Stock Taking

Investors Welcome 4th Quarter

Nov 30, -0001 0 2 minutes 32 seconds to read

…

Flat In Festival (Nepal Stock Market Review For 25 September To 25 October, 2011)

Nov 30, -0001 0 3 minutes 25 seconds to read

…

Waiting For 350(October 2011)

Nov 30, -0001 0 4 minutes 34 seconds to read

…

High Earnings Low Effect (September 2011)

Nov 30, -0001 0 9 minutes 52 seconds to read

…

Budget As The Booster (august 2011)

Nov 30, -0001 0 5 minutes 45 seconds to read

…

Budget Hopes (july 2011)

Nov 30, -0001 0 30 minutes 43 seconds to read

…

CDS Charms Low; Stock Negative

Nov 30, -0001 0 3 minutes 44 seconds to read

…

Making New Lows

Nov 30, -0001 0 33 minutes 44 seconds to read

…

Stocks Gained On Hope

Nov 30, -0001 0 13 minutes 28 seconds to read

…

Stocks End Sour, Despite Late Budget (Review For 24 Oct- 23 Nov, 2010)

Nov 30, -0001 0 5 minutes 8 seconds to read

…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'article_category_id' => '42',
			'title' => 'Investors Welcome 4th Quarter',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	By Bikram Chitrakar <br />
	<br />
	<img alt="stocktaking" border="1" height="187" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking.jpg" vspace="5" width="355" /><br />
	<br />
	<br />
	<strong>(Review for 27 June to 25 July, 2012) <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. <br />
	<br />
	</strong><br />
	Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480. <br />
	<br />
	A number of banking and financial institutions have reduced their interest rates on different saving schemes recently. Thus the attraction of interest rates is reduced now which is expected to lure the investors back to the equity market. <br />
	<br />
	<br />
	One important development during the review period was the approval of the guidelines for Mutual Fund. This has opened way for two already approved mutual funds (Siddhartha Mutual Fund and Nabil Mutual Fund) to start operation. <br />
	<br />
	<br />
	<br />
	<br />
	<strong><br />
	Performance by Sector <br />
	<br />
	<br />
	</strong><br />
	<img alt="pie chart" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sectorwisdistribution.jpg" style="width: 349px; height: 384px;" vspace="5" /><br />
	<br />
	<br />
	Commercial banking sector that accounts for the major share in the volume of trade in Nepal Stock Exchange added 31.27 points or 7.72% during the review period to close at 405.02. Similarly, the Hydropower sector gained a hefty 77.37 points followed by 63.43 points up in others sector to reach 699.24 and 615.65 respectively. Insurance sub-index accelerated 28.67 points to 509.04 while manufacturing sector surged 15.57 points to 682.23. Development bank moved up 6.81 points or 2.68% to rest at 253.67. However, finance sector descended 2.47 points or 0.94% to rest at 263.37. Sensitive index that measures the performance of 133 blue chip scrip at the secondary market escalated 10.34 points or 9.87% to reach 104.73 while the float index calculated on the basis of real transactions went uphill 1.81 points or 5.75% to 31.48. The turnover volume was of Rs. 1,501,282,753 during the review period from 5,071,209 units of shares traded via 26,922 transactions. <br />
	<br />
	<br />
	The accompanying figure demonstrates sector-wise distribution based on the total volume of trade. As usual, commercial bank dominated the volume occupying 63.24%. Hydropower sector holds 14.10%, finance sector accounts for 7.08% and remaining sectors cover the rest. <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. Index is expecting to encounter correction as 30 days SMA is in mood to follow the index at this level. <br />
	<br />
	<img alt="marketrend" border="1" height="322" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/marketrend.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<img alt="movementinindices" border="1" height="393" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/movementinindices.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd. </strong><br />
	<br />
	 </p>',
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			'description' => 'Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480.',
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		'Article' => array(
			'id' => '522',
			'article_category_id' => '42',
			'title' => 'Flat In Festival (Nepal Stock Market Review For 25 September To 25 October, 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	<span style="font-size:12px;"><img align="right" alt="" border="1" height="232" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 188px; height: 232px;margin:10px;padding:10px;" vspace="5" width="188" />The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session. The benchmark Nepse index plummeted 3.59 points or 1.09% to close at 327.99. The highest point during review period was on 12 October with 334.49 while the lowest was on 23 October with 326.42. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Normally, the festival season causes outflow of money from the stock market. However, this year it was not so. Many companies have already declared their earnings and announced the dividend rates while others are preparing to do so. The book closing days are also coming around for the AGMs. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">All these are making the investors to heed the market movement more closely. Investors are dismayed at the delay in the operation of CDS and Clearing Ltd. the Commission for the Investigation of Abuse of Authority (CIAA) has started investigation on the suspicion that there has been abuse of authority in employee recruitments and in some expense of this company. Regulations of CDS and Clearing Ltd are also pending approval from the Securities Board of Nepal (SEBON). One positive development of the period is the appointment of SEBON Chairperson. Newly appointed Chairperson Babu Ram Shrestha has already taken over the responsibility and it is hoped that the CDS Company will get its regulations approved soon. During the month, a number of financial institutions made some definite progress towards their plan of merger. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">As a result, the stock exchange has halted trading in the stocks of those companies. That has subdued the trading volume. Hence it can be said that the market will show sideways movement for few coming sessions. Performance by Sector Banking sector that has been dominating the volume of trade in the Kathmandu exchange lost 8.65 points or 3.09% to close at 279.69 during the review period. