterly Report',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="Sectors" src="/userfiles/images/sector%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 916px;" />The secondary market of Nepal placed itself in greener terrain as investors welcomed a healthy quarterly report from listed companies. The benchmark Nepse index moved higher by 27.02 points or 5.04 per cent to rest at 536.38 while the highest index was reached on 31 July with 547.61 and lowest on 16 July with 509.36.</div>
<div>
	&nbsp;</div>
<div>
	Healthy fourth-quarterly financial reports of many listed companies have stepped up capital market heat as share prices surged after positive reports in expectation of better returns. Interest rates from different financial institutions perfectly blend with investors&rsquo; confidence and growth in transaction.</div>
<div>
	&nbsp;</div>
<div>
	Announcement of the budget on time and emphasis on monetary policies to increase the capital base of Banking and Financial Institutions within a year has further opened the way for mergers, right shares and bonus shares of many institutions. The insurance sector was boosted initially with the news of increasing capital requirements, as was the banking sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Investors were keen to purchase stocks of select institutions that are likely to go for mergers. This has been noticed in the trading session, irrespective of the insititutions&rsquo; financial soundness. Total volume improved due to these. However, the volume gain was trimmed off with the news of promoters floating their shares to the public through the conversion process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Additionally, the market has picked up with a healthy performance of financial institutions, insurance and hydropower companies although a few stagnant periods for profit-booking were also there. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Major Sectors</strong></span></div>
<div>
	During the review period, it was seen that the insurance sector escalated by a lofty 235.47 points or 20.01 per cent to rest at 1177.03. Similarly, the hydropower sector went up by 141.45 points to close at 1203.45. Commercial banks added 18.77 points followed by 17.18 points up in development banks. Others sectors gained 11.75 points or 1.81 per cent to rest at 648.54 while the manufacturing sector inclined 10.11 points to 878.83. The hospitality sector, however, descended by 13.08 points or 2.02 per cent to settle&nbsp;</div>
<div>
	at 646.23.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index measuring the performance of 120 blue chips scrip at the secondary market went uphill by 5.47 points or 4.11 per cent to 133.18 while, the float index calculated on the basis of real transaction ascended by 2.09 points or 5.55 per cent to 37.65. A total turnover of Rs. 3,246,999,238 was realised during the review period from 11,009,397 units of share trade via 38,657 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure shows the sector-wise distribution based on total volume of trade where the commercial banking sector dominated by covering 63.01 per cent of total trade. The insurance sector accounted for 15.66 per cent, the hydropower sector occupied 10.16 per cent and remaining sectors made up for the rest.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) is dominated by the Nepse index. However, the key resistance area near the level of 530 shows some tight level for new direction.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>',
			'published' => true,
			'created' => '2013-10-09',
			'modified' => '2013-10-09',
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			'description' => 'A healthy fourth-quarterly report brings good tidings for financial markets and major sectors of the economy',
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	(int) 5 => array(
		'Article' => array(
			'id' => '1681',
			'article_category_id' => '42',
			'title' => 'Budget Prospects Pulled Market Above 500',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="STOCK TAKING" src="/userfiles/images/sectors(2).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 905px;" />The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The index climbed back to nearly four months high surpassing the previous resistance level of 500. Investor&rsquo;s expectation of the full budget for fiscal year 2013-14 was the main reason.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In the review period, the market also experienced positive supply shock. Initial public offering (IPO) of Mega Bank Nepal, right issue of Nepal Bank Ltd and some other IPOs and right issues absorbed the liquidity. This put pressure on the investors to sale off their stocks to unfreeze the funds for investment in the primary issues. Further, fiscal year-end tightening on margin loan from the financial institutions played its role to make the investors to offload some shares. Still the market saw an overall positive growth indicating further growth in the days ahead.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Rumours that Nepal Rastra Bank is all set to instruct financial institutions for raising paid-up capital acted as a spur to lift banking stocks.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, Sitaram Thapaliya has been appointed as the General Manager of Nepal Stock Exchange. The position was lying vacant since January 2013 after the tenure of Shankar Man Singh came to an end. Assuming office, Thapaliya said he would try to upgrade the online trading platform to facilitate the traders beyond located outside Kathmandu valley and abroad.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector&nbsp;</div>
<div>
	During review period, insurance sub-index added 29.79 points. That was followed by 29.37 points up in the &lsquo;others&rsquo; sector on the back of gain in the price of Nepal Telecom. Hotels sector went up 18.22 points or 2.75 percent to 662.85. Commercial banking sector posted growth of 9.74 points. However, manufacturing sector receded 7.74 points to 868.72 while hydropower sector plummeted 1.87 points to rest at 1041.43.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 blue chip companies went up 2.21 points to 126.12 while the float index which is calculated on the basis of real transaction went uphill 0.26 points to 35.75. A total turnover of Rs. 1,817,767,779 was realized during the review period from 8.530,819 units of shares traded via 25,787 transactions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As usual, the commercial bank has occupied the 77.65% of total volume of trade. Hydropower sector accounted 12.84%, insurance covered 9.57% and rest was made up by other remaining sectors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has been outcast by Nepse index while the index has crossed the level of 500. The 30 days SMA and 200 days SMA are in tight range suggesting resistance test at this level.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-23',
			'modified' => '0000-00-00',
			'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal,  current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events,  ongoing biz news news of nepal',
			'description' => 'The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.',
			'sortorder' => '1542',
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	(int) 6 => array(
		'Article' => array(
			'id' => '1064',
			'article_category_id' => '42',
			'title' => 'Fear Of Oversupply',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><br />
	</strong></p>
<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	(Review for 16 Apr to 16 May, 2013)</p>
<p>
	<strong><em>The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.</em></strong></p>
<p>
	The stock market drifted down to nearly six months low after the regulator Securities Board of Nepal (SEBON) move to allow offloading of the promoter shares through brokers. General investors fear that this will cause an oversupply impacting their asset price. As a result, the benchmark Nepse index on May 16 plummeted below that of 3 December 2012.&nbsp;</p>
<p>
	Though the regulator tried to pacify the investors stating that offloading of the shares will not affect market, the move does not seem to convince the investors. SEBON said, its move was simply to minimize the lengthy process under the previous rule that required an offer document to be prepared and publishing it before promoters shares could be offloaded. &nbsp;The new rule does away with that and says such shares can be sold directly through brokers. &nbsp;</p>
<p>
	There was another reason as well for the loss in the prices of the shares. During the review period, the price of bullions, particularly of the gold, has also gone down heavily attracting the investors away from the share market to the bullion market. The yellow metal lost nearly Rs 10,000 per tola (1 tola = 11.6638038 grammes). Nepali households buy gold for investment as well as for meeting some cultural necessities.&nbsp;</p>
<p>
	Performance by Sector</p>
<p>
	Across the sectors, manufacturing and trading were the only two that gained. The ‘Others’ sector lost heavy (42.28 points or 6.60%) to rest at 640.32. Insurance sub-index plummeted 29.17 points to close at 859.99. Commercial banking sector trailed down 25.74 points or 5.19% to rest at 496.38. Similarly, hydropower sector descended 9.07 points to 1020.41. Hotels sector drifted 5.34 points along with 5.31 points fall in finance sector to 644.65 and 246.31 respectively. However manufacturing sector gained 26.32 points or 3.04% to rest at 866.55 while trading sector gained 2.93 points to 167.94. &nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips skid 5.92 points or 4.72% to 125.55 while the float index calculated on the basis of real transaction went downhill 0.96 points or 2.69% to 35.75. Total turnover of Rs. 179,556,819 was recorded during the review period from 7,248,255 units of shares traded via 21,249 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector dominated the total volume of trade by holding 73.38% share. Insurance sector accounted for 9.16% and hydropower sector 8.42% while the remaining sectors made up for the rest.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has been dominated by Nepse index in the long term as 200 days SMA hovers below the index line while in the short term the index has approached towards the previous resistance level of 500 and suggests it is in a neutral position waiting for clearance towards new direction.</p>
<p>
	<span style="font-size:10px;"><strong>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</strong></span></p>',
			'published' => true,
			'created' => '2013-06-07',
			'modified' => '2013-06-07',
			'keywords' => 'Stock taking, Bikram Chitrakar, New Business Age-',
			'description' => 'The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.',
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	(int) 7 => array(
		'Article' => array(
			'id' => '983',
			'article_category_id' => '42',
			'title' => 'Cooled Down By Profit Booking',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Profit booking in different sectors persists now after the warming up of the secondary market for some time in the recent past. This follows nearly two years of down market. Investors started securing their positions as the Nepse index tested its level near 550. &nbsp;</p>
<p>
	Objection of the smaller political parties after the formation of the new government has also dragged the market down. Different protest programs from the small parties pulled the sentiments in a few sessions.</p>
<p>
	During the review period CDS and Clearing Ltd started its operation for digital clearing and settlement. Currently there are seven Depository Participants (DP) who can facilitate opening of demat accounts. Similarly, 6 out of 226 listed companies have signed for dematerialization of&nbsp;<span style="font-size: 12px;">their shares.&nbsp;</span></p>
<p>
	Full-fledged digital operation will facilitate quick transfer and settlement process. Similarly, right issue, voting and other matters can also be flashed on screen increasing the trade turnover rate.</p>
<p>
	Around eight companies have lodged application with Securities Board of Nepal for permission to issue an &nbsp;initial public offering(IPO). The combined weight of these applications is Rs 1.45 billion. Hence it is sure to increase the flow of share in the market while the direction of the market will be framed also by the upcoming quarterly financial reports.</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	Banking sector with significant volume of trade in local exchange slipped 16.78 points or 3.21% to rest at 522.12. Others sector with heavy concentration of NTC plummeted 39.94 points or 5.96% to settle at 669.68. Hotels sector lost 13.59 points followed by 13.08 points down in hydropower sector to 649.99 and 1029.48 respectively. Development bank descended 7.13 points to close at 248.78 while the finance sector receded 4.01 points or 1.59% to 251.55. However, insurance sub-index accelerated 10.77 points or 1.21% to rest at 888.68.The manufacturing sector surged 4.88 points or 0.58% to settle at 840.23</p>
<p>
	Sensitive index that measures the performance of 120 blue chips at the secondary market plunged 4 points or 3.04% to 131.47 while the float index calculated on the basis of real transactions went downhill 0.86 points or 2.34% to 36.71. Total of Rs. 1,711,318,453 turnover was realized during the review period from 6,534,271 units of shares traded via 23,595 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. The commercial banking sector accumulated 75.08% of total volume of trade. The hydropower sector occupied 7.63% followed by the insurance sector with 7.16% while remaining sectors covered the rest.</p>
<p>
	Technically, the Simple Moving Average (SMA) shows stationary movement in short term as both Nepse index and 30 days SMA are moving flat. Persistent sell-off in this level can trigger upside correction. However, high volatility is not expected.&nbsp;</p>
<p>
	<span style="color:#00f;"><strong>Review for 17 Mar to 16 Apr, 2013</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Sectorwise Distribution, Stock Taking" height="497" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_sectorwise_distribution.jpg" width="430" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Market Trend, Stock Taking" height="404" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_market_trend.jpg" width="442" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Movement In Indices, Stock Taking" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_movement_in_indices.jpg" /><br />
	</strong></span></p>
<p>
	<strong><span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>',
			'published' => true,
			'created' => '2013-05-20',
			'modified' => '2013-05-20',
			'keywords' => 'Stock Taking, Cooled Down by Profit Booking',
			'description' => 'The secondary market of Nepal bid farewell to the year 2069 on a sweet note. However, profit booking cooled down the market a bit. The benchmark Nepse index descended 14.41 points or 2.77% to settle at 520.69 while the session’s high was on 17 March with 535.10 and lowest on 31 March with 511.45.',
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	(int) 8 => array(
		'Article' => array(
			'id' => '951',
			'article_category_id' => '42',
			'title' => 'Change The Way We Think Of Stocks',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Hom Nath Gaire</strong></p>
<p>
	 </p>
<p>
	What does it mean to value a stock as a business? How does it differ from the way most investors think about investing in stocks? These are the fundamental questions one should ask while planning to invest in stock market. To answer these questions, let’s start by considering what a stock actually is. In simple terms, a stock of a company represents a share of ownership of an actual business.&nbsp;</p>
<p>
	But as Warren Buffett, prominent American stock investor, often says, most people tend to think of a stock as a ticker symbol with a squiggly line attached. Most people think it is easier to look at a stock chart and try to predict whether its price will go up or down than it is to understand the underlying business and its performance. But the truth is, almost nobody is good at this. It takes an extremely rare individual to do it with enough consistency to make money.</p>
<p>
	Some professional and dedicated part-time traders succeed by buying and selling stocks using short-term strategies. But the overwhelming majority of investors would make a lot more money – and lose a lot less – if they learned to approach stocks in the way they would move toward ownership in a business. However, it is not an easy task to find a business that is simple enough to fully understand than to consistently predict where the price of its stock is going next.</p>
<p>
	Still, there are a number of benefits of this approach about investment. Several of the world’s greatest investors have shown that this approach is one of the simplest, safest, and most consistent ways to make money from the stock market. But perhaps even more important is the peace of mind. Let’s go through an example to clarify the concept. Suppose there are two investors who are buying stock in the same company, say X. &nbsp;Investor A, approaches investing as a business owner and does a little homework on the underlying business. He believes company X is a wonderful business trading at a good price, and he decided to buys a sizeable number of shares. But investor B is like most people and decides to buy share of X without any real understanding of the underlying business. May be he saw the stock X is being advertised on local news paper or television, heard this or that famous investor was buying it, or has a friend who made a lot of money in it.&nbsp;</p>
<p>
	If the share price of company X goes up, both investors will probably be feeling good about their decision. But what if the price was to suddenly fall by 5 percent, 10 percent or even more? Or the market experiences a serious correction that takes most stocks down with it?&nbsp;</p>
<p>
	In this case, the investor A is much more likely to sleep well at night. He knows he bought a quality business and he knows he paid a good price for it. Like wise, he also knows the fluctuations in the share price have nothing to do with the underlying business. In fact, he may actually be happy to see the price fall – as Warren Buffett used to say – because it will allow him to buy more shares or reinvest his dividends at a better price. On the other hand, Investor B would probably be in worry. Because, he has no idea what the underlying business is actually worth or what a fair price for it is. He only knows that he has lost money. He is probably still speculating whether it will be a 5 percent correction or a 30 percent crash and whether he should sell his ownership right now or wait it out.</p>
<p>
	The fact is, one normally can not know those things in any kind of reliable manner. But what he knows is that great businesses consistently make money all the way through good times and bad ones. And he can have a lot of certainty that over the long run, he will be rewarded from that great business as a shareholder. Thus, all should try to take decision like investor A, in our example rather than like B. Then only we can sleep well at night and simultaneously we can make money from the stock market.&nbsp;</p>
<p>
	Just look at the history of the 20th Century in global stock market. What calamity didn’t happen in the 20th Century? There were two world wars and various smaller ones, a great depression, hyperinflation, unemployment and even stagflation. All the productive resources were either seized by the government of destroyed in the wars and calamities; there were 50 percent to 90 percent marginal tax rates for many of those years. Nevertheless over the century, the Dow Jones Industrial Average (DJIA), world’s oldest stock index soared thousands fold. Likewise, the Bombay Stock Exchange’s sensitive index, SENSEX has also gained thousands fold over the same period.</p>
<p>
	These two examples, of course, stand witness that companies would have done better even under the government-created problems, though the business suffered from the politics, wars, the economy and inflation. However, there are never any guarantees in the stock market, betting on great businesses was always the right thing to do over the last 100 years. And there is a very high probability that you’ll do well buying great businesses over the next 100 years. Thus let’s start to think differently about the stock market.</p>
<p>
	<strong>How to Identify a Great Business?</strong></p>
<p>
	The first step for this approach is as simple as changing your thinking. It is nothing but just deciding you won’t buy a stock unless you can understand its business, even if it looks attractive and it’s reasonably priced. Most peoples would intuitively understand this if they were buying an actual business outright, but they seldom make the connection when buying stocks. What one should notice when to begin thinking this way is, very few stocks are likely to meet set criteria. When you really understand what you’re buying, you’ll tend to be much more selective and gravitate toward great businesses.&nbsp;</p>
<p>
	There are a few clues to identify a great business and to leave behind a poor one. The easiest one to identify is a profit margin of consistent thickness over many years, even if it’s a thin profit margin. For example, Wal-Mart’s net profit margin is thin, around 3%. But it is a very consistent and ranges every year like clockwork. Likewise, Microsoft’s gross margin has been around 80% for many years.&nbsp;</p>
<p>
	Consistent margins tell that something special is going on there. That business has been able to extract that profit out of the market because it’s doing something that people really want year after year and it has positioned itself in the marketplace so that it can keep doing it.</p>
<p>
	Another big clue of a great business is consistent free cash flow generation. That is a sign that the business does not require all kinds of expensive reinvestment year after year. It means the business can invest relatively little of that cash profit and put the rest toward things like paying out dividends, buying back shares, or making new investments in the future. A business gains a great deal of flexibility when it is able to generate a lot of free cash flow. A third clue is a history of dividend payments that rise every single year for many years (dividend grower). Not all great businesses have this trait, but many of them do. So it is something to look for. There are obviously more, but these are the big ones that most great businesses share.&nbsp;</p>
<p>
	<strong>How to Value a Business?</strong></p>
<p>
	Once a great business is identified, the next problem is to determine the fair trading price or value of business. There are two primary ways to value a business. One is by net worth, and the other one is by profit generation. Net worth is calculated the same way we would do it for ourselves. If one wants to find out what his net worth is, add up all the cash and all assets, like house, cars, etc. Then he should subtract everything he owes – things like mortgage, credit cards, and car loans – and that difference is his net worth.&nbsp;</p>
<p>
	We can do the same thing with a company. For this, first of all we should look at a company’s balance sheet and assign a value to its cash and other assets, add them all up, subtract what it owes – debt and other liabilities – and get its net worth. This is a simple example. This calculation can get rather complicated, depending on the business. Sometimes, assets have to be revalued, for example, if the company owns a bunch of land that they paid very little for many years ago that’s worth much more now. But the basic idea is the same. This measure of value is best-suited for asset-heavy businesses or strict value investing situations – where one can buy assets in a significant discount and wait for the market to fairly value it. Fair valuations will vary significantly, depending on the industry and the situation.&nbsp;</p>
<p>
	The other way to value a business is based on profit generation, or how much free cash flow the company produces. This tends to be a better measure of value for really great businesses or a business that you’re confident are going to make more money next year, five years from now, and 20 years from now. We can look to history for a benchmark for valuing these great businesses. When companies have bought out or taken over really great businesses in the past they had a tendency to pay right around 30 times of free cash flow. &nbsp;So generally speaking, if you can find one of these really great businesses trading for around 15 or 16 times free cash flow, you are probably getting a really good deal that you should buy and hang on to for a long time.</p>
<p>
	<strong>Conclusion&nbsp;</strong></p>
<p>
	Of course, the valuation of business or valuing companies is not an easy task. But this will get you started. There is a temptation for investors just learning to value businesses to focus on the “net worth”-type companies as mentioned earlier – the so-called “deep value” stocks – because they can appear to be much easier to value correctly. But what one may come to realize is many of those situations don’t work out very well. Oftentimes, what you’re really doing is buying a bad business that may be on its last steps.&nbsp;</p>
<p>
	So, after a while, many value investors may decide they don’t want to buy lousy businesses anymore. They may decide they would rather buy great businesses that are going to maintain and grow their value for a long time. That’s a typical transition for a value investor to make money from stock market. In fact, Warren Buffett himself made this transition over his career, which encourages new value investors to keep that in mind.</p>
<p>
	In our case in Nepal, the present stock market condition is quite favourable to choose the great business. First thing you’ll notice when you begin thinking this way is, very few stocks are likely to meet those criteria. When you really understand what you’re buying, you’ll tend to be much more selective and inclined toward great businesses.&nbsp;</p>