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Insurance sub-index plummeted 5.53 points or 1.39% to 398.14. Finance sector receded 4.54 points or 1.66% to rest at 272.88. Hotel sector descended 3.59 points along with 3.10 points decline in development bank sector to 379.01 and 278.90 respectively. The others sector shed 1.17 points or 0.24% to settle at 26.94. However hydropower sector registered a heavy growth of 44 points or 7.23% to reach 608.67. <img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/1(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Trading sector gained 4.63 points or 1.85% to close at 250.71. Sensitive index that measures the performance of 117 blue chips descended 1.78 points or 2.22% to 80.02 while the float index calculated on the basis of real transaction skid 0.34 points to 26.94. Total of Rs. 474010954 was realized during the review period from 3000729 units of share traded via 18846 transactions. <img alt="stocktaking" border="1" height="295" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/2(1).jpg" style="margin:10px;padding:10px;" vspace="5" width="519" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. As usual, the banking sector accounted for 49.62% of total trade. Likewise, hydropower sector accounted for 22.95% while development bank covered 11.07%. Finance sector accounted for 7.39% and remaining sectors made up for the rest. Technically, Simple Moving Average (SMA) is dominating the market as 200 days SMA is far from the index while 30 days SMA is moving together with the index indicating further possibility of sideways movement for few more sessions. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em><img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/3(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</em></span></p>',
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			'created' => '2011-11-17',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session.',
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			'title' => 'Waiting For 350(October 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<h3 style="color: blue;">
	<span style="color:#800000;"><span style="font-size: 12px;">(Nepal Stock Market Review for 22 Aug â€“ 20 September, 2011)</span></span></h3>
<p>
	<span style="color:#800000;"><br />
	</span></p>
<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		<br />
		</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-September period was a month of decline in the Nepali bourse. This was in spite of healthy earnings reports and dividend declaration by the companies. The entry of Maoists as the leader of the government helped in sending the mood in the exchange down because of lack of clarity about the policy of the new government. The benchmark Nepse index plummeted 29.76 points or 9.30 per cent to respite at 320.08 during 22 August-20 September. While the highest points for the period was on 22 August with 349.84 and the lowest was on 19 September with 317.70. <br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Investors were unsatisfied with the rate of dividend declared by different financial institutions as the proposed dividend could not meet the expectations of the investors. Dividend proposed by Standard Chartered Bank is 50 per cent (cash) while that of Nabil is 30 per cent (cash) only. Both missed the expectation of the investors.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="265" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock.jpg" style="width: 426px; height: 265px;margin:10px;padding:10px;" vspace="5" width="426" />However, the investors have not lost all the hopes as yet because the process to improve the regulatory environment is still going ahead. The Securities Board of Nepal (SEBON) has granted license to Central Depository System and Clearing Ltd as per CDS regulation 2067. Now it is expected to start operation after the Dashain festivals are over. Similarly, the newly licensed 16 stock brokers also started transactions. With this the number of stock brokers has increase to 39, providing the investors expanded opportunity to choose their broker. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock1.jpg" style="margin:10px;padding:10px;" vspace="5" />Another noteworthy event of the month was the Money Expo organized jointly by Aarthik Abhiyan and Jamb Technologies with Minds Nepal and Morningstar Investment Services Pvt. The 3-day event called "NDEX Money Expo 2011" concluded on September 14 is believed to have helped to promote investment opportunities and tools. Experts from both India and Nepal participated in various discussion programs held during the Expo on topics related to the economy, stock market, commodity market, central depository system, investment banking and so on. In one of the programme, Tanka Prasad Paneru, chairperson of Nepal Stock Exchange opined that the Nepali stock market on that week was in a correction phase and it will gallop after crossing that level.&nbsp;</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>Performance by Sector</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="267" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock2.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Commercial banking sector holding the heavy share of trade volume in Nepal Stock Exchange dived down 44.32 points or 16.24 per cent to settle at 272.95 during the review period. Insurance sub-index lost 20.75 points to come down at 398.73. Similarly, hydropower sector descended 18.14 points along with 15.80 points decline in finance sector to arrive at 549.23 and 276.24 respectively. Others sector plummeted 8.23 points or 1.74 per cent to close at 472.34 while development bank group ebbed out 5.97 points to rest at 279.92. However manufacturing sector added 20.24 points or 3.33 per cent to reach 607.47 while trading sector gained 4.11 points to rest at 246.08.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Sensitive index that measures the performance of 117 blue chips scrip at secondary market lost 8.73 points or 11.19 per cent to reach 78.01 while the float index calculated on the basis of real transaction skid 3.31 points to arrive at 26.38. Total of Rs. 493769430 was realized during review period from 2279903 units of share trade via 25195 transactions.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The accompanying figure demonstrates the sector-wise distribution based on total amount of trade. Banking sector accounted for 58.87 per cent of total trade followed by development bank sector (13.49 per cent) and finance sector (8.10 per cent). The rest was accounted by the remaining sectors. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is shabby in both long term and short term. Both 30 days SMA and 200 days SMA are dominating the market with no clue of further correction shortly. Breaching the level of 350 is required for acceleration.<br />
		<br />
		<strong><br />
		</strong></span></div>
	<div style="text-align: justify;">
		<strong><span style="font-size:12px;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
		<br />
		<br />
		</span></strong></div>
</div>',
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			'created' => '2011-10-11',
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			'keywords' => '',
			'description' => 'The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-............',
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	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 4 => array(
		'Article' => array(
			'id' => '418',
			'article_category_id' => '42',
			'title' => 'Budget As The Booster (august 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in;">
	<span style="color: rgb(178, 34, 34);"><em><span style="font-size: 10pt;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram(2).jpg" style="width: 103px; height: 127px;margin:10px;padding:10px;" vspace="5" width="103" />By Bikram Chitrakar</span></em></span><br />
	<br />
	<strong><span style="font-size: 18px;"><span>Market still waiting for the breach of 380<br />
	<br />
	</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 10pt;">(Nepal Stock Market Review for 26 June to 24 July, 2011)</span><span style="font-size: 10.5pt;"> D</span><span style="font-size: 9.5pt;">espite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive stage. Technical analysis indicates that Nepse Index should cross 380 mark before the investors can be confident to commit good money in the bourse. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The major influencing factor of the review period was the government budget for the fiscal year 2011-12. This is the first time since the Constituent Assembly election of 2008 that the government budget was announced in time, i.e. before the fiscal year started. As a result, the planned government expenditure is expected to be spent this year which will help ease the liquidity crunch in the banking system and boost economic activities around these expenditures. Moreover, the budget has also announced some direct measures that are expected to boost the market. One major announcement was the reduction in the capital gains tax in share investment from 15 percent to 10 percent for institutional investors and from 10 to five percent for the individual investors. Also announced was relaxation in the deadline for the merger of banks and financial institutions by one more year till mid-November 2012. Banks that notify the authorities by that time that they have decided to merge will get a number of concessions including the tax as was announced in the last <br />
	year's budget.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="310" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Therefore, the benchmark Nepse index started moving up even before the budget was announced and gained 18.66 points or 5.11% during the review month to settle at 365.43. The highest point during the month was on 20 July at 380.23 and lowest on 27 June <br />
	at 329.49.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Even a couple of days before the budget announcement, the Central Bank relaxed its strictures on loans to the real estate and housing sectors as well as on loans against the security of publicly traded share certificates. Similarly, the market is hoping for the banks and financial institutions to announce healthy financial positions when they make public their fourth quarterly financial reports. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Bulk trading of Friday, 15 July gained a proportion of a scandal of a sort as Friday is fixed for odd lots (smaller than 10 units of shares) transaction only.&nbsp;That bulk transaction distorted the NEPSE index on following Sunday, but Nepal Stock Exchange says that anomaly was fixed immediately. Securities Board has been asking the Stock Exchange to explain the discrepancy. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period Securities Board of Nepal (SEBON) announced programs for coming fiscal year including <img align="left" alt="stocktaking" border="1" height="281" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data1 august 2011.jpg" style="width: 415px; height: 281px;margin:10px;padding:10px;" vspace="5" width="415" />Central Depository System, Credit Rating Agency and Mutual Funds. Likewise Monetary Policy for the year 2068/69 was released on 21 July affirming the pre-budget and budget announcements. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Commercial banking sector was dominating the volume of trade in Nepal Stock Exchange also during this review month. This sector accelerated 27.23 points or 8.08% to close at 365.43. Manufacturing sector gained hefty 50.44 points to reach 587.34 while hydropower sector moved up 19.57 points to rest at 608.36.&nbsp;Others sector surged by 15.27 points along with 9.04 points up in hotel sector to reach 487.61 and 408.07 respectively. However insurance sub-index skidded 17.26 points or 4.15% to rest at 415.81. Development bank lost 0.05 points or 0.02% to <br />