<p>
	<span style="font-size:10px;">The author is the Deputy Director of Confederation of Nepalese Industries and can be contacted via email at gaire_mukunda@hotmail.com. This article is based on an interview with value investor Dan Ferris published in The Daily Crux in December 2012.</span></p>',
			'published' => true,
			'created' => '2013-04-20',
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			'keywords' => '',
			'description' => 'The present stock market condition is quite favourable to choose this great business.',
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	(int) 9 => array(
		'Article' => array(
			'id' => '950',
			'article_category_id' => '42',
			'title' => 'NEPSE Declines After Highest Rise In 39 Months',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	<span style="color:#00f;"><strong>(Review for 19 Feb to 21 Mar, 2013)</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="" height="433" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_sectorwise_distribution.jpg" style="float:left;margin:0 10px 0 0;" width="349" /><br />
	</strong></span></p>
<p>
	<strong style="color: rgb(0, 0, 255);"><img alt="Stock Taking, New Business Age" height="353" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_market_trend.jpg" style="float: right; margin-top:10px;" width="370" /></strong></p>
<p>
	The Nepali stock market receded from the green terrain during the review period as the investors gave top priority to political clues. The benchmark Nepse index shed 20.94 points or 3.97% to close at the review period’s low of 527.98 whereas the highest point was 548.92 on 19 Feb, 2013.</p>
<p>
	The index had reached 39 months high of 555.93 on 17 February 2013. The previous high of Nepse was 553.4 on 13 December, 2009.&nbsp;</p>
<p>
	Protests voiced by some political sections on the appointment of Chief Justice Khila Raj Regmi as the chairman of the government is the main reason for the recent decline, say market analysts.&nbsp;</p>
<p>
	Another reason was the profit booking by some investors lured by the new highs made by the Nepse. &nbsp;</p>
<p>
	One major recent development is that Nepal Stock Exchange (Nepse) has started preliminary research to upgrade its current trading system. It was on 24 August, 2007 that Nepse replaced the open-out-cry system by remote trading system using Wide Area Network. That system enables brokers to connect to the Nepse server through remote location and perform the transaction. The new system being tried is to facilitate individual investors to place order from their own home using the broker’s system.</p>
<p>
	As the market has turned down touching a high due to profit booking and political climate, stationary movement is expected for few sessions until some healthy clues are received by the investors.&nbsp;</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	During the review period, the “others” sector dropped down by 65.78 points or 9.30% to settle at 707.27. Manufacturing sector posted a heavy loss of 53.88 points or 6.44% to settle at 836.99. Hydropower sector plummeted 37.19 points to rest at 1035.86. The commercial banking sector declined 17.27 points or 3.27% to 528.02. Similarly, finance sector descended 1.56 points or 0.62% to 253.09. However, hotels sector added 5.89 points or 0.88% to reach at 666.97. Insurance sub-index gained 2.28 points or 0.26% to 881.02 while development bank accelerated 1.43 points or 0.57% to close at 252.76&nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips at the secondary market skid 6.15 points or 4.46% to 137.9 while the float index calculated on the basis of real transaction went downhill 0.35 points or 0.94% to 37.27. Total of Rs. 2,823,647,321 turnover was realized during the review period from 10,267,018 units of share traded via 31,100 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual commercial banks accounted for the heavy volume of trade with 81.33% of total trade. Hydropower sector occupied 6.50% while insurance sector constituted 3.62% and rest of the sectors covered the remaining.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has shown a sluggish movement as Nepse Index has been outcast by 30 Days SMA. Index has shown sideways movement for upcoming sessions for confirming the trend.</p>
<p>
	<img alt="Stock Taking" height="374" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_movement_in_indices.jpg" width="368" /></p>
<p>
	<span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
			'published' => true,
			'created' => '2013-04-20',
			'modified' => '2013-04-20',
			'keywords' => '',
			'description' => 'Stationary movement is expected for few sessions until some healthy clues are received by the investors.',
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			'id' => '875',
			'article_category_id' => '42',
			'title' => 'Politics Is Investors’ Focus',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p style="text-align: justify;">
	Secondary market slipped off the trend as political dealings and uncertainty cooled down investor’s sentiment. The benchmark Nepse index receded 19.73 points or 3.86% to settle at 510.88 while the session’s high was on 3rd Jan with 533.46 and lowest was on 20th Jan with 508.23.</p>
<p style="text-align: justify;">
	Growing political ambiguity and actions of opposition parties to hit the road with protest programmes against the government pulled the confidence level of the investors in the first month of 2013. The presence of Investors presence was discouraged by sequence of these events. Decrease in the turnover suggests the battered confidence of the investors.</p>
<p style="text-align: justify;">
	Market actions, as the second quarter reports of the listed companies started coming, indicated negative evaluation from the investors of these reports. This was particularly so of the banking and financial institutions.&nbsp;</p>
<p style="text-align: justify;">
	Securities Board of Nepal (SEBON) has issued directives to check the money laundering. This Anti-Money Laundering and Counter-terrorist Financial Directive 2069 provides that securities business person should inform the authorities if the daily transaction of an individual and firm exceeds Rs 1 million. Similarly, other capital market participants are also ordered to keep proper records so as to detect if the source of the investment is suspicious.&nbsp;</p>
<p style="text-align: justify;">
	Performance by Sector</p>
<p style="text-align: justify;">
	Commercial banking sector with dominant volume of trade in Nepal stock exchange descended 29.40 points or 5.98% to rest at 491.48. Hydropower sector skid 62.29 points or 6.33% to 983.9. Others sector lost 15.27 points along with 13.54% down in development bank to 763.65 and 245.94 respectively. Similarly, hydropower sector plunged 62.29 points or 6.33% to rest at 983.9 while finance sector went downhill 9.53% to 250.51. However hotels sector added 84.80 points or 12.51% to close at 677.8. Insurance sub-index gained 70.68 points or 8.67% to 815.24. Manufacturing sector moved higher by 9.04 points to rest at 860.13.</p>
<p style="text-align: justify;">
	Sensitive index that measures the performance of 133 blue chips scrip at secondary market cut off 1.80 points or 1.35% to 133.52 while the float index calculated on the basis of real transaction descended 1.30 points or 3.73% to 34.83. Total of Rs. 1,780,346,071 turnover was realized during the review period from 6,228,761 units of shares traded via 23354 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector accounted for 77.39% of total trade. Hydropower sector occupied 6.86% while development bank grabbed 5.87% and remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) showed shabby conditions in the short term as Nepse Index surged above the 30 Days SMA. However, in long term the 200 Days SMA seems helpless despite &nbsp;roaring movements. Key resistance test at the level of 510 can determine the further movement and new target level.&nbsp;</p>
<p style="text-align: justify;">
	<img alt="Stock Taking, Bikram Chitrakar" height="484" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013.jpg" style="font-size: 11px;" width="403" /><img alt="Stock Taking, Bikram Chitrakar" height="409" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(2).jpg" style="font-size: 11px;" width="419" /><img alt="Stock Taking, Bikram Chitrakar" height="412" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(3).jpg" style="font-size: 11px;" width="392" /></p>
<p style="text-align: justify;">
	<span style="font-size: 11px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
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			'modified' => '2013-03-16',
			'keywords' => '',
			'description' => 'Growing political ambiguity and actions of opposition parties to hit the road with protest programmes against 
the government pulled the confidence level of the investors in the first month of 2013.',
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			'title' => 'Above Three Years’ High',
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			'content' => '<p>
	<strong><span style="font-size:16px;">Above Three Years’ High</span></strong></p>
<p>
	<span style="color:#72d1fe;"><span style="font-size: 12px;"><b>(Review for 25 November to 24 December, 2012)</b></span></span></p>
<p>
	<span style="font-size:12px;"><strong>By Bikram Chitrakar</strong></span></p>
<p style="text-align: justify;">
	<img align="right" alt="" height="396" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sectorwise_distribution.jpg" style="margin:0 0 0 10px;" width="321" />December 2012 saw Nepal’s stock market reach nearly three years’ high and the bull run is continuing also in January 2013. The benchmark Nepse index stretched 28.31 points or 5.39 percent during the review period between November 25 and December 24 to close at the session’s high of 525.67 while the session’s low was on December 3 with 481.94. The previous high was at 524.19 recorded on 18 January, 2010.&nbsp;</p>
<p style="text-align: justify;">
	Fall in the banking interest rate and the liberal attitude of banks in extending loans for the purchase of shares from the secondary market have contributed to pull the investors toward the secondary market. The significant growth in the turnover shows the growth in the number of investors in the market.</p>
<p style="text-align: justify;">
	One important development of the month was New Fund Offer (NFO) by Siddhartha Capital. The scheme, named Siddhartha Investment Growth Scheme-I, is worth Rs 400 million with 5 years maturity. Another similar development was the issuance of IPO by Civil Bank; the bank floated eight million units of general shares. Both these offers in the primary market were lapped up by the investors. Still the secondary market continued its upward journey providing further proof to both of the claims of the analysts that the market is getting new investors and that the existing investors have regained their optimism.&nbsp;</p>
<p style="text-align: justify;">
	The recent acceleration has been underpinned by the same fundamentals that govern the sentiments of Nepali investors. Timely settlement of the present political chaos will certainly drive the market higher irrespective of the resistance that can be expected at this level.&nbsp;</p>
<p style="text-align: justify;">
	<strong>Performance by Sector</strong></p>
<p style="text-align: justify;">
	The manufacturing sector, led by Unilever Nepal, posted a whopping gain of 118.98 points or 14.03 per cent to reach 847.94. The commercial bank sector that holds a very high share in the market added 50.36 points or 9.82 per cent to settle at 513.05. Similarly, the development bank sector accelerated 11.40 points to 263.29 while the hydropower sector surged 3.12 points or 0.30 per cent to rest at 1050.88. However, the hotels sector plummeted 60.73 points or 10.24 per cent to 593.01. Likewise, the insurance sector lost 16.96 points and the ‘others’ sector 12.92 points to settle at 739.81 and 774.22, respectively. &nbsp;The finance sector descended 8.04 points or 3.14 per cent to settle at 255.87.</p>
<p style="text-align: justify;">
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market moved 9.42 points or 6.81 per cent up to 138.39 while the float index calculated on the basis of real transaction escalated 0.59 points or 1.65 per cent to 35.84. A total turnover of Rs 2,391,327,495 was realized during the review period through the trading of 6,746,527 units of share traded via 29,146 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the commercial bank sector grasped 77.65 per cent of the total volume of trade. The hydropower sector occupied 8.61 per cent, insurance sector 4.27 per cent and the remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) in both long term and short term is dominated by the Nepse. Both, 200 days SMA and 30 days SMA are outcast with straight ascending of the index, while testing of resistance level is intact at this level.</p>
<p style="text-align: justify;">
	<img align="" alt="" height="375" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/market_trend.jpg" style="margin:5px;" width="387" /><img align="" alt="" height="378" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/movement_in_indices.jpg" style="margin:5px;" width="362" /></p>
<p style="text-align: justify;">
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</strong></p>',
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<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span class="A13">By Bikram Chitrakar</span></span></strong></p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%; color: black;">When NEPSE Reached 33 Months High</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span style="line-height: 115%;">&nbsp;(Review for 30 October to 27 November, 2012)</span></span></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span class="A28">&nbsp;<span style="line-height: 115%; font-family: ">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. </span></span></span></p>
<p class="Pa7" style="text-align:justify">
	<span style="font-size:14px;"><span class="A4">N</span><span style="color: black;">ovember 2012 was an exciting month for the Nepali bourse. The market witnessed a wild upward movement after cooling for a long period. Majority sectors were supported by a straight gain while the volume was also significantly high. The benchmark Nepse index gained 45.33 points or 9.19 percent to settle at 493.16, whereas the session&rsquo;s high was 501.51 on November 20 and the low was 447.83 on October 30. </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Initially, the acceleration in the benchmark index was supported by hydropower and &lsquo;others&rsquo; sectors. Then there was a rapid movement and the index reached a 33-month high. Nepse index&rsquo;s previous high was 501.4 on February 4, 2010.&nbsp; </span></span><br />
	&nbsp;</p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;<span style="color: black;">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. As a result, many investors saw an opportunity at market low that unleashed a buying spree.&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Meanwhile, the Central Depository and Clearing system officially started its services during the review period, promising an accelerated settlement and clearing process. The system promises to finalise the settlements within 3 days of each transaction. However, in the dematarialsation of the securities, the progress has not been fast because only a few securities have been dematerialised so far.&nbsp;&nbsp; </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">Another historic development during the review period was the issuance of a mutual fund by Siddhartha Capital. The Siddhartha Investment Growth Scheme-I proposed by the company has 40 million units at Rs 10 per unit. This makes available a new investment area in the Nepali market that helps the investors to diversify their portfolio. </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">The Nepali market has always been a victim of &ldquo;Animal Spirit&rdquo;, a term used by Prof. JM Keynes to refer to the spontaneous urge to action without considering about the possible consequences of such action. Volatility has been experienced in the Nepali stock market even in such a short period of time that is not sufficient to determine where the possible support and resistance points are. Recent developments in the market provide enough proof to claim that the investors&rsquo; sentiment here is based either on greed or on fear. Such unnatural movements can last only a short span of time. </span></span></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp; </span></p>
<p class="Pa13" style="margin-top:5.0pt">
	<strong><span style="font-size:14px;"><span style="color: black;">Performance by Sector </span></span></strong></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;</span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">The commercial banks sector that occupies a heavy volume of trade in Nepal Stock Exchange gained 76.52 points or 16.67 percent to rest at 458.95. The hotel sector surged 89.58 points or 13.69 percent to 654.15. The hydropower sector escalated 86.06 points to 1031.6. Similarly, the development bank gained 7.24 points and the manufacturing sector 7.63 points to rest at 251.58 and 728.96, respectively. The insurance sector accelerated by 9.37 points or 1.28 percent to reach 733.47 points. However, the &lsquo;others&rsquo; sector plummeted 27.01 points or 3.46 percent to close at 780.1.&nbsp;&nbsp;<br />
	<br />
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market added 12.46 points or 9.73 percent to reach 128.1 points while the float index (calculated on the basis of real transactions) moved up 3.58 points or 10.22 percent to 35.03. A total turnover of Rs. 1,746,132,394 was realized during the review period with 6,012,652 units of shares traded through 24,809 transactions.&nbsp;&nbsp; </span></span></p>
<p class="Default" style="text-align:justify;text-indent:14.0pt;line-height:10.05pt">
	<span style="font-size:14px;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the trade volume with 76.95 percent share. The <span style="color: windowtext;">hydropower sector accounted for 9.29 percent while the development banks and &lsquo;others&rsquo; sector grabbed 4.25 percent and 4.07 percent, respectively. And the remaining portion was shared among the rest of the sectors.&nbsp;&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;">Technically, the Simple Moving Average (SMA) is dominating both 30 days SMA and 200 days SMA. The index has already tipped and a drop by a few points can be expected on the basis of chart analysis. The upward movement has already surpassed the yearly movement, while support and resistance were yet to be visible when this analysis was prepared.&nbsp;&nbsp;&nbsp; </span><br />
	&nbsp;</p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;">&nbsp;</span></p>',
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	<br />
	STOCK TAKING</span></div>
<div>
	<span style="Myriad Pro&quot;,&quot;sans-serif&quot;;Myriad Pro&quot;;color:#221E1F">By Bikram Chitrakar<br />
	<br />
	<br />
	</span></div>
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	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Market Escalates Ahead of Festivals<br />
	</span></span></strong><span style="font-size:14px;"><span style="line-height: 115%;"><br />
	Traditionally, the stock market falls a bit before the festival season that mark long holidays. However, the Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups.</span></span></div>
<div>
	<br />
	<br />
	<img align="right" alt="" border="1" height="1200" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking_.jpg" vspace="10" width="434" /><br />
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<div style="text-align:justify">
	<span style="font-size:
59.0pt">D</span><span style="font-size:10.0pt;Myriad Pro&quot;;
color:#221E1F">efying the traditions, the Nepali capital market experienced an increase in the month of Ashwin (mid- September to Mid-November), ahead of the festival of Dashain. Traditionally, the stock market falls a bit before such festivals that mark long holidays. The Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups. The benchmark Nepse index accelerated 11.94 points or 2.81% to close at 424.43 while the session’s high was 427.90 on 7th October and the session’s low was 412.49 on 11th September. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Among the major influences of the period were Nepal Telecom that is listed under the “others” group and ex-dividend date effect of Chilime Hydropower that is listed under “hydropower” group. Ex-dividend effect was also in the insurance sector and that too helped to move the market higher. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">One major development in the market during the review period is that the Citizen Investment Trust (CIT) has asked major institutional investors to join hands with Trust and pool their funds so as to play a more effective role of market maker. </span></div>
<div>
	 </div>
<div style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;Myriad Pro&quot;;color:#221E1F">Performance by Sector </span></strong></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">During the review period, the hydropower sector added double digits (88.26 points) followed by 88.10 points increase in the others sector to reach at 899.83 and 763.65 points respectively. Insurance sub-index increased 56.07 points or 7.93% to rest at 706.98. Also the hotels and trading sectors increased during the period. Hotels sector went up 19.99 points or 3.57% to 560.12 while trading sector registered the growth of 11.38 points to rest at 174.21. However, banking, development banks and manufacturing sectors plummeted. While manufacturing sector lost 41.33 points or 5.73% to settle at 721.33, the banking sector descended 7 points or 1.97% to 355.41 and the development bank skid 6.27 points or 2.60% to close at 240.8. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Sensitive index that measured the performance of 133 blue chips scrip at the secondary market, surged 4.43 points or 4.06% to 109.03 while, the float index calculated on the basis of real transaction downhill 0.79 points or 2.60% to 30.33. Total of Rs. 1,886,374,657 was realized as the turnover during the review period from 7,111,778 units of shares traded through 31,609 transactions. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">The accompanying figure illustrates sector-wise distribution based on total volume of trade. Banking sector that accounts for the heaviest volume of trade in exchange registered a share of 47.88% of the total trade. Hydropower sector grabbed 20.71% while insurance sector accounted for 15.66% of the trade and rest of the sectors covered the remaining portion. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Technically, the Simple Moving Average (SMA) is outcast as both 30 days SMA and 200 days SMA are dominated by Nepse index. However correction at this level can be expected due to the seasonal cyclical trend. </span></div>
<div>
	<strong><br />
	</strong></div>
<div>
	<strong><span style="font-size:8.0pt;line-height:115%;color:#221E1F">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></div>',
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mso-hansi-theme-font:minor-latin;mso-bidi-font-family:Impact">Stock Taking</span></span></p>
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	<span class="A3"><span style="font-size:18.0pt;line-height:
115%;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;mso-ascii-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:Impact">&nbsp;<img alt="stock taking" border="1" height="149" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikarm.jpg" vspace="10" width="300" /></span></span></p>
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&quot;Myriad Pro&quot;;color:#211D1E">Stagnating Signals<br />
	<br />
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	<span style="font-size:11.5pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">&nbsp;The fourth quarterly reports of the companies failed to boost the market</span></p>
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&quot;Myriad Pro&quot;;color:#211D1E">&nbsp; <br />
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	<span class="A13"><span style="font-size:
59.0pt">W</span></span><span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;
color:#211D1E">hile the fourth quarterly reports of the previous fiscal year were coming in, it looked like that the share market of Nepal was going to get another boost. Almost all the banks and financial institutions (a sector that dominates this market) were reporting increased profit for the previous year. But that did not happen. The benchmark Nepse index lost 11.53 points or 2.91% to rest at 396.83 at the end of the review month. The session’s high was on 23 July (408.36) and the low was on 15 August (392.03).</span> </p>
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	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The reason was however obvious. The investors ignored the satisfactory reports as pessimistic sentiments (about dividend yield) ruled the environment. Shares of major blue chip companies fell down despite the companies showing healthy performance in the last year.</span>&nbsp; <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">However the hydropower companies were exceptions as they registered straight growth stoking expectations of attractive dividends. Three out of the four listed hydropower companies reported grown in their income pushing the group index up.</span> </p>
<p class="Default">