	close at 296.4. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="299" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data2 august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Sensitive index that measured the performance of 117 blue chips scrip went up 4.08 points or 4.54% to 89.85 while the float index calculated on the basis of real transaction increased 1.62 points to 31.07. Total of Rs. 1689316916 was realized during review period from 4457556 units of share trade via 19340 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure illustrates the sector wise distribution based on the total volume of trade. As usual commercial bank sector covered the highest volume holding 46.69% of total trade followed by manufacturing and processing sector (43.57%). Hydropower sector occupied 3.62% and development bank sector 2.68% while other sectors made up for the rest. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is performing higher in the short term as Nepse index is higher than 30 days SMA forming M pattern which may result into correction. In the long run it is still weak. Only breaching the level of 380 will create some acceleration.<br />
	<br />
	</span></div>
<div>
	<i><span style="font-size: 9.5pt; line-height: 115%;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
			'published' => true,
			'created' => '2011-09-06',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => '(Nepal Stock Market Review for 26 June to 24 July, 2011)Despite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive.........',
			'sortorder' => '333',
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '400',
			'article_category_id' => '42',
			'title' => 'Budget Hopes (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 120%; vertical-align: middle;">
	<i><span style="font-size: 8pt; line-height: 120%;">By Bikram Chitrakar</span></i></div>
<div>
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 11.5pt;">N</span><span style="font-size: 9.5pt;">epal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse index plummeted 43.38 points or 14.29% to settle at 303.53 on June 16. The highest points in the review period was on 18 May (346.91) and the lowest was on 15 June at 292.32, which is lower that what it was on 25 Jun, 2005 (292.47). </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Nepse plummeted after a panic spread across the banking and financial institutions due to liquidity crunch and bad governance. The governance crisis which had started from Nepal Development Bank two years ago and spread to Samjhana Finance Company gripped Gurkha Development Bank and Nepal Share Markets as well. Recently, most of the banks and finance companies are suffering liquidty crisis and they are turning to Nepal Rastra Bank (NRB) for help. NRB has opened refinancing facility to address the problem. Under this facility, there is a provision to provide refinance up to 60 percent of the core capital of the banks and financial institutions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the Securities Board of Nepal (SEBON) introduced the mutual fund regulation, CDS regulation and Credit Rating Agency regulation. However, all these failed to uplift the market which fell to six years low. Therefroe, the government has urged cash rich public sector instituions namely Employees Provident Fund, Citizens Investment Trust (CIT), Rastriya Beema Sansthan and Nepal Telecom to invest in the secondary market and create demand for shares so as to boost up the market confidence.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The result has been that the market surged 60.87 points during the week 16-23 June. Also the hope that the governmentâ€™s budget for the coming fiscal year that starts on mid-July will be presented to the parliament in time has helpd in the latest surge in the market. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Delay in presenting the budget for fiscal year 2010/11 is cited as the prime reason for the liquidity crunch. Due to that delay, a massive sum of Rs 30 billion in the government budget is likley to freeze as the government is not able to speed up expenditure. The delay in the current yearâ€™s budget was due to obstruction of the parliamentary proceedings by the then main opposition party UCPN-UML. But the present main opposition party Nepali Congress has indicated that it will not cause obstruction in the parliamentary proceedings related to budget approval.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<strong><span style="">Performance by Sector<br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the banking sector which holds the major share in the volume of trade in Nepal Stock Exchange plummeted 57.20 points or 23.02% to close at 248.44. Hydropower sector lost 178.81 points or 36.85% to settle at 485.3. Insurance sub-indices descended 25.25 points along with 23.96 points decline in the trading companies group. Similarly, development banks declined 20.89 points or 7.52% to 277.8. Hotel sector receded 14.70 points or 3.67% to rest at 400.35. Finance sector slumped 9.58 points to close at 295.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Sensitive index that measured the performance of 117 blue chips scrip at the secondary market lost 11.03 points or 14.75% to 74.8 while, the float index calculated on the basis of real transaction lost 4.10 points to arrive at 25.15. Total of Rs. 426328626 was realized during review period from 1987186 units of share traded via 25826 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. Commercial bank has occupied the highest share of trade - 48.90% while Development Bank group accounted for 16.52% and hydropower sector 14.97%. Similarly, finance sectorâ€™s share was 8.32% while the remaining sectors covered the rest.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is dominating the market in the short term as well as in the long term as both 30 days SMA and 200 days SMA are performing poor. Similarly, the Nepse index is bending which will suggest further fall if it fails to stabilize near 300. But since the June 16-23 week has pulled the index up to 364.4, the market has become optimistic again.<br />
	<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<i><span style="font-size: 9.5pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</span></i></div>
<div>
	<i>&nbsp;</i></div>
<div align="center">
	<span style="font-size: 10.5pt;">Movement in Indices (18 May - 16 June 2011)<br />
	<br />
	<br />
	</span></div>