	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Also the monetary policy for the fiscal year 2069/70 failed to drive the stock market. The policy has increases Cash Reserve Ratio (CRR) for the Banking and Financial institutions. This is sure to push up the lending rates causing restraint in borrowing and thus in the business volume and profits of the banking companies.</span> <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">In the review period, the Securities Board of Nepal (SEBON) has suggested Citizen Investment Trust CIT) to mobilize Rs 5 billion in the secondary market to boost up the sagging sentiments in the market. CIT says it is evaluating the feasibility to undertake the role of a market maker. If CIT really takes up this role, it will be a milestone for the betterment of capital market in Nepal.</span> </p>
<p class="Default">
	 </p>
<p class="Default">
	<strong>&nbsp;</strong></p>
<p class="Pa15" style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Performance by Sector </span></strong></p>
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	 </p>
<p class="Default">
	<strong>&nbsp;</strong><span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Banking sector which occupies the major volume of trade in the exchange plummeted 26.68 points or 7.52% to 354.7. Finance sector descended 12.74 points or 5.05% to 252.21 while development bank lost 6.92 points to close at 246.18. Trading sector receded 4.23 points to come to 187.74. However hydropower sector gained hefty 65.69 points of 8.53% to settle at 770.53. Manufacturing sector too went up 42.06 points to 728.8 while there was 17.62 points increase in others to 635.62.</span> </p>
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	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Sensitive index that measures the performance of 133 blue chips plunged 1.78 points or 1.74% to 102.11 while the float index calculated on the basis of real transaction went down 1.41 points or 4.64% to 30.37. The turnover was of Rs. 1,362,406,374 during the review period from 4,572,497 units of share traded via 27,297 transactions. </span></p>
<p class="Default">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The accompanying figure shows the sector-wise distribution based on the total volume of trade. Commercial bank has accounted for 63.31% of total volume of trade. Hydropower sector occupied 20.49% while remaining sector covered the rest.</span> </p>
<p class="Pa10" style="text-align:justify">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Technically, the Simple Moving Average (SMA) indicates to stagnation in the short term as both Nepse index and 30 days SMA are moving flat. In the long term analysis, the index has already crossed the 200 days SMA indicating that an absence of strong fundamentals will lead to correction. </span></p>
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	<strong>&nbsp;<span style="font-size:8.0pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>
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	<strong><span style="font-size:8.0pt;line-height:115%;mso-bidi-font-family:
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '2764',
			'article_category_id' => '42',
			'title' => 'Stocks Gear Up To 6 Years High',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	<div>
		&nbsp;</div>
	<div>
		Secondary market of Nepal spurted to new high after six years helped by partial settlement of political uncertainty. The Nepse, benchmark index of country&#39;s capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period while the lowest was 769.51 on February 03, 2014. On November 09, 2008 stock market index of Nepal had hovered around 810.81, and that has been surpassed by this review period&rsquo;s closing. The prime factor for this gear up has been pointed to the latest political developments which includes coming of the Constituent Assembly into function and the formation of Sushil Koirala-led Nepali Congress-CPN-UML coalition government. This tipped off the market with optimism and pushed the index to a new high after nearly six years.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The growth in benchmark index has been primarily contributed by insurance and hydropower sectors. Insurance sector has been the new hot cake of investors since the middle of previous fiscal year. Likewise investors have preferred most of the hydropower companies. During the review period, the sub-index of insurance sector has gone up by 652.17 points and hydropower sub-index jumped 344.22 points.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Market capitalization for this period has been fueled up by 5% as compared to the preceding month. Flexible margin lending (loan against share certificates as security) by different financial institutions, excess liquidity in the banking system, narrow down of market interest rates and lack of better investment alternative have underpinned the recent growth in the capital market. &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Nepal Stock Exchange (NEPSE) has revised its list of category &ldquo;A&rdquo; stocks. The new list has 130 companies compared to 120 in the last year. As per the bylaws, companies with minimum of Rs 20 million paid-up capital with at least 1000 equity holders can be categorized in this group. Besides, the company should also post profit for three straight years and its book value must be above paid-up value.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The momentum of this &quot;A Class&quot; category stocks has been reflected by the sensitive index. With the inclusion of new 10 companies in this category, the ratio of &#39;A&#39; graded companies with total listed companies now stands at 57%. Thus, the movements of the sensitive index and Nepse index show similar pattern. This indicates the need for introducing more categories and classification. &nbsp; &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
	<div>
		Following the positive trend of previous weeks, most of the sub-indices under Nepse registered growth during this review period too in addition to banking and &lsquo;others&rsquo; sub-indices. Insurance sub-index turned to be the highest gainer of the review period with a growth of 652.17 points followed by hydropower sub-index, which increased by 344.22 points. Hotel sub-index also added 245.11 points to rest at 1402.23. Development bank sub-index went up the hill to 54.52 points while trading sub-index registered a growth of 15.04 points. However, banking sub-index faced the losing session with downfall of 14.40 points to rest at 765.85 while &#39;Others&#39; sub-index settled at 793.02 down by 3.52 points during the review period. &nbsp;Meanwhile, Sensitive index that reflects the movement of &ldquo;A Category&rdquo; stocks of Nepal Stock Exchange ascended 4.09 points or 2.29% to settle at 178.64 points while float index went up 2.55 points to 55.19. &nbsp;During the review period, total of Rs. 5.98 billion turnover was realized from 16.67 units of share traded through 53,942 transactions.</div>
	<div>
		&nbsp;</div>
	<div>
		During the period, 44.51 percent of the total turnover was captured by commercial banks. Insurance sector grabbed the second position with 20.79 percent while 18.23 percent was occupied by hydropower sector. Rest of the portions of total turnover were covered by remaining sectors.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Technically, the Simple Moving Average (SMA) of Nepse index is aggressive when SMA of these 30 days and the past 200 days are compared. Despite the positive expectations, chances of correction at this level seem prominent. However, Nepse index may further rise to test some psychological levels and perhaps next resistance. As per the pivot analysis, the next resistance of Nepse range is at 840.39 and 858.11, while the support levels stand at 787.23 and 751.79 at lowest.</div>
	<div style="text-align: right;">
		<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
	<div>
		&nbsp;</div>
	<div>
		<img alt="Stock Taking" src="/userfiles/images/st(3).jpg" style="width: 550px; height: 193px; margin-left: 10px; margin-right: 10px;" /></div>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2014-03-24',
			'modified' => '2014-03-25',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Nepse, benchmark index of country's capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period.',
			'sortorder' => '2609',
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	(int) 1 => array(
		'Article' => array(
			'id' => '2587',
			'article_category_id' => '42',
			'title' => 'Compliance And Operational Risks In Mutual Funds',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By Sushil Maharjan</strong></div>
<div>
	&nbsp;</div>
<div>
	The country&rsquo;s only stock exchange, the Nepal Stock Exchange (NEPSE), has been thriving and attracting capital market investors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Securities Board of Nepal (SEBON) received approval from the Nepali government under the Securities Act, 2007 to establish Mutual Fund Regulations, 2010 as well as the power to issue licences for mutual funds to be sold in Nepal. &nbsp;In 2010, the first two mutual fund companies were licenced by SEBON and more are in the pipeline. &nbsp;Nepal&rsquo;s first mutual funds have since become well-established businesses that have successfully launched other mutual fund schemes. &nbsp;In this brief period, SEBON has made new provisions to open secondary markets for non-resident Nepalis by making necessary amendments to Mutual Fund Regulations, 2010. &nbsp;I strongly believe, in the next five to ten years, there will be more diversity in the Nepalis capital market as the mutual fund industry continues to mature.</div>
<div>
	&nbsp;</div>
<div>
	We have seen the NEPSE reach a historical low of approximately 375 points back in 2006, and a high of approximately 1180 points in 2008, only for the index to reach an all-time low of approximately 292 points back in 2011. Although the NEPSE has had its share of bear and bull markets, however the index is on the brink of surpassing its highest point for 2013. &nbsp;Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets. &nbsp;Thus, the portfolio net asset&nbsp;</div>
<div>
	value affects mutual fund unit prices on a daily basis.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The NAV of a mutual fund is derived from the value of the underlying securities held in the fund&rsquo;s portfolio, which is equal to the mutual fund&rsquo;s assets, less all of its liabilities. &nbsp;Many mutual funds use this number to determine the trading price for units of the fund. When investors buy and sell mutual funds, firms typically do so at the NAV; there is no secondary market in mutual fund units as the fund itself issues and redeems them.</div>
<div>
	&nbsp;</div>
<div>
	We know confident Nepali investors are a big boost to the capital market, though increased trading volume doesn&rsquo;t necessarily indicate that there is growing interest in the stock market; this may be because of reasons such as the improving political stability of Nepal, regulatory changes or available investment opportunities. &nbsp;Value investors see how well companies or stocks are performing within their mutual fund portfolios and measure the performance and returns of all funds across all mutual fund asset classes as well as of market indices.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this changing and high-paced investment world, there are reasons to be concerned about mutual fund companies&rsquo; failure to adopt fair value pricing, which would help to avoid losses due to market timers and to manage emerging risk and market trends. &nbsp;Compliance plays a very big role in capital markets and investments, especially with Nepal&rsquo;s new mutual funds. &nbsp;Compliance is the strict following of a requirement, such as specific regulations, policies, standards or laws. &nbsp;The goal of regulatory compliance is to ensure that corporations or public agencies are made fully aware of relevant laws and regulations and take the necessary steps to follow them; this is vital in for Nepal&rsquo;s capital market and mutual industry to thrive. &nbsp;An increasing number of regulations and need for operational transparency will require that institutions that offer mutual funds adopt and consolidate their compliance controls, as this will ensure that all the necessary governance requirements can be met without duplication or inefficiency. &nbsp;Mutual fund trade processing, recordkeeping, and transaction flows strengthen mutual fund oversight programs and operations. We know that compliance rules have the potential to improve mutual fund company operations and that the independence of the compliance function is key to preventing violations and/or abuses of securities laws, regulations and mutual fund policies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	One has to be very conscious of the various risk types associated with mutual funds. &nbsp;Operational risk cannot be overlooked; this arises from the individual systems and processes through which Nepal&rsquo;s mutual fund companies operate. &nbsp;Operational risk is stated in the Basel II regulations as the risk of loss resulting from inadequate or failed internal processes, people and systems or from any external events. &nbsp;As an investor, one must recognize that the people, processes and systems of any given company are imperfect, and that losses can occur due to errors and ineffective operations. &nbsp;Generally speaking, the volume of global financial transactions, combined with solid compliance reduces operational risk. &nbsp;However, I want to focus on mutual fund valuation risk and trading abuse. &nbsp;We know that assets can be overvalued or worth less than expected whenever they mature or are sold before then by brokers or dealers. &nbsp;Initiating institutions, brokers, custodian banks, fund administrators, transfer agents and auditors currently share their information electronically and their processes are already automated, thus raising the potential risks with respect to data management and valuations. &nbsp;As valuation risk affects transactions processing, front and back office operations, distribution, investment management as well as the private wealth and advisory services areas of mutual fund firms, I strongly believe that straightforward processes and trading strategies, dating and valuation techniques must be consistent throughout the trade processing cycle. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><img alt="Stock Taking" src="/userfiles/images/st1%20(Copy).jpg" style="width: 550px; height: 597px; margin-left: 10px; margin-right: 10px;" /></strong></div>
<div>
	&nbsp;</div>
<div>
	From a mutual fund trade processing and recordkeeping standpoint, investors generally purchase, transfer in (or out), or sell fund units through multiple channels - either directly from the fund companies, or through various intermediaries, such as broker-dealers, financial advisors, banks and insurance companies. &nbsp;Settlement risk occurs when the counterparty does not deliver a mutual fund&rsquo;s value in cash as per its trading agreement with the other party upon the execution of trade instructions. &nbsp;This is particularly true for assets that have low liquidity and are not easily tradable in public exchanges. Moreover, issues associated with valuation risks go beyond the firm itself. Mitigating risks as much as possible will provide transparency and ensure the integrity and consistency of the data, models and processes used in making and reporting calculations in the valuation of mutual funds.</div>
<div>
	&nbsp;</div>
<div>
	<em><span style="font-size: 11px;">(Maharjan has extensive financial services industry experience and is currently with CIBC Mellon, Canada&rsquo;s Leader in Asset Servicing, jointly owned by Canadian Imperial Bank of Commerce and The Bank of New York Mellon. &nbsp;This is not an official publication of CIBC Mellon. The views expressed are those of the author and are not necessarily those of CIBC Mellon or New Business Age.)</span></em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2014-02-13',
			'modified' => '2014-02-18',
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			'description' => 'Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets.',
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			'id' => '2495',
			'article_category_id' => '42',
			'title' => 'Nepse Legs Up  For The Next Bull Run',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors&rsquo; sentiment was purely bullish &nbsp;and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The gaining momentum has been supported by excess liquidity in the banking system despite the central banks several rounds of reverse repo operations with an aim of absorbing the excess liquidity from the market. Liquidity available with the investors at this time has also helped to boost the market as average daily turnover in Nepal Stock Exchange has now crossed Rs. 500 million. Likewise lack of potential investment opportunities in the real sectors has flooded fresh additional investments in the stock market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Following the excess liquidity in the financial system, cut in interest rates for deposit as well as lending by Banks and Financial Institutions (BFIs) and relative flexibility in share margin loan have also underpinned the recent growth in the country&rsquo;s stock market. However informally it has been heard that Nepal Rastra Bank, the regulator of the country&rsquo;s banking industry, is mooting introduction of some rigid measures on loan against share certificate. If so is the case, there may be some corrections in the market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
<div>
	Following the previous trend, insurance sub-index topped the gaining chart with increase of 280.11 points for the period to rest at 1997.51. Hydropower sub-index added 248.03 points or 13.55% to settle at 1831.09. In the mean time, Hotel sub-index moved higher by 195.02 points to rest at 1100.64 on December 18, 2013. The Banking sub-index stepped up 192.84 points or 23.19 % to close at 831.66 while the sub-index of Development Banks registered a gain of 97.25 points for the period. The &lsquo;Others&rsquo; sub-index accumulating the heavy scrip of Nepal Telecom surged 54.03 points to settle at 822.38.</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 &lsquo;A&rsquo; class companies listed at the secondary market moved higher by 28.78 points or 15.70% to settle at 183.28 while the float index calculated on the basis of real transaction of listed securities went uphill by 8.71 points or 16.37% to close at 53.21. Total of Rs. 7390 million turnover was realized during the review period from the business of 21.16 million units of share via 48,940 transactions.</div>
<div>
	&nbsp;</div>
<div>
	During the period of November 24 to December 18, 2013, commercial banks accounted the most of the turnover covering 70.84% of the total. In the mean time, Insurance sector covered 11.04% and development bank 7.71% followed by hydropower sector with 7.06% and the rest of the sectors made up the remaining portion.&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both 30 days SMA and 200 days SMA. Unusual strong growth in index has invited correction at this level. Hence cautious observation is required at this level to determine support and resistance regions. &nbsp;</div>
<div style="text-align: right;">
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	<img alt="Stock taking" src="/userfiles/images/stock%20(Copy)%20(Copy).jpg" style="width: 550px; height: 208px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2014-01-24',
			'modified' => '2014-01-26',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors’ sentiment was purely bullish  and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before.',
			'sortorder' => '2340',
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		'Article' => array(
			'id' => '2063',
			'article_category_id' => '42',
			'title' => 'Stagnant Market Ahead Of Earning Reports',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.</div>
<div>
	&nbsp;</div>
<div>
	Investors await the report on earnings from different banking and financial institutions which have driven the index for most of the time. The Standard Chartered Bank Nepal has declared 10 per cent bonus share and 40 per cent cash dividend; Nabil Bank has announced a 40 per cent cash and 25 per cent bonus share; Nepal SBI Bank decided to propose 12.5 per cent bonus share and 7.5 per cent cash dividend while other institutions are also in row to declare their earnings&rsquo; announcements. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Profit booking has also been noticed in a few sessions after the escalation of the market. Investors rush to secure their profit with a steady market growth and also heed dividend giving stocks and settle with those less attractive or with no returns. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As investors intensify their expectations, the deceleration of the earning for the fiscal year 2069/70 will guide the market move ahead of Dasain.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector</div>
<div>
	Following previous trends, the insurance sector added 125.34 points or 9.31 per cent to rest at 1346.57. The hydropower sector moved higher by 86.45 points or 6.66 per cent to 1298.23 while the hotels sector gained 32.63 points to reach 704.49. The commercial banking sector, however, plunged by 9.69 points or 1.84 per cent to rest at 526.29. The &lsquo;Others&rsquo; sector with the heavy scrip of Nepal Telecom descended 4.70 points to 661.46 whereas the development bank sector went down by 2.69 points to 277.46.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The sensitive index that measure the performance of 120 blue chips at secondary market plummeted by 4.24 points or 3.21 per cent to 132.18. However, the float index calculated on the basis of real transactions ascended by 0.52 points or 1.33 per cent to 39.02. &nbsp;A total of Rs. 3,580,221,388 turnover was realized during the review period from 11101443 units of shares traded via 39,607 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure depicts the sector-wise distribution based on total volume of trade. Commercial banks dominated the total volume of trade with 64.27 per cent holdings. Development banks covered 13.98 per cent, the insurance sector accounted for 12.08 points and the rest of the sectors made up for the remaining.</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both short term and long term SMA. However, narrowing down of the index suggests a few sideway movements for upcoming sessions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	&nbsp;</div>
<div>
	<img alt="" src="/userfiles/images/sctrl.jpg" style="width: 550px; height: 230px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2013-10-29',
			'modified' => '2013-10-29',
			'keywords' => 'new business age sectoral news & articles, sectoral news & articles from new business age nepal, sectoral headlines from nepal,  current and latest sectoral news from nepal, economic news from nepal, nepali sectoral economic news and events,  ongoing  sectoral news of nepal',
			'description' => 'The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1968',
			'article_category_id' => '42',
			'title' => 'Investors Welcome Quarterly Report',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="Sectors" src="/userfiles/images/sector%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 916px;" />The secondary market of Nepal placed itself in greener terrain as investors welcomed a healthy quarterly report from listed companies. The benchmark Nepse index moved higher by 27.02 points or 5.04 per cent to rest at 536.38 while the highest index was reached on 31 July with 547.61 and lowest on 16 July with 509.36.</div>
<div>
	&nbsp;</div>
<div>
	Healthy fourth-quarterly financial reports of many listed companies have stepped up capital market heat as share prices surged after positive reports in expectation of better returns. Interest rates from different financial institutions perfectly blend with investors&rsquo; confidence and growth in transaction.</div>
<div>
	&nbsp;</div>
<div>
	Announcement of the budget on time and emphasis on monetary policies to increase the capital base of Banking and Financial Institutions within a year has further opened the way for mergers, right shares and bonus shares of many institutions. The insurance sector was boosted initially with the news of increasing capital requirements, as was the banking sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Investors were keen to purchase stocks of select institutions that are likely to go for mergers. This has been noticed in the trading session, irrespective of the insititutions&rsquo; financial soundness. Total volume improved due to these. However, the volume gain was trimmed off with the news of promoters floating their shares to the public through the conversion process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Additionally, the market has picked up with a healthy performance of financial institutions, insurance and hydropower companies although a few stagnant periods for profit-booking were also there. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Major Sectors</strong></span></div>
<div>
	During the review period, it was seen that the insurance sector escalated by a lofty 235.47 points or 20.01 per cent to rest at 1177.03. Similarly, the hydropower sector went up by 141.45 points to close at 1203.45. Commercial banks added 18.77 points followed by 17.18 points up in development banks. Others sectors gained 11.75 points or 1.81 per cent to rest at 648.54 while the manufacturing sector inclined 10.11 points to 878.83. The hospitality sector, however, descended by 13.08 points or 2.02 per cent to settle&nbsp;</div>
<div>
	at 646.23.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index measuring the performance of 120 blue chips scrip at the secondary market went uphill by 5.47 points or 4.11 per cent to 133.18 while, the float index calculated on the basis of real transaction ascended by 2.09 points or 5.55 per cent to 37.65. A total turnover of Rs. 3,246,999,238 was realised during the review period from 11,009,397 units of share trade via 38,657 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure shows the sector-wise distribution based on total volume of trade where the commercial banking sector dominated by covering 63.01 per cent of total trade. The insurance sector accounted for 15.66 per cent, the hydropower sector occupied 10.16 per cent and remaining sectors made up for the rest.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) is dominated by the Nepse index. However, the key resistance area near the level of 530 shows some tight level for new direction.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>',
			'published' => true,
			'created' => '2013-10-09',
			'modified' => '2013-10-09',
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			'description' => 'A healthy fourth-quarterly report brings good tidings for financial markets and major sectors of the economy',
			'sortorder' => '1817',
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		'Article' => array(
			'id' => '1681',
			'article_category_id' => '42',
			'title' => 'Budget Prospects Pulled Market Above 500',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="STOCK TAKING" src="/userfiles/images/sectors(2).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 905px;" />The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The index climbed back to nearly four months high surpassing the previous resistance level of 500. Investor&rsquo;s expectation of the full budget for fiscal year 2013-14 was the main reason.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In the review period, the market also experienced positive supply shock. Initial public offering (IPO) of Mega Bank Nepal, right issue of Nepal Bank Ltd and some other IPOs and right issues absorbed the liquidity. This put pressure on the investors to sale off their stocks to unfreeze the funds for investment in the primary issues. Further, fiscal year-end tightening on margin loan from the financial institutions played its role to make the investors to offload some shares. Still the market saw an overall positive growth indicating further growth in the days ahead.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Rumours that Nepal Rastra Bank is all set to instruct financial institutions for raising paid-up capital acted as a spur to lift banking stocks.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, Sitaram Thapaliya has been appointed as the General Manager of Nepal Stock Exchange. The position was lying vacant since January 2013 after the tenure of Shankar Man Singh came to an end. Assuming office, Thapaliya said he would try to upgrade the online trading platform to facilitate the traders beyond located outside Kathmandu valley and abroad.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector&nbsp;</div>
<div>
	During review period, insurance sub-index added 29.79 points. That was followed by 29.37 points up in the &lsquo;others&rsquo; sector on the back of gain in the price of Nepal Telecom. Hotels sector went up 18.22 points or 2.75 percent to 662.85. Commercial banking sector posted growth of 9.74 points. However, manufacturing sector receded 7.74 points to 868.72 while hydropower sector plummeted 1.87 points to rest at 1041.43.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 blue chip companies went up 2.21 points to 126.12 while the float index which is calculated on the basis of real transaction went uphill 0.26 points to 35.75. A total turnover of Rs. 1,817,767,779 was realized during the review period from 8.530,819 units of shares traded via 25,787 transactions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As usual, the commercial bank has occupied the 77.65% of total volume of trade. Hydropower sector accounted 12.84%, insurance covered 9.57% and rest was made up by other remaining sectors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has been outcast by Nepse index while the index has crossed the level of 500. The 30 days SMA and 200 days SMA are in tight range suggesting resistance test at this level.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-23',
			'modified' => '0000-00-00',
			'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal,  current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events,  ongoing biz news news of nepal',
			'description' => 'The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.',
			'sortorder' => '1542',
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	(int) 6 => array(
		'Article' => array(
			'id' => '1064',
			'article_category_id' => '42',
			'title' => 'Fear Of Oversupply',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><br />
	</strong></p>
<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	(Review for 16 Apr to 16 May, 2013)</p>
<p>
	<strong><em>The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.</em></strong></p>
<p>
	The stock market drifted down to nearly six months low after the regulator Securities Board of Nepal (SEBON) move to allow offloading of the promoter shares through brokers. General investors fear that this will cause an oversupply impacting their asset price. As a result, the benchmark Nepse index on May 16 plummeted below that of 3 December 2012.&nbsp;</p>
<p>
	Though the regulator tried to pacify the investors stating that offloading of the shares will not affect market, the move does not seem to convince the investors. SEBON said, its move was simply to minimize the lengthy process under the previous rule that required an offer document to be prepared and publishing it before promoters shares could be offloaded. &nbsp;The new rule does away with that and says such shares can be sold directly through brokers. &nbsp;</p>
<p>
	There was another reason as well for the loss in the prices of the shares. During the review period, the price of bullions, particularly of the gold, has also gone down heavily attracting the investors away from the share market to the bullion market. The yellow metal lost nearly Rs 10,000 per tola (1 tola = 11.6638038 grammes). Nepali households buy gold for investment as well as for meeting some cultural necessities.&nbsp;</p>
<p>
	Performance by Sector</p>
<p>
	Across the sectors, manufacturing and trading were the only two that gained. The ‘Others’ sector lost heavy (42.28 points or 6.60%) to rest at 640.32. Insurance sub-index plummeted 29.17 points to close at 859.99. Commercial banking sector trailed down 25.74 points or 5.19% to rest at 496.38. Similarly, hydropower sector descended 9.07 points to 1020.41. Hotels sector drifted 5.34 points along with 5.31 points fall in finance sector to 644.65 and 246.31 respectively. However manufacturing sector gained 26.32 points or 3.04% to rest at 866.55 while trading sector gained 2.93 points to 167.94. &nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips skid 5.92 points or 4.72% to 125.55 while the float index calculated on the basis of real transaction went downhill 0.96 points or 2.69% to 35.75. Total turnover of Rs. 179,556,819 was recorded during the review period from 7,248,255 units of shares traded via 21,249 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector dominated the total volume of trade by holding 73.38% share. Insurance sector accounted for 9.16% and hydropower sector 8.42% while the remaining sectors made up for the rest.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has been dominated by Nepse index in the long term as 200 days SMA hovers below the index line while in the short term the index has approached towards the previous resistance level of 500 and suggests it is in a neutral position waiting for clearance towards new direction.</p>
<p>
	<span style="font-size:10px;"><strong>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</strong></span></p>',
			'published' => true,
			'created' => '2013-06-07',
			'modified' => '2013-06-07',
			'keywords' => 'Stock taking, Bikram Chitrakar, New Business Age-',
			'description' => 'The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.',
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	(int) 7 => array(
		'Article' => array(
			'id' => '983',
			'article_category_id' => '42',
			'title' => 'Cooled Down By Profit Booking',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Profit booking in different sectors persists now after the warming up of the secondary market for some time in the recent past. This follows nearly two years of down market. Investors started securing their positions as the Nepse index tested its level near 550. &nbsp;</p>
<p>
	Objection of the smaller political parties after the formation of the new government has also dragged the market down. Different protest programs from the small parties pulled the sentiments in a few sessions.</p>
<p>
	During the review period CDS and Clearing Ltd started its operation for digital clearing and settlement. Currently there are seven Depository Participants (DP) who can facilitate opening of demat accounts. Similarly, 6 out of 226 listed companies have signed for dematerialization of&nbsp;<span style="font-size: 12px;">their shares.&nbsp;</span></p>
<p>
	Full-fledged digital operation will facilitate quick transfer and settlement process. Similarly, right issue, voting and other matters can also be flashed on screen increasing the trade turnover rate.</p>
<p>
	Around eight companies have lodged application with Securities Board of Nepal for permission to issue an &nbsp;initial public offering(IPO). The combined weight of these applications is Rs 1.45 billion. Hence it is sure to increase the flow of share in the market while the direction of the market will be framed also by the upcoming quarterly financial reports.</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	Banking sector with significant volume of trade in local exchange slipped 16.78 points or 3.21% to rest at 522.12. Others sector with heavy concentration of NTC plummeted 39.94 points or 5.96% to settle at 669.68. Hotels sector lost 13.59 points followed by 13.08 points down in hydropower sector to 649.99 and 1029.48 respectively. Development bank descended 7.13 points to close at 248.78 while the finance sector receded 4.01 points or 1.59% to 251.55. However, insurance sub-index accelerated 10.77 points or 1.21% to rest at 888.68.The manufacturing sector surged 4.88 points or 0.58% to settle at 840.23</p>
<p>
	Sensitive index that measures the performance of 120 blue chips at the secondary market plunged 4 points or 3.04% to 131.47 while the float index calculated on the basis of real transactions went downhill 0.86 points or 2.34% to 36.71. Total of Rs. 1,711,318,453 turnover was realized during the review period from 6,534,271 units of shares traded via 23,595 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. The commercial banking sector accumulated 75.08% of total volume of trade. The hydropower sector occupied 7.63% followed by the insurance sector with 7.16% while remaining sectors covered the rest.</p>
<p>
	Technically, the Simple Moving Average (SMA) shows stationary movement in short term as both Nepse index and 30 days SMA are moving flat. Persistent sell-off in this level can trigger upside correction. However, high volatility is not expected.&nbsp;</p>
<p>
	<span style="color:#00f;"><strong>Review for 17 Mar to 16 Apr, 2013</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Sectorwise Distribution, Stock Taking" height="497" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_sectorwise_distribution.jpg" width="430" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Market Trend, Stock Taking" height="404" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_market_trend.jpg" width="442" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Movement In Indices, Stock Taking" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_movement_in_indices.jpg" /><br />
	</strong></span></p>
<p>
	<strong><span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>',
			'published' => true,
			'created' => '2013-05-20',
			'modified' => '2013-05-20',
			'keywords' => 'Stock Taking, Cooled Down by Profit Booking',
			'description' => 'The secondary market of Nepal bid farewell to the year 2069 on a sweet note. However, profit booking cooled down the market a bit. The benchmark Nepse index descended 14.41 points or 2.77% to settle at 520.69 while the session’s high was on 17 March with 535.10 and lowest on 31 March with 511.45.',
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	(int) 8 => array(
		'Article' => array(
			'id' => '951',
			'article_category_id' => '42',
			'title' => 'Change The Way We Think Of Stocks',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Hom Nath Gaire</strong></p>
<p>
	 </p>
<p>
	What does it mean to value a stock as a business? How does it differ from the way most investors think about investing in stocks? These are the fundamental questions one should ask while planning to invest in stock market. To answer these questions, let’s start by considering what a stock actually is. In simple terms, a stock of a company represents a share of ownership of an actual business.&nbsp;</p>
<p>
	But as Warren Buffett, prominent American stock investor, often says, most people tend to think of a stock as a ticker symbol with a squiggly line attached. Most people think it is easier to look at a stock chart and try to predict whether its price will go up or down than it is to understand the underlying business and its performance. But the truth is, almost nobody is good at this. It takes an extremely rare individual to do it with enough consistency to make money.</p>
<p>
	Some professional and dedicated part-time traders succeed by buying and selling stocks using short-term strategies. But the overwhelming majority of investors would make a lot more money – and lose a lot less – if they learned to approach stocks in the way they would move toward ownership in a business. However, it is not an easy task to find a business that is simple enough to fully understand than to consistently predict where the price of its stock is going next.</p>
<p>
	Still, there are a number of benefits of this approach about investment. Several of the world’s greatest investors have shown that this approach is one of the simplest, safest, and most consistent ways to make money from the stock market. But perhaps even more important is the peace of mind. Let’s go through an example to clarify the concept. Suppose there are two investors who are buying stock in the same company, say X. &nbsp;Investor A, approaches investing as a business owner and does a little homework on the underlying business. He believes company X is a wonderful business trading at a good price, and he decided to buys a sizeable number of shares. But investor B is like most people and decides to buy share of X without any real understanding of the underlying business. May be he saw the stock X is being advertised on local news paper or television, heard this or that famous investor was buying it, or has a friend who made a lot of money in it.&nbsp;</p>
<p>
	If the share price of company X goes up, both investors will probably be feeling good about their decision. But what if the price was to suddenly fall by 5 percent, 10 percent or even more? Or the market experiences a serious correction that takes most stocks down with it?&nbsp;</p>
<p>
	In this case, the investor A is much more likely to sleep well at night. He knows he bought a quality business and he knows he paid a good price for it. Like wise, he also knows the fluctuations in the share price have nothing to do with the underlying business. In fact, he may actually be happy to see the price fall – as Warren Buffett used to say – because it will allow him to buy more shares or reinvest his dividends at a better price. On the other hand, Investor B would probably be in worry. Because, he has no idea what the underlying business is actually worth or what a fair price for it is. He only knows that he has lost money. He is probably still speculating whether it will be a 5 percent correction or a 30 percent crash and whether he should sell his ownership right now or wait it out.</p>
<p>
	The fact is, one normally can not know those things in any kind of reliable manner. But what he knows is that great businesses consistently make money all the way through good times and bad ones. And he can have a lot of certainty that over the long run, he will be rewarded from that great business as a shareholder. Thus, all should try to take decision like investor A, in our example rather than like B. Then only we can sleep well at night and simultaneously we can make money from the stock market.&nbsp;</p>
<p>
	Just look at the history of the 20th Century in global stock market. What calamity didn’t happen in the 20th Century? There were two world wars and various smaller ones, a great depression, hyperinflation, unemployment and even stagflation. All the productive resources were either seized by the government of destroyed in the wars and calamities; there were 50 percent to 90 percent marginal tax rates for many of those years. Nevertheless over the century, the Dow Jones Industrial Average (DJIA), world’s oldest stock index soared thousands fold. Likewise, the Bombay Stock Exchange’s sensitive index, SENSEX has also gained thousands fold over the same period.</p>
<p>
	These two examples, of course, stand witness that companies would have done better even under the government-created problems, though the business suffered from the politics, wars, the economy and inflation. However, there are never any guarantees in the stock market, betting on great businesses was always the right thing to do over the last 100 years. And there is a very high probability that you’ll do well buying great businesses over the next 100 years. Thus let’s start to think differently about the stock market.</p>
<p>
	<strong>How to Identify a Great Business?</strong></p>
<p>
	The first step for this approach is as simple as changing your thinking. It is nothing but just deciding you won’t buy a stock unless you can understand its business, even if it looks attractive and it’s reasonably priced. Most peoples would intuitively understand this if they were buying an actual business outright, but they seldom make the connection when buying stocks. What one should notice when to begin thinking this way is, very few stocks are likely to meet set criteria. When you really understand what you’re buying, you’ll tend to be much more selective and gravitate toward great businesses.&nbsp;</p>
<p>
	There are a few clues to identify a great business and to leave behind a poor one. The easiest one to identify is a profit margin of consistent thickness over many years, even if it’s a thin profit margin. For example, Wal-Mart’s net profit margin is thin, around 3%. But it is a very consistent and ranges every year like clockwork. Likewise, Microsoft’s gross margin has been around 80% for many years.&nbsp;</p>
<p>
	Consistent margins tell that something special is going on there. That business has been able to extract that profit out of the market because it’s doing something that people really want year after year and it has positioned itself in the marketplace so that it can keep doing it.</p>
<p>
	Another big clue of a great business is consistent free cash flow generation. That is a sign that the business does not require all kinds of expensive reinvestment year after year. It means the business can invest relatively little of that cash profit and put the rest toward things like paying out dividends, buying back shares, or making new investments in the future. A business gains a great deal of flexibility when it is able to generate a lot of free cash flow. A third clue is a history of dividend payments that rise every single year for many years (dividend grower). Not all great businesses have this trait, but many of them do. So it is something to look for. There are obviously more, but these are the big ones that most great businesses share.&nbsp;</p>
<p>
	<strong>How to Value a Business?</strong></p>
<p>
	Once a great business is identified, the next problem is to determine the fair trading price or value of business. There are two primary ways to value a business. One is by net worth, and the other one is by profit generation. Net worth is calculated the same way we would do it for ourselves. If one wants to find out what his net worth is, add up all the cash and all assets, like house, cars, etc. Then he should subtract everything he owes – things like mortgage, credit cards, and car loans – and that difference is his net worth.&nbsp;</p>
<p>
	We can do the same thing with a company. For this, first of all we should look at a company’s balance sheet and assign a value to its cash and other assets, add them all up, subtract what it owes – debt and other liabilities – and get its net worth. This is a simple example. This calculation can get rather complicated, depending on the business. Sometimes, assets have to be revalued, for example, if the company owns a bunch of land that they paid very little for many years ago that’s worth much more now. But the basic idea is the same. This measure of value is best-suited for asset-heavy businesses or strict value investing situations – where one can buy assets in a significant discount and wait for the market to fairly value it. Fair valuations will vary significantly, depending on the industry and the situation.&nbsp;</p>
<p>
	The other way to value a business is based on profit generation, or how much free cash flow the company produces. This tends to be a better measure of value for really great businesses or a business that you’re confident are going to make more money next year, five years from now, and 20 years from now. We can look to history for a benchmark for valuing these great businesses. When companies have bought out or taken over really great businesses in the past they had a tendency to pay right around 30 times of free cash flow. &nbsp;So generally speaking, if you can find one of these really great businesses trading for around 15 or 16 times free cash flow, you are probably getting a really good deal that you should buy and hang on to for a long time.</p>
<p>
	<strong>Conclusion&nbsp;</strong></p>
<p>
	Of course, the valuation of business or valuing companies is not an easy task. But this will get you started. There is a temptation for investors just learning to value businesses to focus on the “net worth”-type companies as mentioned earlier – the so-called “deep value” stocks – because they can appear to be much easier to value correctly. But what one may come to realize is many of those situations don’t work out very well. Oftentimes, what you’re really doing is buying a bad business that may be on its last steps.&nbsp;</p>
<p>
	So, after a while, many value investors may decide they don’t want to buy lousy businesses anymore. They may decide they would rather buy great businesses that are going to maintain and grow their value for a long time. That’s a typical transition for a value investor to make money from stock market. In fact, Warren Buffett himself made this transition over his career, which encourages new value investors to keep that in mind.</p>
<p>
	In our case in Nepal, the present stock market condition is quite favourable to choose the great business. First thing you’ll notice when you begin thinking this way is, very few stocks are likely to meet those criteria. When you really understand what you’re buying, you’ll tend to be much more selective and inclined toward great businesses.&nbsp;</p>
<p>
	<span style="font-size:10px;">The author is the Deputy Director of Confederation of Nepalese Industries and can be contacted via email at gaire_mukunda@hotmail.com. This article is based on an interview with value investor Dan Ferris published in The Daily Crux in December 2012.</span></p>',
			'published' => true,
			'created' => '2013-04-20',
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			'keywords' => '',
			'description' => 'The present stock market condition is quite favourable to choose this great business.',
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	(int) 9 => array(
		'Article' => array(
			'id' => '950',
			'article_category_id' => '42',
			'title' => 'NEPSE Declines After Highest Rise In 39 Months',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	<span style="color:#00f;"><strong>(Review for 19 Feb to 21 Mar, 2013)</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="" height="433" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_sectorwise_distribution.jpg" style="float:left;margin:0 10px 0 0;" width="349" /><br />
	</strong></span></p>
<p>
	<strong style="color: rgb(0, 0, 255);"><img alt="Stock Taking, New Business Age" height="353" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_market_trend.jpg" style="float: right; margin-top:10px;" width="370" /></strong></p>
<p>
	The Nepali stock market receded from the green terrain during the review period as the investors gave top priority to political clues. The benchmark Nepse index shed 20.94 points or 3.97% to close at the review period’s low of 527.98 whereas the highest point was 548.92 on 19 Feb, 2013.</p>
<p>
	The index had reached 39 months high of 555.93 on 17 February 2013. The previous high of Nepse was 553.4 on 13 December, 2009.&nbsp;</p>
<p>
	Protests voiced by some political sections on the appointment of Chief Justice Khila Raj Regmi as the chairman of the government is the main reason for the recent decline, say market analysts.&nbsp;</p>
<p>
	Another reason was the profit booking by some investors lured by the new highs made by the Nepse. &nbsp;</p>
<p>
	One major recent development is that Nepal Stock Exchange (Nepse) has started preliminary research to upgrade its current trading system. It was on 24 August, 2007 that Nepse replaced the open-out-cry system by remote trading system using Wide Area Network. That system enables brokers to connect to the Nepse server through remote location and perform the transaction. The new system being tried is to facilitate individual investors to place order from their own home using the broker’s system.</p>
<p>
	As the market has turned down touching a high due to profit booking and political climate, stationary movement is expected for few sessions until some healthy clues are received by the investors.&nbsp;</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	During the review period, the “others” sector dropped down by 65.78 points or 9.30% to settle at 707.27. Manufacturing sector posted a heavy loss of 53.88 points or 6.44% to settle at 836.99. Hydropower sector plummeted 37.19 points to rest at 1035.86. The commercial banking sector declined 17.27 points or 3.27% to 528.02. Similarly, finance sector descended 1.56 points or 0.62% to 253.09. However, hotels sector added 5.89 points or 0.88% to reach at 666.97. Insurance sub-index gained 2.28 points or 0.26% to 881.02 while development bank accelerated 1.43 points or 0.57% to close at 252.76&nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips at the secondary market skid 6.15 points or 4.46% to 137.9 while the float index calculated on the basis of real transaction went downhill 0.35 points or 0.94% to 37.27. Total of Rs. 2,823,647,321 turnover was realized during the review period from 10,267,018 units of share traded via 31,100 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual commercial banks accounted for the heavy volume of trade with 81.33% of total trade. Hydropower sector occupied 6.50% while insurance sector constituted 3.62% and rest of the sectors covered the remaining.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has shown a sluggish movement as Nepse Index has been outcast by 30 Days SMA. Index has shown sideways movement for upcoming sessions for confirming the trend.</p>
<p>
	<img alt="Stock Taking" height="374" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_movement_in_indices.jpg" width="368" /></p>
<p>
	<span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
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			'created' => '2013-04-20',
			'modified' => '2013-04-20',
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			'description' => 'Stationary movement is expected for few sessions until some healthy clues are received by the investors.',
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			'title' => 'Politics Is Investors’ Focus',
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	<strong>By Bikram Chitrakar</strong></p>
<p style="text-align: justify;">
	Secondary market slipped off the trend as political dealings and uncertainty cooled down investor’s sentiment. The benchmark Nepse index receded 19.73 points or 3.86% to settle at 510.88 while the session’s high was on 3rd Jan with 533.46 and lowest was on 20th Jan with 508.23.</p>
<p style="text-align: justify;">
	Growing political ambiguity and actions of opposition parties to hit the road with protest programmes against the government pulled the confidence level of the investors in the first month of 2013. The presence of Investors presence was discouraged by sequence of these events. Decrease in the turnover suggests the battered confidence of the investors.</p>
<p style="text-align: justify;">
	Market actions, as the second quarter reports of the listed companies started coming, indicated negative evaluation from the investors of these reports. This was particularly so of the banking and financial institutions.&nbsp;</p>
<p style="text-align: justify;">
	Securities Board of Nepal (SEBON) has issued directives to check the money laundering. This Anti-Money Laundering and Counter-terrorist Financial Directive 2069 provides that securities business person should inform the authorities if the daily transaction of an individual and firm exceeds Rs 1 million. Similarly, other capital market participants are also ordered to keep proper records so as to detect if the source of the investment is suspicious.&nbsp;</p>
<p style="text-align: justify;">
	Performance by Sector</p>
<p style="text-align: justify;">
	Commercial banking sector with dominant volume of trade in Nepal stock exchange descended 29.40 points or 5.98% to rest at 491.48. Hydropower sector skid 62.29 points or 6.33% to 983.9. Others sector lost 15.27 points along with 13.54% down in development bank to 763.65 and 245.94 respectively. Similarly, hydropower sector plunged 62.29 points or 6.33% to rest at 983.9 while finance sector went downhill 9.53% to 250.51. However hotels sector added 84.80 points or 12.51% to close at 677.8. Insurance sub-index gained 70.68 points or 8.67% to 815.24. Manufacturing sector moved higher by 9.04 points to rest at 860.13.</p>
<p style="text-align: justify;">
	Sensitive index that measures the performance of 133 blue chips scrip at secondary market cut off 1.80 points or 1.35% to 133.52 while the float index calculated on the basis of real transaction descended 1.30 points or 3.73% to 34.83. Total of Rs. 1,780,346,071 turnover was realized during the review period from 6,228,761 units of shares traded via 23354 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector accounted for 77.39% of total trade. Hydropower sector occupied 6.86% while development bank grabbed 5.87% and remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) showed shabby conditions in the short term as Nepse Index surged above the 30 Days SMA. However, in long term the 200 Days SMA seems helpless despite &nbsp;roaring movements. Key resistance test at the level of 510 can determine the further movement and new target level.&nbsp;</p>
<p style="text-align: justify;">
	<img alt="Stock Taking, Bikram Chitrakar" height="484" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013.jpg" style="font-size: 11px;" width="403" /><img alt="Stock Taking, Bikram Chitrakar" height="409" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(2).jpg" style="font-size: 11px;" width="419" /><img alt="Stock Taking, Bikram Chitrakar" height="412" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(3).jpg" style="font-size: 11px;" width="392" /></p>
<p style="text-align: justify;">
	<span style="font-size: 11px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
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			'description' => 'Growing political ambiguity and actions of opposition parties to hit the road with protest programmes against 
the government pulled the confidence level of the investors in the first month of 2013.',
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			'title' => 'Above Three Years’ High',
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			'content' => '<p>
	<strong><span style="font-size:16px;">Above Three Years’ High</span></strong></p>
<p>
	<span style="color:#72d1fe;"><span style="font-size: 12px;"><b>(Review for 25 November to 24 December, 2012)</b></span></span></p>
<p>
	<span style="font-size:12px;"><strong>By Bikram Chitrakar</strong></span></p>
<p style="text-align: justify;">
	<img align="right" alt="" height="396" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sectorwise_distribution.jpg" style="margin:0 0 0 10px;" width="321" />December 2012 saw Nepal’s stock market reach nearly three years’ high and the bull run is continuing also in January 2013. The benchmark Nepse index stretched 28.31 points or 5.39 percent during the review period between November 25 and December 24 to close at the session’s high of 525.67 while the session’s low was on December 3 with 481.94. The previous high was at 524.19 recorded on 18 January, 2010.&nbsp;</p>
<p style="text-align: justify;">
	Fall in the banking interest rate and the liberal attitude of banks in extending loans for the purchase of shares from the secondary market have contributed to pull the investors toward the secondary market. The significant growth in the turnover shows the growth in the number of investors in the market.</p>
<p style="text-align: justify;">
	One important development of the month was New Fund Offer (NFO) by Siddhartha Capital. The scheme, named Siddhartha Investment Growth Scheme-I, is worth Rs 400 million with 5 years maturity. Another similar development was the issuance of IPO by Civil Bank; the bank floated eight million units of general shares. Both these offers in the primary market were lapped up by the investors. Still the secondary market continued its upward journey providing further proof to both of the claims of the analysts that the market is getting new investors and that the existing investors have regained their optimism.&nbsp;</p>
<p style="text-align: justify;">
	The recent acceleration has been underpinned by the same fundamentals that govern the sentiments of Nepali investors. Timely settlement of the present political chaos will certainly drive the market higher irrespective of the resistance that can be expected at this level.&nbsp;</p>
<p style="text-align: justify;">
	<strong>Performance by Sector</strong></p>
<p style="text-align: justify;">
	The manufacturing sector, led by Unilever Nepal, posted a whopping gain of 118.98 points or 14.03 per cent to reach 847.94. The commercial bank sector that holds a very high share in the market added 50.36 points or 9.82 per cent to settle at 513.05. Similarly, the development bank sector accelerated 11.40 points to 263.29 while the hydropower sector surged 3.12 points or 0.30 per cent to rest at 1050.88. However, the hotels sector plummeted 60.73 points or 10.24 per cent to 593.01. Likewise, the insurance sector lost 16.96 points and the ‘others’ sector 12.92 points to settle at 739.81 and 774.22, respectively. &nbsp;The finance sector descended 8.04 points or 3.14 per cent to settle at 255.87.</p>
<p style="text-align: justify;">
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market moved 9.42 points or 6.81 per cent up to 138.39 while the float index calculated on the basis of real transaction escalated 0.59 points or 1.65 per cent to 35.84. A total turnover of Rs 2,391,327,495 was realized during the review period through the trading of 6,746,527 units of share traded via 29,146 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the commercial bank sector grasped 77.65 per cent of the total volume of trade. The hydropower sector occupied 8.61 per cent, insurance sector 4.27 per cent and the remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) in both long term and short term is dominated by the Nepse. Both, 200 days SMA and 30 days SMA are outcast with straight ascending of the index, while testing of resistance level is intact at this level.</p>
<p style="text-align: justify;">
	<img align="" alt="" height="375" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/market_trend.jpg" style="margin:5px;" width="387" /><img align="" alt="" height="378" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/movement_in_indices.jpg" style="margin:5px;" width="362" /></p>
<p style="text-align: justify;">
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</strong></p>',
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<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span class="A13">By Bikram Chitrakar</span></span></strong></p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%; color: black;">When NEPSE Reached 33 Months High</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span style="line-height: 115%;">&nbsp;(Review for 30 October to 27 November, 2012)</span></span></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span class="A28">&nbsp;<span style="line-height: 115%; font-family: ">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. </span></span></span></p>
<p class="Pa7" style="text-align:justify">
	<span style="font-size:14px;"><span class="A4">N</span><span style="color: black;">ovember 2012 was an exciting month for the Nepali bourse. The market witnessed a wild upward movement after cooling for a long period. Majority sectors were supported by a straight gain while the volume was also significantly high. The benchmark Nepse index gained 45.33 points or 9.19 percent to settle at 493.16, whereas the session&rsquo;s high was 501.51 on November 20 and the low was 447.83 on October 30. </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Initially, the acceleration in the benchmark index was supported by hydropower and &lsquo;others&rsquo; sectors. Then there was a rapid movement and the index reached a 33-month high. Nepse index&rsquo;s previous high was 501.4 on February 4, 2010.&nbsp; </span></span><br />
	&nbsp;</p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;<span style="color: black;">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. As a result, many investors saw an opportunity at market low that unleashed a buying spree.&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Meanwhile, the Central Depository and Clearing system officially started its services during the review period, promising an accelerated settlement and clearing process. The system promises to finalise the settlements within 3 days of each transaction. However, in the dematarialsation of the securities, the progress has not been fast because only a few securities have been dematerialised so far.&nbsp;&nbsp; </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">Another historic development during the review period was the issuance of a mutual fund by Siddhartha Capital. The Siddhartha Investment Growth Scheme-I proposed by the company has 40 million units at Rs 10 per unit. This makes available a new investment area in the Nepali market that helps the investors to diversify their portfolio. </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">The Nepali market has always been a victim of &ldquo;Animal Spirit&rdquo;, a term used by Prof. JM Keynes to refer to the spontaneous urge to action without considering about the possible consequences of such action. Volatility has been experienced in the Nepali stock market even in such a short period of time that is not sufficient to determine where the possible support and resistance points are. Recent developments in the market provide enough proof to claim that the investors&rsquo; sentiment here is based either on greed or on fear. Such unnatural movements can last only a short span of time. </span></span></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp; </span></p>
<p class="Pa13" style="margin-top:5.0pt">
	<strong><span style="font-size:14px;"><span style="color: black;">Performance by Sector </span></span></strong></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;</span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">The commercial banks sector that occupies a heavy volume of trade in Nepal Stock Exchange gained 76.52 points or 16.67 percent to rest at 458.95. The hotel sector surged 89.58 points or 13.69 percent to 654.15. The hydropower sector escalated 86.06 points to 1031.6. Similarly, the development bank gained 7.24 points and the manufacturing sector 7.63 points to rest at 251.58 and 728.96, respectively. The insurance sector accelerated by 9.37 points or 1.28 percent to reach 733.47 points. However, the &lsquo;others&rsquo; sector plummeted 27.01 points or 3.46 percent to close at 780.1.&nbsp;&nbsp;<br />
	<br />
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market added 12.46 points or 9.73 percent to reach 128.1 points while the float index (calculated on the basis of real transactions) moved up 3.58 points or 10.22 percent to 35.03. A total turnover of Rs. 1,746,132,394 was realized during the review period with 6,012,652 units of shares traded through 24,809 transactions.&nbsp;&nbsp; </span></span></p>
<p class="Default" style="text-align:justify;text-indent:14.0pt;line-height:10.05pt">
	<span style="font-size:14px;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the trade volume with 76.95 percent share. The <span style="color: windowtext;">hydropower sector accounted for 9.29 percent while the development banks and &lsquo;others&rsquo; sector grabbed 4.25 percent and 4.07 percent, respectively. And the remaining portion was shared among the rest of the sectors.&nbsp;&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;">Technically, the Simple Moving Average (SMA) is dominating both 30 days SMA and 200 days SMA. The index has already tipped and a drop by a few points can be expected on the basis of chart analysis. The upward movement has already surpassed the yearly movement, while support and resistance were yet to be visible when this analysis was prepared.&nbsp;&nbsp;&nbsp; </span><br />
	&nbsp;</p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;">&nbsp;</span></p>',
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	<br />
	STOCK TAKING</span></div>
<div>
	<span style="Myriad Pro&quot;,&quot;sans-serif&quot;;Myriad Pro&quot;;color:#221E1F">By Bikram Chitrakar<br />
	<br />
	<br />
	</span></div>
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	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Market Escalates Ahead of Festivals<br />
	</span></span></strong><span style="font-size:14px;"><span style="line-height: 115%;"><br />
	Traditionally, the stock market falls a bit before the festival season that mark long holidays. However, the Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups.</span></span></div>
<div>
	<br />
	<br />
	<img align="right" alt="" border="1" height="1200" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking_.jpg" vspace="10" width="434" /><br />
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<div style="text-align:justify">
	<span style="font-size:
59.0pt">D</span><span style="font-size:10.0pt;Myriad Pro&quot;;
color:#221E1F">efying the traditions, the Nepali capital market experienced an increase in the month of Ashwin (mid- September to Mid-November), ahead of the festival of Dashain. Traditionally, the stock market falls a bit before such festivals that mark long holidays. The Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups. The benchmark Nepse index accelerated 11.94 points or 2.81% to close at 424.43 while the session’s high was 427.90 on 7th October and the session’s low was 412.49 on 11th September. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Among the major influences of the period were Nepal Telecom that is listed under the “others” group and ex-dividend date effect of Chilime Hydropower that is listed under “hydropower” group. Ex-dividend effect was also in the insurance sector and that too helped to move the market higher. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">One major development in the market during the review period is that the Citizen Investment Trust (CIT) has asked major institutional investors to join hands with Trust and pool their funds so as to play a more effective role of market maker. </span></div>
<div>
	 </div>
<div style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;Myriad Pro&quot;;color:#221E1F">Performance by Sector </span></strong></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">During the review period, the hydropower sector added double digits (88.26 points) followed by 88.10 points increase in the others sector to reach at 899.83 and 763.65 points respectively. Insurance sub-index increased 56.07 points or 7.93% to rest at 706.98. Also the hotels and trading sectors increased during the period. Hotels sector went up 19.99 points or 3.57% to 560.12 while trading sector registered the growth of 11.38 points to rest at 174.21. However, banking, development banks and manufacturing sectors plummeted. While manufacturing sector lost 41.33 points or 5.73% to settle at 721.33, the banking sector descended 7 points or 1.97% to 355.41 and the development bank skid 6.27 points or 2.60% to close at 240.8. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Sensitive index that measured the performance of 133 blue chips scrip at the secondary market, surged 4.43 points or 4.06% to 109.03 while, the float index calculated on the basis of real transaction downhill 0.79 points or 2.60% to 30.33. Total of Rs. 1,886,374,657 was realized as the turnover during the review period from 7,111,778 units of shares traded through 31,609 transactions. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">The accompanying figure illustrates sector-wise distribution based on total volume of trade. Banking sector that accounts for the heaviest volume of trade in exchange registered a share of 47.88% of the total trade. Hydropower sector grabbed 20.71% while insurance sector accounted for 15.66% of the trade and rest of the sectors covered the remaining portion. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Technically, the Simple Moving Average (SMA) is outcast as both 30 days SMA and 200 days SMA are dominated by Nepse index. However correction at this level can be expected due to the seasonal cyclical trend. </span></div>
<div>
	<strong><br />
	</strong></div>
<div>
	<strong><span style="font-size:8.0pt;line-height:115%;color:#221E1F">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></div>',
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mso-hansi-theme-font:minor-latin;mso-bidi-font-family:Impact">Stock Taking</span></span></p>
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	<span class="A3"><span style="font-size:18.0pt;line-height:
115%;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;mso-ascii-theme-font:minor-latin;
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	<span style="font-size:32.0pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">Stagnating Signals<br />
	<br />
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	<span style="font-size:11.5pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">&nbsp;The fourth quarterly reports of the companies failed to boost the market</span></p>
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	<span class="A13"><span style="font-size:
59.0pt">W</span></span><span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;
color:#211D1E">hile the fourth quarterly reports of the previous fiscal year were coming in, it looked like that the share market of Nepal was going to get another boost. Almost all the banks and financial institutions (a sector that dominates this market) were reporting increased profit for the previous year. But that did not happen. The benchmark Nepse index lost 11.53 points or 2.91% to rest at 396.83 at the end of the review month. The session’s high was on 23 July (408.36) and the low was on 15 August (392.03).</span> </p>
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	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The reason was however obvious. The investors ignored the satisfactory reports as pessimistic sentiments (about dividend yield) ruled the environment. Shares of major blue chip companies fell down despite the companies showing healthy performance in the last year.</span>&nbsp; <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">However the hydropower companies were exceptions as they registered straight growth stoking expectations of attractive dividends. Three out of the four listed hydropower companies reported grown in their income pushing the group index up.</span> </p>
<p class="Default">
	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Also the monetary policy for the fiscal year 2069/70 failed to drive the stock market. The policy has increases Cash Reserve Ratio (CRR) for the Banking and Financial institutions. This is sure to push up the lending rates causing restraint in borrowing and thus in the business volume and profits of the banking companies.</span> <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">In the review period, the Securities Board of Nepal (SEBON) has suggested Citizen Investment Trust CIT) to mobilize Rs 5 billion in the secondary market to boost up the sagging sentiments in the market. CIT says it is evaluating the feasibility to undertake the role of a market maker. If CIT really takes up this role, it will be a milestone for the betterment of capital market in Nepal.</span> </p>
<p class="Default">
	 </p>
<p class="Default">
	<strong>&nbsp;</strong></p>
<p class="Pa15" style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Performance by Sector </span></strong></p>
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	<strong>&nbsp;</strong><span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Banking sector which occupies the major volume of trade in the exchange plummeted 26.68 points or 7.52% to 354.7. Finance sector descended 12.74 points or 5.05% to 252.21 while development bank lost 6.92 points to close at 246.18. Trading sector receded 4.23 points to come to 187.74. However hydropower sector gained hefty 65.69 points of 8.53% to settle at 770.53. Manufacturing sector too went up 42.06 points to 728.8 while there was 17.62 points increase in others to 635.62.</span> </p>
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	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Sensitive index that measures the performance of 133 blue chips plunged 1.78 points or 1.74% to 102.11 while the float index calculated on the basis of real transaction went down 1.41 points or 4.64% to 30.37. The turnover was of Rs. 1,362,406,374 during the review period from 4,572,497 units of share traded via 27,297 transactions. </span></p>
<p class="Default">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The accompanying figure shows the sector-wise distribution based on the total volume of trade. Commercial bank has accounted for 63.31% of total volume of trade. Hydropower sector occupied 20.49% while remaining sector covered the rest.</span> </p>
<p class="Pa10" style="text-align:justify">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Technically, the Simple Moving Average (SMA) indicates to stagnation in the short term as both Nepse index and 30 days SMA are moving flat. In the long term analysis, the index has already crossed the 200 days SMA indicating that an absence of strong fundamentals will lead to correction. </span></p>
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	<strong>&nbsp;<span style="font-size:8.0pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>
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	<strong>--By Bikram Chitrakar</strong></div>
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		&nbsp;</div>
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		Secondary market of Nepal spurted to new high after six years helped by partial settlement of political uncertainty. The Nepse, benchmark index of country&#39;s capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period while the lowest was 769.51 on February 03, 2014. On November 09, 2008 stock market index of Nepal had hovered around 810.81, and that has been surpassed by this review period&rsquo;s closing. The prime factor for this gear up has been pointed to the latest political developments which includes coming of the Constituent Assembly into function and the formation of Sushil Koirala-led Nepali Congress-CPN-UML coalition government. This tipped off the market with optimism and pushed the index to a new high after nearly six years.&nbsp;</div>
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		&nbsp;</div>
	<div>
		The growth in benchmark index has been primarily contributed by insurance and hydropower sectors. Insurance sector has been the new hot cake of investors since the middle of previous fiscal year. Likewise investors have preferred most of the hydropower companies. During the review period, the sub-index of insurance sector has gone up by 652.17 points and hydropower sub-index jumped 344.22 points.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Market capitalization for this period has been fueled up by 5% as compared to the preceding month. Flexible margin lending (loan against share certificates as security) by different financial institutions, excess liquidity in the banking system, narrow down of market interest rates and lack of better investment alternative have underpinned the recent growth in the capital market. &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Nepal Stock Exchange (NEPSE) has revised its list of category &ldquo;A&rdquo; stocks. The new list has 130 companies compared to 120 in the last year. As per the bylaws, companies with minimum of Rs 20 million paid-up capital with at least 1000 equity holders can be categorized in this group. Besides, the company should also post profit for three straight years and its book value must be above paid-up value.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		The momentum of this &quot;A Class&quot; category stocks has been reflected by the sensitive index. With the inclusion of new 10 companies in this category, the ratio of &#39;A&#39; graded companies with total listed companies now stands at 57%. Thus, the movements of the sensitive index and Nepse index show similar pattern. This indicates the need for introducing more categories and classification. &nbsp; &nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
	<div>
		Following the positive trend of previous weeks, most of the sub-indices under Nepse registered growth during this review period too in addition to banking and &lsquo;others&rsquo; sub-indices. Insurance sub-index turned to be the highest gainer of the review period with a growth of 652.17 points followed by hydropower sub-index, which increased by 344.22 points. Hotel sub-index also added 245.11 points to rest at 1402.23. Development bank sub-index went up the hill to 54.52 points while trading sub-index registered a growth of 15.04 points. However, banking sub-index faced the losing session with downfall of 14.40 points to rest at 765.85 while &#39;Others&#39; sub-index settled at 793.02 down by 3.52 points during the review period. &nbsp;Meanwhile, Sensitive index that reflects the movement of &ldquo;A Category&rdquo; stocks of Nepal Stock Exchange ascended 4.09 points or 2.29% to settle at 178.64 points while float index went up 2.55 points to 55.19. &nbsp;During the review period, total of Rs. 5.98 billion turnover was realized from 16.67 units of share traded through 53,942 transactions.</div>
	<div>
		&nbsp;</div>
	<div>
		During the period, 44.51 percent of the total turnover was captured by commercial banks. Insurance sector grabbed the second position with 20.79 percent while 18.23 percent was occupied by hydropower sector. Rest of the portions of total turnover were covered by remaining sectors.&nbsp;</div>
	<div>
		&nbsp;</div>
	<div>
		Technically, the Simple Moving Average (SMA) of Nepse index is aggressive when SMA of these 30 days and the past 200 days are compared. Despite the positive expectations, chances of correction at this level seem prominent. However, Nepse index may further rise to test some psychological levels and perhaps next resistance. As per the pivot analysis, the next resistance of Nepse range is at 840.39 and 858.11, while the support levels stand at 787.23 and 751.79 at lowest.</div>
	<div style="text-align: right;">
		<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
	<div>
		&nbsp;</div>
	<div>
		<img alt="Stock Taking" src="/userfiles/images/st(3).jpg" style="width: 550px; height: 193px; margin-left: 10px; margin-right: 10px;" /></div>
</div>
<p>
	&nbsp;</p>',
			'published' => true,
			'created' => '2014-03-24',
			'modified' => '2014-03-25',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Nepse, benchmark index of country's capital market, surged 37.20 points or 4.52 % to rest at 822.67 on February 20 as the highest of the review period.',
			'sortorder' => '2609',
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	(int) 1 => array(
		'Article' => array(
			'id' => '2587',
			'article_category_id' => '42',
			'title' => 'Compliance And Operational Risks In Mutual Funds',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong>--By Sushil Maharjan</strong></div>
<div>
	&nbsp;</div>
<div>
	The country&rsquo;s only stock exchange, the Nepal Stock Exchange (NEPSE), has been thriving and attracting capital market investors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Securities Board of Nepal (SEBON) received approval from the Nepali government under the Securities Act, 2007 to establish Mutual Fund Regulations, 2010 as well as the power to issue licences for mutual funds to be sold in Nepal. &nbsp;In 2010, the first two mutual fund companies were licenced by SEBON and more are in the pipeline. &nbsp;Nepal&rsquo;s first mutual funds have since become well-established businesses that have successfully launched other mutual fund schemes. &nbsp;In this brief period, SEBON has made new provisions to open secondary markets for non-resident Nepalis by making necessary amendments to Mutual Fund Regulations, 2010. &nbsp;I strongly believe, in the next five to ten years, there will be more diversity in the Nepalis capital market as the mutual fund industry continues to mature.</div>
<div>
	&nbsp;</div>
<div>
	We have seen the NEPSE reach a historical low of approximately 375 points back in 2006, and a high of approximately 1180 points in 2008, only for the index to reach an all-time low of approximately 292 points back in 2011. Although the NEPSE has had its share of bear and bull markets, however the index is on the brink of surpassing its highest point for 2013. &nbsp;Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets. &nbsp;Thus, the portfolio net asset&nbsp;</div>
<div>
	value affects mutual fund unit prices on a daily basis.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The NAV of a mutual fund is derived from the value of the underlying securities held in the fund&rsquo;s portfolio, which is equal to the mutual fund&rsquo;s assets, less all of its liabilities. &nbsp;Many mutual funds use this number to determine the trading price for units of the fund. When investors buy and sell mutual funds, firms typically do so at the NAV; there is no secondary market in mutual fund units as the fund itself issues and redeems them.</div>
<div>
	&nbsp;</div>
<div>
	We know confident Nepali investors are a big boost to the capital market, though increased trading volume doesn&rsquo;t necessarily indicate that there is growing interest in the stock market; this may be because of reasons such as the improving political stability of Nepal, regulatory changes or available investment opportunities. &nbsp;Value investors see how well companies or stocks are performing within their mutual fund portfolios and measure the performance and returns of all funds across all mutual fund asset classes as well as of market indices.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this changing and high-paced investment world, there are reasons to be concerned about mutual fund companies&rsquo; failure to adopt fair value pricing, which would help to avoid losses due to market timers and to manage emerging risk and market trends. &nbsp;Compliance plays a very big role in capital markets and investments, especially with Nepal&rsquo;s new mutual funds. &nbsp;Compliance is the strict following of a requirement, such as specific regulations, policies, standards or laws. &nbsp;The goal of regulatory compliance is to ensure that corporations or public agencies are made fully aware of relevant laws and regulations and take the necessary steps to follow them; this is vital in for Nepal&rsquo;s capital market and mutual industry to thrive. &nbsp;An increasing number of regulations and need for operational transparency will require that institutions that offer mutual funds adopt and consolidate their compliance controls, as this will ensure that all the necessary governance requirements can be met without duplication or inefficiency. &nbsp;Mutual fund trade processing, recordkeeping, and transaction flows strengthen mutual fund oversight programs and operations. We know that compliance rules have the potential to improve mutual fund company operations and that the independence of the compliance function is key to preventing violations and/or abuses of securities laws, regulations and mutual fund policies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	One has to be very conscious of the various risk types associated with mutual funds. &nbsp;Operational risk cannot be overlooked; this arises from the individual systems and processes through which Nepal&rsquo;s mutual fund companies operate. &nbsp;Operational risk is stated in the Basel II regulations as the risk of loss resulting from inadequate or failed internal processes, people and systems or from any external events. &nbsp;As an investor, one must recognize that the people, processes and systems of any given company are imperfect, and that losses can occur due to errors and ineffective operations. &nbsp;Generally speaking, the volume of global financial transactions, combined with solid compliance reduces operational risk. &nbsp;However, I want to focus on mutual fund valuation risk and trading abuse. &nbsp;We know that assets can be overvalued or worth less than expected whenever they mature or are sold before then by brokers or dealers. &nbsp;Initiating institutions, brokers, custodian banks, fund administrators, transfer agents and auditors currently share their information electronically and their processes are already automated, thus raising the potential risks with respect to data management and valuations. &nbsp;As valuation risk affects transactions processing, front and back office operations, distribution, investment management as well as the private wealth and advisory services areas of mutual fund firms, I strongly believe that straightforward processes and trading strategies, dating and valuation techniques must be consistent throughout the trade processing cycle. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><img alt="Stock Taking" src="/userfiles/images/st1%20(Copy).jpg" style="width: 550px; height: 597px; margin-left: 10px; margin-right: 10px;" /></strong></div>
<div>
	&nbsp;</div>
<div>
	From a mutual fund trade processing and recordkeeping standpoint, investors generally purchase, transfer in (or out), or sell fund units through multiple channels - either directly from the fund companies, or through various intermediaries, such as broker-dealers, financial advisors, banks and insurance companies. &nbsp;Settlement risk occurs when the counterparty does not deliver a mutual fund&rsquo;s value in cash as per its trading agreement with the other party upon the execution of trade instructions. &nbsp;This is particularly true for assets that have low liquidity and are not easily tradable in public exchanges. Moreover, issues associated with valuation risks go beyond the firm itself. Mitigating risks as much as possible will provide transparency and ensure the integrity and consistency of the data, models and processes used in making and reporting calculations in the valuation of mutual funds.</div>
<div>
	&nbsp;</div>
<div>
	<em><span style="font-size: 11px;">(Maharjan has extensive financial services industry experience and is currently with CIBC Mellon, Canada&rsquo;s Leader in Asset Servicing, jointly owned by Canadian Imperial Bank of Commerce and The Bank of New York Mellon. &nbsp;This is not an official publication of CIBC Mellon. The views expressed are those of the author and are not necessarily those of CIBC Mellon or New Business Age.)</span></em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2014-02-13',
			'modified' => '2014-02-18',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'Capital markets affect portfolios of mutual fund holdings, as the (net asset) values of these portfolios increase and decrease according to the direction of capital markets.',
			'sortorder' => '2436',
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	(int) 2 => array(
		'Article' => array(
			'id' => '2495',
			'article_category_id' => '42',
			'title' => 'Nepse Legs Up  For The Next Bull Run',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors&rsquo; sentiment was purely bullish &nbsp;and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The gaining momentum has been supported by excess liquidity in the banking system despite the central banks several rounds of reverse repo operations with an aim of absorbing the excess liquidity from the market. Liquidity available with the investors at this time has also helped to boost the market as average daily turnover in Nepal Stock Exchange has now crossed Rs. 500 million. Likewise lack of potential investment opportunities in the real sectors has flooded fresh additional investments in the stock market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Following the excess liquidity in the financial system, cut in interest rates for deposit as well as lending by Banks and Financial Institutions (BFIs) and relative flexibility in share margin loan have also underpinned the recent growth in the country&rsquo;s stock market. However informally it has been heard that Nepal Rastra Bank, the regulator of the country&rsquo;s banking industry, is mooting introduction of some rigid measures on loan against share certificate. If so is the case, there may be some corrections in the market. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Sector</strong></span></div>
<div>
	Following the previous trend, insurance sub-index topped the gaining chart with increase of 280.11 points for the period to rest at 1997.51. Hydropower sub-index added 248.03 points or 13.55% to settle at 1831.09. In the mean time, Hotel sub-index moved higher by 195.02 points to rest at 1100.64 on December 18, 2013. The Banking sub-index stepped up 192.84 points or 23.19 % to close at 831.66 while the sub-index of Development Banks registered a gain of 97.25 points for the period. The &lsquo;Others&rsquo; sub-index accumulating the heavy scrip of Nepal Telecom surged 54.03 points to settle at 822.38.</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 &lsquo;A&rsquo; class companies listed at the secondary market moved higher by 28.78 points or 15.70% to settle at 183.28 while the float index calculated on the basis of real transaction of listed securities went uphill by 8.71 points or 16.37% to close at 53.21. Total of Rs. 7390 million turnover was realized during the review period from the business of 21.16 million units of share via 48,940 transactions.</div>
<div>
	&nbsp;</div>
<div>
	During the period of November 24 to December 18, 2013, commercial banks accounted the most of the turnover covering 70.84% of the total. In the mean time, Insurance sector covered 11.04% and development bank 7.71% followed by hydropower sector with 7.06% and the rest of the sectors made up the remaining portion.&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both 30 days SMA and 200 days SMA. Unusual strong growth in index has invited correction at this level. Hence cautious observation is required at this level to determine support and resistance regions. &nbsp;</div>
<div style="text-align: right;">
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	<img alt="Stock taking" src="/userfiles/images/stock%20(Copy)%20(Copy).jpg" style="width: 550px; height: 208px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2014-01-24',
			'modified' => '2014-01-26',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'The Stock market of Nepal witnessed a strong unusual movement after completion of the second elections for Constitutional Assembly (CA) and announcement of the results. Investors’ sentiment was purely bullish  and Nepse registered high trade volumes and frequent circuit breaks in the trading platform. The benchmark Nepse index skyrocketed by 150.07 points or 18.60% taking the secondary market to a 5-year high of 806.82 on December 18, 2013. The index was hovering around the same level in November 11, 2008. The final results of the CA elections further stimulated the stock market which had already leaped after the elections were over. Besides hope of political sustainability has improved the bullish sentiment leading the market to gain nothing like before.',
			'sortorder' => '2340',
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	(int) 3 => array(
		'Article' => array(
			'id' => '2063',
			'article_category_id' => '42',
			'title' => 'Stagnant Market Ahead Of Earning Reports',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.</div>
<div>
	&nbsp;</div>
<div>
	Investors await the report on earnings from different banking and financial institutions which have driven the index for most of the time. The Standard Chartered Bank Nepal has declared 10 per cent bonus share and 40 per cent cash dividend; Nabil Bank has announced a 40 per cent cash and 25 per cent bonus share; Nepal SBI Bank decided to propose 12.5 per cent bonus share and 7.5 per cent cash dividend while other institutions are also in row to declare their earnings&rsquo; announcements. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Profit booking has also been noticed in a few sessions after the escalation of the market. Investors rush to secure their profit with a steady market growth and also heed dividend giving stocks and settle with those less attractive or with no returns. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As investors intensify their expectations, the deceleration of the earning for the fiscal year 2069/70 will guide the market move ahead of Dasain.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector</div>
<div>
	Following previous trends, the insurance sector added 125.34 points or 9.31 per cent to rest at 1346.57. The hydropower sector moved higher by 86.45 points or 6.66 per cent to 1298.23 while the hotels sector gained 32.63 points to reach 704.49. The commercial banking sector, however, plunged by 9.69 points or 1.84 per cent to rest at 526.29. The &lsquo;Others&rsquo; sector with the heavy scrip of Nepal Telecom descended 4.70 points to 661.46 whereas the development bank sector went down by 2.69 points to 277.46.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The sensitive index that measure the performance of 120 blue chips at secondary market plummeted by 4.24 points or 3.21 per cent to 132.18. However, the float index calculated on the basis of real transactions ascended by 0.52 points or 1.33 per cent to 39.02. &nbsp;A total of Rs. 3,580,221,388 turnover was realized during the review period from 11101443 units of shares traded via 39,607 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure depicts the sector-wise distribution based on total volume of trade. Commercial banks dominated the total volume of trade with 64.27 per cent holdings. Development banks covered 13.98 per cent, the insurance sector accounted for 12.08 points and the rest of the sectors made up for the remaining.</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has dominated both short term and long term SMA. However, narrowing down of the index suggests a few sideway movements for upcoming sessions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></div>
<div>
	&nbsp;</div>
<div>
	<img alt="" src="/userfiles/images/sctrl.jpg" style="width: 550px; height: 230px; margin-left: 10px; margin-right: 10px;" /></div>',
			'published' => true,
			'created' => '2013-10-29',
			'modified' => '2013-10-29',
			'keywords' => 'new business age sectoral news & articles, sectoral news & articles from new business age nepal, sectoral headlines from nepal,  current and latest sectoral news from nepal, economic news from nepal, nepali sectoral economic news and events,  ongoing  sectoral news of nepal',
			'description' => 'The stock market of Nepal turned stable during the review period between 20 August and 19 September, ahead of the earning reports of different banking and financial institutions. The benchmark Nepse index added a modest 0.66 points or 0.12 per cent to rest at 548.98. The highest point for the review period was reached on 9 September 552.34 while the lowest was reached on 4 September 545.5.',
			'sortorder' => '1911',
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	(int) 4 => array(
		'Article' => array(
			'id' => '1968',
			'article_category_id' => '42',
			'title' => 'Investors Welcome Quarterly Report',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="Sectors" src="/userfiles/images/sector%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 916px;" />The secondary market of Nepal placed itself in greener terrain as investors welcomed a healthy quarterly report from listed companies. The benchmark Nepse index moved higher by 27.02 points or 5.04 per cent to rest at 536.38 while the highest index was reached on 31 July with 547.61 and lowest on 16 July with 509.36.</div>
<div>
	&nbsp;</div>
<div>
	Healthy fourth-quarterly financial reports of many listed companies have stepped up capital market heat as share prices surged after positive reports in expectation of better returns. Interest rates from different financial institutions perfectly blend with investors&rsquo; confidence and growth in transaction.</div>
<div>
	&nbsp;</div>
<div>
	Announcement of the budget on time and emphasis on monetary policies to increase the capital base of Banking and Financial Institutions within a year has further opened the way for mergers, right shares and bonus shares of many institutions. The insurance sector was boosted initially with the news of increasing capital requirements, as was the banking sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Investors were keen to purchase stocks of select institutions that are likely to go for mergers. This has been noticed in the trading session, irrespective of the insititutions&rsquo; financial soundness. Total volume improved due to these. However, the volume gain was trimmed off with the news of promoters floating their shares to the public through the conversion process.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Additionally, the market has picked up with a healthy performance of financial institutions, insurance and hydropower companies although a few stagnant periods for profit-booking were also there. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size: 14px;"><strong>Performance by Major Sectors</strong></span></div>
<div>
	During the review period, it was seen that the insurance sector escalated by a lofty 235.47 points or 20.01 per cent to rest at 1177.03. Similarly, the hydropower sector went up by 141.45 points to close at 1203.45. Commercial banks added 18.77 points followed by 17.18 points up in development banks. Others sectors gained 11.75 points or 1.81 per cent to rest at 648.54 while the manufacturing sector inclined 10.11 points to 878.83. The hospitality sector, however, descended by 13.08 points or 2.02 per cent to settle&nbsp;</div>
<div>
	at 646.23.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index measuring the performance of 120 blue chips scrip at the secondary market went uphill by 5.47 points or 4.11 per cent to 133.18 while, the float index calculated on the basis of real transaction ascended by 2.09 points or 5.55 per cent to 37.65. A total turnover of Rs. 3,246,999,238 was realised during the review period from 11,009,397 units of share trade via 38,657 transactions.</div>
<div>
	&nbsp;</div>
<div>
	The accompanying figure shows the sector-wise distribution based on total volume of trade where the commercial banking sector dominated by covering 63.01 per cent of total trade. The insurance sector accounted for 15.66 per cent, the hydropower sector occupied 10.16 per cent and remaining sectors made up for the rest.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) is dominated by the Nepse index. However, the key resistance area near the level of 530 shows some tight level for new direction.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>',
			'published' => true,
			'created' => '2013-10-09',
			'modified' => '2013-10-09',
			'keywords' => 'new business age stock taking news & articles, stock taking news & articles from new business age nepal, stock taking headlines from nepal,  current and latest stock taking news from nepal, economic news from nepal, nepali stock taking economic news and events, ongoing stock taking news of nepal',
			'description' => 'A healthy fourth-quarterly report brings good tidings for financial markets and major sectors of the economy',
			'sortorder' => '1817',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 5 => array(
		'Article' => array(
			'id' => '1681',
			'article_category_id' => '42',
			'title' => 'Budget Prospects Pulled Market Above 500',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong>By Bikram Chitrakar</strong></div>
<div>
	&nbsp;</div>
<div>
	<img alt="STOCK TAKING" src="/userfiles/images/sectors(2).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 300px; height: 905px;" />The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The index climbed back to nearly four months high surpassing the previous resistance level of 500. Investor&rsquo;s expectation of the full budget for fiscal year 2013-14 was the main reason.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In the review period, the market also experienced positive supply shock. Initial public offering (IPO) of Mega Bank Nepal, right issue of Nepal Bank Ltd and some other IPOs and right issues absorbed the liquidity. This put pressure on the investors to sale off their stocks to unfreeze the funds for investment in the primary issues. Further, fiscal year-end tightening on margin loan from the financial institutions played its role to make the investors to offload some shares. Still the market saw an overall positive growth indicating further growth in the days ahead.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Rumours that Nepal Rastra Bank is all set to instruct financial institutions for raising paid-up capital acted as a spur to lift banking stocks.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Meanwhile, Sitaram Thapaliya has been appointed as the General Manager of Nepal Stock Exchange. The position was lying vacant since January 2013 after the tenure of Shankar Man Singh came to an end. Assuming office, Thapaliya said he would try to upgrade the online trading platform to facilitate the traders beyond located outside Kathmandu valley and abroad.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Performance by Sector&nbsp;</div>
<div>
	During review period, insurance sub-index added 29.79 points. That was followed by 29.37 points up in the &lsquo;others&rsquo; sector on the back of gain in the price of Nepal Telecom. Hotels sector went up 18.22 points or 2.75 percent to 662.85. Commercial banking sector posted growth of 9.74 points. However, manufacturing sector receded 7.74 points to 868.72 while hydropower sector plummeted 1.87 points to rest at 1041.43.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Sensitive index that measures the performance of 120 blue chip companies went up 2.21 points to 126.12 while the float index which is calculated on the basis of real transaction went uphill 0.26 points to 35.75. A total turnover of Rs. 1,817,767,779 was realized during the review period from 8.530,819 units of shares traded via 25,787 transactions.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	As usual, the commercial bank has occupied the 77.65% of total volume of trade. Hydropower sector accounted 12.84%, insurance covered 9.57% and rest was made up by other remaining sectors.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Technically, the Simple Moving Average (SMA) has been outcast by Nepse index while the index has crossed the level of 500. The 30 days SMA and 200 days SMA are in tight range suggesting resistance test at this level.</div>
<div>
	(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-23',
			'modified' => '0000-00-00',
			'keywords' => 'new business age biz news news & articles, biz news news & articles from new business age nepal, biz news headlines from nepal,  current and latest biz news news from nepal, economic news from nepal, nepali biz news economic news and events,  ongoing biz news news of nepal',
			'description' => 'The benchmark Nepse index stretched 10.85 points or 2.14% to close at review period high of 506.45 while the low was on 23rd June with 487.63.',
			'sortorder' => '1542',
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	(int) 6 => array(
		'Article' => array(
			'id' => '1064',
			'article_category_id' => '42',
			'title' => 'Fear Of Oversupply',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><br />
	</strong></p>
<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	(Review for 16 Apr to 16 May, 2013)</p>
<p>
	<strong><em>The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.</em></strong></p>
<p>
	The stock market drifted down to nearly six months low after the regulator Securities Board of Nepal (SEBON) move to allow offloading of the promoter shares through brokers. General investors fear that this will cause an oversupply impacting their asset price. As a result, the benchmark Nepse index on May 16 plummeted below that of 3 December 2012.&nbsp;</p>
<p>
	Though the regulator tried to pacify the investors stating that offloading of the shares will not affect market, the move does not seem to convince the investors. SEBON said, its move was simply to minimize the lengthy process under the previous rule that required an offer document to be prepared and publishing it before promoters shares could be offloaded. &nbsp;The new rule does away with that and says such shares can be sold directly through brokers. &nbsp;</p>
<p>
	There was another reason as well for the loss in the prices of the shares. During the review period, the price of bullions, particularly of the gold, has also gone down heavily attracting the investors away from the share market to the bullion market. The yellow metal lost nearly Rs 10,000 per tola (1 tola = 11.6638038 grammes). Nepali households buy gold for investment as well as for meeting some cultural necessities.&nbsp;</p>
<p>
	Performance by Sector</p>
<p>
	Across the sectors, manufacturing and trading were the only two that gained. The ‘Others’ sector lost heavy (42.28 points or 6.60%) to rest at 640.32. Insurance sub-index plummeted 29.17 points to close at 859.99. Commercial banking sector trailed down 25.74 points or 5.19% to rest at 496.38. Similarly, hydropower sector descended 9.07 points to 1020.41. Hotels sector drifted 5.34 points along with 5.31 points fall in finance sector to 644.65 and 246.31 respectively. However manufacturing sector gained 26.32 points or 3.04% to rest at 866.55 while trading sector gained 2.93 points to 167.94. &nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips skid 5.92 points or 4.72% to 125.55 while the float index calculated on the basis of real transaction went downhill 0.96 points or 2.69% to 35.75. Total turnover of Rs. 179,556,819 was recorded during the review period from 7,248,255 units of shares traded via 21,249 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector dominated the total volume of trade by holding 73.38% share. Insurance sector accounted for 9.16% and hydropower sector 8.42% while the remaining sectors made up for the rest.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has been dominated by Nepse index in the long term as 200 days SMA hovers below the index line while in the short term the index has approached towards the previous resistance level of 500 and suggests it is in a neutral position waiting for clearance towards new direction.</p>
<p>
	<span style="font-size:10px;"><strong>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</strong></span></p>',
			'published' => true,
			'created' => '2013-06-07',
			'modified' => '2013-06-07',
			'keywords' => 'Stock taking, Bikram Chitrakar, New Business Age-',
			'description' => 'The Nepali share market came down to six months low on a fear of oversupply of ordinary shares after a move of Securities Board to allow offloading promoter shares. The benchmark Nepse index tumbled 20.70 points or 4.14% to settle at 499.99 while the sessions high was on 16 April with 520.69 and the low was on 6 May with 481.93.',
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	(int) 7 => array(
		'Article' => array(
			'id' => '983',
			'article_category_id' => '42',
			'title' => 'Cooled Down By Profit Booking',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Profit booking in different sectors persists now after the warming up of the secondary market for some time in the recent past. This follows nearly two years of down market. Investors started securing their positions as the Nepse index tested its level near 550. &nbsp;</p>
<p>
	Objection of the smaller political parties after the formation of the new government has also dragged the market down. Different protest programs from the small parties pulled the sentiments in a few sessions.</p>
<p>
	During the review period CDS and Clearing Ltd started its operation for digital clearing and settlement. Currently there are seven Depository Participants (DP) who can facilitate opening of demat accounts. Similarly, 6 out of 226 listed companies have signed for dematerialization of&nbsp;<span style="font-size: 12px;">their shares.&nbsp;</span></p>
<p>
	Full-fledged digital operation will facilitate quick transfer and settlement process. Similarly, right issue, voting and other matters can also be flashed on screen increasing the trade turnover rate.</p>
<p>
	Around eight companies have lodged application with Securities Board of Nepal for permission to issue an &nbsp;initial public offering(IPO). The combined weight of these applications is Rs 1.45 billion. Hence it is sure to increase the flow of share in the market while the direction of the market will be framed also by the upcoming quarterly financial reports.</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	Banking sector with significant volume of trade in local exchange slipped 16.78 points or 3.21% to rest at 522.12. Others sector with heavy concentration of NTC plummeted 39.94 points or 5.96% to settle at 669.68. Hotels sector lost 13.59 points followed by 13.08 points down in hydropower sector to 649.99 and 1029.48 respectively. Development bank descended 7.13 points to close at 248.78 while the finance sector receded 4.01 points or 1.59% to 251.55. However, insurance sub-index accelerated 10.77 points or 1.21% to rest at 888.68.The manufacturing sector surged 4.88 points or 0.58% to settle at 840.23</p>
<p>
	Sensitive index that measures the performance of 120 blue chips at the secondary market plunged 4 points or 3.04% to 131.47 while the float index calculated on the basis of real transactions went downhill 0.86 points or 2.34% to 36.71. Total of Rs. 1,711,318,453 turnover was realized during the review period from 6,534,271 units of shares traded via 23,595 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. The commercial banking sector accumulated 75.08% of total volume of trade. The hydropower sector occupied 7.63% followed by the insurance sector with 7.16% while remaining sectors covered the rest.</p>
<p>
	Technically, the Simple Moving Average (SMA) shows stationary movement in short term as both Nepse index and 30 days SMA are moving flat. Persistent sell-off in this level can trigger upside correction. However, high volatility is not expected.&nbsp;</p>
<p>
	<span style="color:#00f;"><strong>Review for 17 Mar to 16 Apr, 2013</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Sectorwise Distribution, Stock Taking" height="497" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_sectorwise_distribution.jpg" width="430" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Market Trend, Stock Taking" height="404" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_market_trend.jpg" width="442" /><br />
	</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="Movement In Indices, Stock Taking" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/may2013_stock_taking_movement_in_indices.jpg" /><br />
	</strong></span></p>
<p>
	<strong><span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>',
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			'created' => '2013-05-20',
			'modified' => '2013-05-20',
			'keywords' => 'Stock Taking, Cooled Down by Profit Booking',
			'description' => 'The secondary market of Nepal bid farewell to the year 2069 on a sweet note. However, profit booking cooled down the market a bit. The benchmark Nepse index descended 14.41 points or 2.77% to settle at 520.69 while the session’s high was on 17 March with 535.10 and lowest on 31 March with 511.45.',
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		'Article' => array(
			'id' => '951',
			'article_category_id' => '42',
			'title' => 'Change The Way We Think Of Stocks',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Hom Nath Gaire</strong></p>
<p>
	 </p>
<p>
	What does it mean to value a stock as a business? How does it differ from the way most investors think about investing in stocks? These are the fundamental questions one should ask while planning to invest in stock market. To answer these questions, let’s start by considering what a stock actually is. In simple terms, a stock of a company represents a share of ownership of an actual business.&nbsp;</p>
<p>
	But as Warren Buffett, prominent American stock investor, often says, most people tend to think of a stock as a ticker symbol with a squiggly line attached. Most people think it is easier to look at a stock chart and try to predict whether its price will go up or down than it is to understand the underlying business and its performance. But the truth is, almost nobody is good at this. It takes an extremely rare individual to do it with enough consistency to make money.</p>
<p>
	Some professional and dedicated part-time traders succeed by buying and selling stocks using short-term strategies. But the overwhelming majority of investors would make a lot more money – and lose a lot less – if they learned to approach stocks in the way they would move toward ownership in a business. However, it is not an easy task to find a business that is simple enough to fully understand than to consistently predict where the price of its stock is going next.</p>
<p>
	Still, there are a number of benefits of this approach about investment. Several of the world’s greatest investors have shown that this approach is one of the simplest, safest, and most consistent ways to make money from the stock market. But perhaps even more important is the peace of mind. Let’s go through an example to clarify the concept. Suppose there are two investors who are buying stock in the same company, say X. &nbsp;Investor A, approaches investing as a business owner and does a little homework on the underlying business. He believes company X is a wonderful business trading at a good price, and he decided to buys a sizeable number of shares. But investor B is like most people and decides to buy share of X without any real understanding of the underlying business. May be he saw the stock X is being advertised on local news paper or television, heard this or that famous investor was buying it, or has a friend who made a lot of money in it.&nbsp;</p>
<p>
	If the share price of company X goes up, both investors will probably be feeling good about their decision. But what if the price was to suddenly fall by 5 percent, 10 percent or even more? Or the market experiences a serious correction that takes most stocks down with it?&nbsp;</p>
<p>
	In this case, the investor A is much more likely to sleep well at night. He knows he bought a quality business and he knows he paid a good price for it. Like wise, he also knows the fluctuations in the share price have nothing to do with the underlying business. In fact, he may actually be happy to see the price fall – as Warren Buffett used to say – because it will allow him to buy more shares or reinvest his dividends at a better price. On the other hand, Investor B would probably be in worry. Because, he has no idea what the underlying business is actually worth or what a fair price for it is. He only knows that he has lost money. He is probably still speculating whether it will be a 5 percent correction or a 30 percent crash and whether he should sell his ownership right now or wait it out.</p>
<p>
	The fact is, one normally can not know those things in any kind of reliable manner. But what he knows is that great businesses consistently make money all the way through good times and bad ones. And he can have a lot of certainty that over the long run, he will be rewarded from that great business as a shareholder. Thus, all should try to take decision like investor A, in our example rather than like B. Then only we can sleep well at night and simultaneously we can make money from the stock market.&nbsp;</p>
<p>
	Just look at the history of the 20th Century in global stock market. What calamity didn’t happen in the 20th Century? There were two world wars and various smaller ones, a great depression, hyperinflation, unemployment and even stagflation. All the productive resources were either seized by the government of destroyed in the wars and calamities; there were 50 percent to 90 percent marginal tax rates for many of those years. Nevertheless over the century, the Dow Jones Industrial Average (DJIA), world’s oldest stock index soared thousands fold. Likewise, the Bombay Stock Exchange’s sensitive index, SENSEX has also gained thousands fold over the same period.</p>
<p>
	These two examples, of course, stand witness that companies would have done better even under the government-created problems, though the business suffered from the politics, wars, the economy and inflation. However, there are never any guarantees in the stock market, betting on great businesses was always the right thing to do over the last 100 years. And there is a very high probability that you’ll do well buying great businesses over the next 100 years. Thus let’s start to think differently about the stock market.</p>
<p>
	<strong>How to Identify a Great Business?</strong></p>
<p>
	The first step for this approach is as simple as changing your thinking. It is nothing but just deciding you won’t buy a stock unless you can understand its business, even if it looks attractive and it’s reasonably priced. Most peoples would intuitively understand this if they were buying an actual business outright, but they seldom make the connection when buying stocks. What one should notice when to begin thinking this way is, very few stocks are likely to meet set criteria. When you really understand what you’re buying, you’ll tend to be much more selective and gravitate toward great businesses.&nbsp;</p>
<p>
	There are a few clues to identify a great business and to leave behind a poor one. The easiest one to identify is a profit margin of consistent thickness over many years, even if it’s a thin profit margin. For example, Wal-Mart’s net profit margin is thin, around 3%. But it is a very consistent and ranges every year like clockwork. Likewise, Microsoft’s gross margin has been around 80% for many years.&nbsp;</p>
<p>
	Consistent margins tell that something special is going on there. That business has been able to extract that profit out of the market because it’s doing something that people really want year after year and it has positioned itself in the marketplace so that it can keep doing it.</p>
<p>
	Another big clue of a great business is consistent free cash flow generation. That is a sign that the business does not require all kinds of expensive reinvestment year after year. It means the business can invest relatively little of that cash profit and put the rest toward things like paying out dividends, buying back shares, or making new investments in the future. A business gains a great deal of flexibility when it is able to generate a lot of free cash flow. A third clue is a history of dividend payments that rise every single year for many years (dividend grower). Not all great businesses have this trait, but many of them do. So it is something to look for. There are obviously more, but these are the big ones that most great businesses share.&nbsp;</p>
<p>
	<strong>How to Value a Business?</strong></p>
<p>
	Once a great business is identified, the next problem is to determine the fair trading price or value of business. There are two primary ways to value a business. One is by net worth, and the other one is by profit generation. Net worth is calculated the same way we would do it for ourselves. If one wants to find out what his net worth is, add up all the cash and all assets, like house, cars, etc. Then he should subtract everything he owes – things like mortgage, credit cards, and car loans – and that difference is his net worth.&nbsp;</p>
<p>
	We can do the same thing with a company. For this, first of all we should look at a company’s balance sheet and assign a value to its cash and other assets, add them all up, subtract what it owes – debt and other liabilities – and get its net worth. This is a simple example. This calculation can get rather complicated, depending on the business. Sometimes, assets have to be revalued, for example, if the company owns a bunch of land that they paid very little for many years ago that’s worth much more now. But the basic idea is the same. This measure of value is best-suited for asset-heavy businesses or strict value investing situations – where one can buy assets in a significant discount and wait for the market to fairly value it. Fair valuations will vary significantly, depending on the industry and the situation.&nbsp;</p>
<p>
	The other way to value a business is based on profit generation, or how much free cash flow the company produces. This tends to be a better measure of value for really great businesses or a business that you’re confident are going to make more money next year, five years from now, and 20 years from now. We can look to history for a benchmark for valuing these great businesses. When companies have bought out or taken over really great businesses in the past they had a tendency to pay right around 30 times of free cash flow. &nbsp;So generally speaking, if you can find one of these really great businesses trading for around 15 or 16 times free cash flow, you are probably getting a really good deal that you should buy and hang on to for a long time.</p>
<p>
	<strong>Conclusion&nbsp;</strong></p>
<p>
	Of course, the valuation of business or valuing companies is not an easy task. But this will get you started. There is a temptation for investors just learning to value businesses to focus on the “net worth”-type companies as mentioned earlier – the so-called “deep value” stocks – because they can appear to be much easier to value correctly. But what one may come to realize is many of those situations don’t work out very well. Oftentimes, what you’re really doing is buying a bad business that may be on its last steps.&nbsp;</p>
<p>
	So, after a while, many value investors may decide they don’t want to buy lousy businesses anymore. They may decide they would rather buy great businesses that are going to maintain and grow their value for a long time. That’s a typical transition for a value investor to make money from stock market. In fact, Warren Buffett himself made this transition over his career, which encourages new value investors to keep that in mind.</p>
<p>
	In our case in Nepal, the present stock market condition is quite favourable to choose the great business. First thing you’ll notice when you begin thinking this way is, very few stocks are likely to meet those criteria. When you really understand what you’re buying, you’ll tend to be much more selective and inclined toward great businesses.&nbsp;</p>
<p>
	<span style="font-size:10px;">The author is the Deputy Director of Confederation of Nepalese Industries and can be contacted via email at gaire_mukunda@hotmail.com. This article is based on an interview with value investor Dan Ferris published in The Daily Crux in December 2012.</span></p>',
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			'created' => '2013-04-20',
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			'description' => 'The present stock market condition is quite favourable to choose this great business.',
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	(int) 9 => array(
		'Article' => array(
			'id' => '950',
			'article_category_id' => '42',
			'title' => 'NEPSE Declines After Highest Rise In 39 Months',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p>
	<span style="color:#00f;"><strong>(Review for 19 Feb to 21 Mar, 2013)</strong></span></p>
<p>
	<span style="color:#00f;"><strong><img alt="" height="433" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_sectorwise_distribution.jpg" style="float:left;margin:0 10px 0 0;" width="349" /><br />
	</strong></span></p>
<p>
	<strong style="color: rgb(0, 0, 255);"><img alt="Stock Taking, New Business Age" height="353" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_market_trend.jpg" style="float: right; margin-top:10px;" width="370" /></strong></p>
<p>
	The Nepali stock market receded from the green terrain during the review period as the investors gave top priority to political clues. The benchmark Nepse index shed 20.94 points or 3.97% to close at the review period’s low of 527.98 whereas the highest point was 548.92 on 19 Feb, 2013.</p>
<p>
	The index had reached 39 months high of 555.93 on 17 February 2013. The previous high of Nepse was 553.4 on 13 December, 2009.&nbsp;</p>
<p>
	Protests voiced by some political sections on the appointment of Chief Justice Khila Raj Regmi as the chairman of the government is the main reason for the recent decline, say market analysts.&nbsp;</p>
<p>
	Another reason was the profit booking by some investors lured by the new highs made by the Nepse. &nbsp;</p>
<p>
	One major recent development is that Nepal Stock Exchange (Nepse) has started preliminary research to upgrade its current trading system. It was on 24 August, 2007 that Nepse replaced the open-out-cry system by remote trading system using Wide Area Network. That system enables brokers to connect to the Nepse server through remote location and perform the transaction. The new system being tried is to facilitate individual investors to place order from their own home using the broker’s system.</p>
<p>
	As the market has turned down touching a high due to profit booking and political climate, stationary movement is expected for few sessions until some healthy clues are received by the investors.&nbsp;</p>
<p>
	<strong>Performance by Sector</strong></p>
<p>
	During the review period, the “others” sector dropped down by 65.78 points or 9.30% to settle at 707.27. Manufacturing sector posted a heavy loss of 53.88 points or 6.44% to settle at 836.99. Hydropower sector plummeted 37.19 points to rest at 1035.86. The commercial banking sector declined 17.27 points or 3.27% to 528.02. Similarly, finance sector descended 1.56 points or 0.62% to 253.09. However, hotels sector added 5.89 points or 0.88% to reach at 666.97. Insurance sub-index gained 2.28 points or 0.26% to 881.02 while development bank accelerated 1.43 points or 0.57% to close at 252.76&nbsp;</p>
<p>
	Sensitive index that measures the performance of 120 blue chip scrips at the secondary market skid 6.15 points or 4.46% to 137.9 while the float index calculated on the basis of real transaction went downhill 0.35 points or 0.94% to 37.27. Total of Rs. 2,823,647,321 turnover was realized during the review period from 10,267,018 units of share traded via 31,100 transactions.</p>
<p>
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual commercial banks accounted for the heavy volume of trade with 81.33% of total trade. Hydropower sector occupied 6.50% while insurance sector constituted 3.62% and rest of the sectors covered the remaining.&nbsp;</p>
<p>
	Technically, the Simple Moving Average (SMA) has shown a sluggish movement as Nepse Index has been outcast by 30 Days SMA. Index has shown sideways movement for upcoming sessions for confirming the trend.</p>
<p>
	<img alt="Stock Taking" height="374" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock_taking_april2013_bikram_chitrakar_movement_in_indices.jpg" width="368" /></p>
<p>
	<span style="font-size:10px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
			'published' => true,
			'created' => '2013-04-20',
			'modified' => '2013-04-20',
			'keywords' => '',
			'description' => 'Stationary movement is expected for few sessions until some healthy clues are received by the investors.',
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			'id' => '875',
			'article_category_id' => '42',
			'title' => 'Politics Is Investors’ Focus',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Bikram Chitrakar</strong></p>
<p style="text-align: justify;">
	Secondary market slipped off the trend as political dealings and uncertainty cooled down investor’s sentiment. The benchmark Nepse index receded 19.73 points or 3.86% to settle at 510.88 while the session’s high was on 3rd Jan with 533.46 and lowest was on 20th Jan with 508.23.</p>
<p style="text-align: justify;">
	Growing political ambiguity and actions of opposition parties to hit the road with protest programmes against the government pulled the confidence level of the investors in the first month of 2013. The presence of Investors presence was discouraged by sequence of these events. Decrease in the turnover suggests the battered confidence of the investors.</p>
<p style="text-align: justify;">
	Market actions, as the second quarter reports of the listed companies started coming, indicated negative evaluation from the investors of these reports. This was particularly so of the banking and financial institutions.&nbsp;</p>
<p style="text-align: justify;">
	Securities Board of Nepal (SEBON) has issued directives to check the money laundering. This Anti-Money Laundering and Counter-terrorist Financial Directive 2069 provides that securities business person should inform the authorities if the daily transaction of an individual and firm exceeds Rs 1 million. Similarly, other capital market participants are also ordered to keep proper records so as to detect if the source of the investment is suspicious.&nbsp;</p>
<p style="text-align: justify;">
	Performance by Sector</p>
<p style="text-align: justify;">
	Commercial banking sector with dominant volume of trade in Nepal stock exchange descended 29.40 points or 5.98% to rest at 491.48. Hydropower sector skid 62.29 points or 6.33% to 983.9. Others sector lost 15.27 points along with 13.54% down in development bank to 763.65 and 245.94 respectively. Similarly, hydropower sector plunged 62.29 points or 6.33% to rest at 983.9 while finance sector went downhill 9.53% to 250.51. However hotels sector added 84.80 points or 12.51% to close at 677.8. Insurance sub-index gained 70.68 points or 8.67% to 815.24. Manufacturing sector moved higher by 9.04 points to rest at 860.13.</p>
<p style="text-align: justify;">
	Sensitive index that measures the performance of 133 blue chips scrip at secondary market cut off 1.80 points or 1.35% to 133.52 while the float index calculated on the basis of real transaction descended 1.30 points or 3.73% to 34.83. Total of Rs. 1,780,346,071 turnover was realized during the review period from 6,228,761 units of shares traded via 23354 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, commercial banking sector accounted for 77.39% of total trade. Hydropower sector occupied 6.86% while development bank grabbed 5.87% and remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) showed shabby conditions in the short term as Nepse Index surged above the 30 Days SMA. However, in long term the 200 Days SMA seems helpless despite &nbsp;roaring movements. Key resistance test at the level of 510 can determine the further movement and new target level.&nbsp;</p>
<p style="text-align: justify;">
	<img alt="Stock Taking, Bikram Chitrakar" height="484" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013.jpg" style="font-size: 11px;" width="403" /><img alt="Stock Taking, Bikram Chitrakar" height="409" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(2).jpg" style="font-size: 11px;" width="419" /><img alt="Stock Taking, Bikram Chitrakar" height="412" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stocktaking_feb2013(3).jpg" style="font-size: 11px;" width="392" /></p>
<p style="text-align: justify;">
	<span style="font-size: 11px;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></p>',
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the government pulled the confidence level of the investors in the first month of 2013.',
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			'title' => 'Above Three Years’ High',
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			'content' => '<p>
	<strong><span style="font-size:16px;">Above Three Years’ High</span></strong></p>
<p>
	<span style="color:#72d1fe;"><span style="font-size: 12px;"><b>(Review for 25 November to 24 December, 2012)</b></span></span></p>
<p>
	<span style="font-size:12px;"><strong>By Bikram Chitrakar</strong></span></p>
<p style="text-align: justify;">
	<img align="right" alt="" height="396" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sectorwise_distribution.jpg" style="margin:0 0 0 10px;" width="321" />December 2012 saw Nepal’s stock market reach nearly three years’ high and the bull run is continuing also in January 2013. The benchmark Nepse index stretched 28.31 points or 5.39 percent during the review period between November 25 and December 24 to close at the session’s high of 525.67 while the session’s low was on December 3 with 481.94. The previous high was at 524.19 recorded on 18 January, 2010.&nbsp;</p>
<p style="text-align: justify;">
	Fall in the banking interest rate and the liberal attitude of banks in extending loans for the purchase of shares from the secondary market have contributed to pull the investors toward the secondary market. The significant growth in the turnover shows the growth in the number of investors in the market.</p>
<p style="text-align: justify;">
	One important development of the month was New Fund Offer (NFO) by Siddhartha Capital. The scheme, named Siddhartha Investment Growth Scheme-I, is worth Rs 400 million with 5 years maturity. Another similar development was the issuance of IPO by Civil Bank; the bank floated eight million units of general shares. Both these offers in the primary market were lapped up by the investors. Still the secondary market continued its upward journey providing further proof to both of the claims of the analysts that the market is getting new investors and that the existing investors have regained their optimism.&nbsp;</p>
<p style="text-align: justify;">
	The recent acceleration has been underpinned by the same fundamentals that govern the sentiments of Nepali investors. Timely settlement of the present political chaos will certainly drive the market higher irrespective of the resistance that can be expected at this level.&nbsp;</p>
<p style="text-align: justify;">
	<strong>Performance by Sector</strong></p>
<p style="text-align: justify;">
	The manufacturing sector, led by Unilever Nepal, posted a whopping gain of 118.98 points or 14.03 per cent to reach 847.94. The commercial bank sector that holds a very high share in the market added 50.36 points or 9.82 per cent to settle at 513.05. Similarly, the development bank sector accelerated 11.40 points to 263.29 while the hydropower sector surged 3.12 points or 0.30 per cent to rest at 1050.88. However, the hotels sector plummeted 60.73 points or 10.24 per cent to 593.01. Likewise, the insurance sector lost 16.96 points and the ‘others’ sector 12.92 points to settle at 739.81 and 774.22, respectively. &nbsp;The finance sector descended 8.04 points or 3.14 per cent to settle at 255.87.</p>
<p style="text-align: justify;">
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market moved 9.42 points or 6.81 per cent up to 138.39 while the float index calculated on the basis of real transaction escalated 0.59 points or 1.65 per cent to 35.84. A total turnover of Rs 2,391,327,495 was realized during the review period through the trading of 6,746,527 units of share traded via 29,146 transactions.</p>
<p style="text-align: justify;">
	The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the commercial bank sector grasped 77.65 per cent of the total volume of trade. The hydropower sector occupied 8.61 per cent, insurance sector 4.27 per cent and the remaining sectors made up for the rest.</p>
<p style="text-align: justify;">
	Technically, the Simple Moving Average (SMA) in both long term and short term is dominated by the Nepse. Both, 200 days SMA and 30 days SMA are outcast with straight ascending of the index, while testing of resistance level is intact at this level.</p>
<p style="text-align: justify;">
	<img align="" alt="" height="375" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/market_trend.jpg" style="margin:5px;" width="387" /><img align="" alt="" height="378" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/movement_in_indices.jpg" style="margin:5px;" width="362" /></p>
<p style="text-align: justify;">
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</strong></p>',
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<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span class="A13">By Bikram Chitrakar</span></span></strong></p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%; color: black;">When NEPSE Reached 33 Months High</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span style="line-height: 115%;">&nbsp;(Review for 30 October to 27 November, 2012)</span></span></p>
<p class="MsoNormal">
	<span style="font-size:14px;"><span class="A28">&nbsp;<span style="line-height: 115%; font-family: ">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. </span></span></span></p>
<p class="Pa7" style="text-align:justify">
	<span style="font-size:14px;"><span class="A4">N</span><span style="color: black;">ovember 2012 was an exciting month for the Nepali bourse. The market witnessed a wild upward movement after cooling for a long period. Majority sectors were supported by a straight gain while the volume was also significantly high. The benchmark Nepse index gained 45.33 points or 9.19 percent to settle at 493.16, whereas the session&rsquo;s high was 501.51 on November 20 and the low was 447.83 on October 30. </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Initially, the acceleration in the benchmark index was supported by hydropower and &lsquo;others&rsquo; sectors. Then there was a rapid movement and the index reached a 33-month high. Nepse index&rsquo;s previous high was 501.4 on February 4, 2010.&nbsp; </span></span><br />
	&nbsp;</p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;<span style="color: black;">The main reason for the sudden revival in Nepse in November is the decrease in the interest rate offered by the commercial banks on deposits as they are experiencing rising deposits. As a result, many investors saw an opportunity at market low that unleashed a buying spree.&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">Meanwhile, the Central Depository and Clearing system officially started its services during the review period, promising an accelerated settlement and clearing process. The system promises to finalise the settlements within 3 days of each transaction. However, in the dematarialsation of the securities, the progress has not been fast because only a few securities have been dematerialised so far.&nbsp;&nbsp; </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">Another historic development during the review period was the issuance of a mutual fund by Siddhartha Capital. The Siddhartha Investment Growth Scheme-I proposed by the company has 40 million units at Rs 10 per unit. This makes available a new investment area in the Nepali market that helps the investors to diversify their portfolio. </span></span></p>
<p class="Pa8" style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:14px;"><span style="color: black;">The Nepali market has always been a victim of &ldquo;Animal Spirit&rdquo;, a term used by Prof. JM Keynes to refer to the spontaneous urge to action without considering about the possible consequences of such action. Volatility has been experienced in the Nepali stock market even in such a short period of time that is not sufficient to determine where the possible support and resistance points are. Recent developments in the market provide enough proof to claim that the investors&rsquo; sentiment here is based either on greed or on fear. Such unnatural movements can last only a short span of time. </span></span></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp; </span></p>
<p class="Pa13" style="margin-top:5.0pt">
	<strong><span style="font-size:14px;"><span style="color: black;">Performance by Sector </span></span></strong></p>
<p class="Default">
	<span style="font-size:14px;">&nbsp;</span></p>
<p class="Default">
	<span style="font-size:14px;"><span style="color: black;">The commercial banks sector that occupies a heavy volume of trade in Nepal Stock Exchange gained 76.52 points or 16.67 percent to rest at 458.95. The hotel sector surged 89.58 points or 13.69 percent to 654.15. The hydropower sector escalated 86.06 points to 1031.6. Similarly, the development bank gained 7.24 points and the manufacturing sector 7.63 points to rest at 251.58 and 728.96, respectively. The insurance sector accelerated by 9.37 points or 1.28 percent to reach 733.47 points. However, the &lsquo;others&rsquo; sector plummeted 27.01 points or 3.46 percent to close at 780.1.&nbsp;&nbsp;<br />
	<br />
	The sensitive index that measures the performance of 133 blue chip scrip at the secondary market added 12.46 points or 9.73 percent to reach 128.1 points while the float index (calculated on the basis of real transactions) moved up 3.58 points or 10.22 percent to 35.03. A total turnover of Rs. 1,746,132,394 was realized during the review period with 6,012,652 units of shares traded through 24,809 transactions.&nbsp;&nbsp; </span></span></p>
<p class="Default" style="text-align:justify;text-indent:14.0pt;line-height:10.05pt">
	<span style="font-size:14px;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the trade volume with 76.95 percent share. The <span style="color: windowtext;">hydropower sector accounted for 9.29 percent while the development banks and &lsquo;others&rsquo; sector grabbed 4.25 percent and 4.07 percent, respectively. And the remaining portion was shared among the rest of the sectors.&nbsp;&nbsp;&nbsp; </span></span></p>
<p class="Default">
	<span style="font-size:14px;">Technically, the Simple Moving Average (SMA) is dominating both 30 days SMA and 200 days SMA. The index has already tipped and a drop by a few points can be expected on the basis of chart analysis. The upward movement has already surpassed the yearly movement, while support and resistance were yet to be visible when this analysis was prepared.&nbsp;&nbsp;&nbsp; </span><br />
	&nbsp;</p>
<p class="MsoNormal">
	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></span></strong></p>
<p class="MsoNormal">
	<span style="font-size:14px;">&nbsp;</span></p>',
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	<br />
	STOCK TAKING</span></div>
<div>
	<span style="Myriad Pro&quot;,&quot;sans-serif&quot;;Myriad Pro&quot;;color:#221E1F">By Bikram Chitrakar<br />
	<br />
	<br />
	</span></div>
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	<strong><span style="font-size:14px;"><span style="line-height: 115%;">Market Escalates Ahead of Festivals<br />
	</span></span></strong><span style="font-size:14px;"><span style="line-height: 115%;"><br />
	Traditionally, the stock market falls a bit before the festival season that mark long holidays. However, the Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups.</span></span></div>
<div>
	<br />
	<br />
	<img align="right" alt="" border="1" height="1200" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking_.jpg" vspace="10" width="434" /><br />
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<div style="text-align:justify">
	<span style="font-size:
59.0pt">D</span><span style="font-size:10.0pt;Myriad Pro&quot;;
color:#221E1F">efying the traditions, the Nepali capital market experienced an increase in the month of Ashwin (mid- September to Mid-November), ahead of the festival of Dashain. Traditionally, the stock market falls a bit before such festivals that mark long holidays. The Ashwin rise was pulled by heavy gains in the hydropower and ‘others’ groups. The benchmark Nepse index accelerated 11.94 points or 2.81% to close at 424.43 while the session’s high was 427.90 on 7th October and the session’s low was 412.49 on 11th September. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Among the major influences of the period were Nepal Telecom that is listed under the “others” group and ex-dividend date effect of Chilime Hydropower that is listed under “hydropower” group. Ex-dividend effect was also in the insurance sector and that too helped to move the market higher. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">One major development in the market during the review period is that the Citizen Investment Trust (CIT) has asked major institutional investors to join hands with Trust and pool their funds so as to play a more effective role of market maker. </span></div>
<div>
	 </div>
<div style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;Myriad Pro&quot;;color:#221E1F">Performance by Sector </span></strong></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">During the review period, the hydropower sector added double digits (88.26 points) followed by 88.10 points increase in the others sector to reach at 899.83 and 763.65 points respectively. Insurance sub-index increased 56.07 points or 7.93% to rest at 706.98. Also the hotels and trading sectors increased during the period. Hotels sector went up 19.99 points or 3.57% to 560.12 while trading sector registered the growth of 11.38 points to rest at 174.21. However, banking, development banks and manufacturing sectors plummeted. While manufacturing sector lost 41.33 points or 5.73% to settle at 721.33, the banking sector descended 7 points or 1.97% to 355.41 and the development bank skid 6.27 points or 2.60% to close at 240.8. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Sensitive index that measured the performance of 133 blue chips scrip at the secondary market, surged 4.43 points or 4.06% to 109.03 while, the float index calculated on the basis of real transaction downhill 0.79 points or 2.60% to 30.33. Total of Rs. 1,886,374,657 was realized as the turnover during the review period from 7,111,778 units of shares traded through 31,609 transactions. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">The accompanying figure illustrates sector-wise distribution based on total volume of trade. Banking sector that accounts for the heaviest volume of trade in exchange registered a share of 47.88% of the total trade. Hydropower sector grabbed 20.71% while insurance sector accounted for 15.66% of the trade and rest of the sectors covered the remaining portion. </span></div>
<div>
	 </div>
<div style="text-align:justify;text-indent:14.0pt">
	<span style="font-size:10.0pt;Myriad Pro&quot;;color:#221E1F">Technically, the Simple Moving Average (SMA) is outcast as both 30 days SMA and 200 days SMA are dominated by Nepse index. However correction at this level can be expected due to the seasonal cyclical trend. </span></div>
<div>
	<strong><br />
	</strong></div>
<div>
	<strong><span style="font-size:8.0pt;line-height:115%;color:#221E1F">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></div>',
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mso-hansi-theme-font:minor-latin;mso-bidi-font-family:Impact">Stock Taking</span></span></p>
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	<span class="A3"><span style="font-size:18.0pt;line-height:
115%;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;mso-ascii-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:Impact">&nbsp;<img alt="stock taking" border="1" height="149" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikarm.jpg" vspace="10" width="300" /></span></span></p>
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&quot;Myriad Pro&quot;;color:#211D1E">Stagnating Signals<br />
	<br />
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	<span style="font-size:11.5pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">&nbsp;The fourth quarterly reports of the companies failed to boost the market</span></p>
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	<span style="font-size:11.5pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">&nbsp; <br />
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	<span class="A13"><span style="font-size:
59.0pt">W</span></span><span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;
color:#211D1E">hile the fourth quarterly reports of the previous fiscal year were coming in, it looked like that the share market of Nepal was going to get another boost. Almost all the banks and financial institutions (a sector that dominates this market) were reporting increased profit for the previous year. But that did not happen. The benchmark Nepse index lost 11.53 points or 2.91% to rest at 396.83 at the end of the review month. The session’s high was on 23 July (408.36) and the low was on 15 August (392.03).</span> </p>
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	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The reason was however obvious. The investors ignored the satisfactory reports as pessimistic sentiments (about dividend yield) ruled the environment. Shares of major blue chip companies fell down despite the companies showing healthy performance in the last year.</span>&nbsp; <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">However the hydropower companies were exceptions as they registered straight growth stoking expectations of attractive dividends. Three out of the four listed hydropower companies reported grown in their income pushing the group index up.</span> </p>
<p class="Default">
	<span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Also the monetary policy for the fiscal year 2069/70 failed to drive the stock market. The policy has increases Cash Reserve Ratio (CRR) for the Banking and Financial institutions. This is sure to push up the lending rates causing restraint in borrowing and thus in the business volume and profits of the banking companies.</span> <span style="font-size:10.0pt;mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">In the review period, the Securities Board of Nepal (SEBON) has suggested Citizen Investment Trust CIT) to mobilize Rs 5 billion in the secondary market to boost up the sagging sentiments in the market. CIT says it is evaluating the feasibility to undertake the role of a market maker. If CIT really takes up this role, it will be a milestone for the betterment of capital market in Nepal.</span> </p>
<p class="Default">
	 </p>
<p class="Default">
	<strong>&nbsp;</strong></p>
<p class="Pa15" style="margin-top:5.0pt">
	<strong><span style="font-size:11.5pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Performance by Sector </span></strong></p>
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	 </p>
<p class="Default">
	<strong>&nbsp;</strong><span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Banking sector which occupies the major volume of trade in the exchange plummeted 26.68 points or 7.52% to 354.7. Finance sector descended 12.74 points or 5.05% to 252.21 while development bank lost 6.92 points to close at 246.18. Trading sector receded 4.23 points to come to 187.74. However hydropower sector gained hefty 65.69 points of 8.53% to settle at 770.53. Manufacturing sector too went up 42.06 points to 728.8 while there was 17.62 points increase in others to 635.62.</span> </p>
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	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Sensitive index that measures the performance of 133 blue chips plunged 1.78 points or 1.74% to 102.11 while the float index calculated on the basis of real transaction went down 1.41 points or 4.64% to 30.37. The turnover was of Rs. 1,362,406,374 during the review period from 4,572,497 units of share traded via 27,297 transactions. </span></p>
<p class="Default">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">The accompanying figure shows the sector-wise distribution based on the total volume of trade. Commercial bank has accounted for 63.31% of total volume of trade. Hydropower sector occupied 20.49% while remaining sector covered the rest.</span> </p>
<p class="Pa10" style="text-align:justify">
	<span style="font-size:10.0pt;
mso-bidi-font-family:&quot;Myriad Pro&quot;;color:#211D1E">Technically, the Simple Moving Average (SMA) indicates to stagnation in the short term as both Nepse index and 30 days SMA are moving flat. In the long term analysis, the index has already crossed the 200 days SMA indicating that an absence of strong fundamentals will lead to correction. </span></p>
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	 </p>
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	<strong>&nbsp;<span style="font-size:8.0pt;line-height:115%;mso-bidi-font-family:
&quot;Myriad Pro&quot;;color:#211D1E">Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.</span></strong></p>
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	<strong><span style="font-size:8.0pt;line-height:115%;mso-bidi-font-family:
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	<img alt="stock taking" border="1" height="1180" hspace="10" src="http://newbusinessage.com/ckfinder/userfiles/Images/sector.jpg" vspace="10" width="400" /></p>
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