<table border="0" cellpadding="0" cellspacing="0" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(204, 123, 74) white white rgb(204, 123, 74); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Indices</span></b></span></div>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Open</span></b></span></div>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">High</span></b></span></div>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Low</span></b></span></div>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Close</span></b></span></div>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Change</span></b></span></div>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">% Change</span></b></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Nepse</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">292.32</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">303.53</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-43.38</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.29</span></span></div>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Bank </span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.64</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.88</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">234.01</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">248.44</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-57.20</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.02</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Sensitive</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.83</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.98</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">71.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">74.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-11.03</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.75</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Development Bank</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">298.69</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">299.37</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-20.89</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-7.52</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hydro</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">473</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">485.3</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-178.81</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-36.85</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Finance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.58</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.25</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Insurance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-25.25</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-6.30</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hotel</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.66</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.35</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.70</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.67</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Manufacturing</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">483.25</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">501.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-2.37</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-0.47</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Tradings</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">241.97</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">242</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.96</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.90</span></span></div>
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				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Others</span></span></div>
			</td>
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				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">477.04</span></span></div>
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			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">486.44</span></span></div>
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			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">430.1</span></span></div>
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			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">460.6</span></span></div>
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			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.44</span></span></div>
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			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.57</span></span></div>
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				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Float</span></span></div>
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			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">24.3</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">25.15</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-4.10</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.30</span></span></div>
			</td>
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<p>
	 </p>
<p>
	 </p>',
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			'created' => '2011-09-01',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Nepal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse.......',
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			'id' => '299',
			'article_category_id' => '42',
			'title' => 'CDS Charms Low; Stock Negative',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle; text-align: justify;">
	<i><span style="font-size: 8pt; line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 105px; height: 127px;margin:10px;padding:10px;" vspace="5" width="105" />By Bikram Chitrakar</span></i></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 8pt;">he Nepali share market had a lacklustre performance also in the month during March 20-April 19 despite the inauguration of eagerly awaited Central Depository System and Clearing Ltd. Also the prospect of good third quarter financial results did not help the market sentiment. The benchmark NEPSE index dropped 15.16 points or 4.16% to settle at 364.3 points. The session's highest was on 21 March with 379.46 while the session's lowest was on 29 March with 358.04.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Central Depository System (CDS) and Clearing Ltd was formally inaugurated on 31 March, 2011 which was keenly expected by the investors of Nepal. Despite its opening, the market could not take off as investors were more worried about the scenario after the May 28 deadline for promulgation of the countryâ€™s new constitution lapses. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The automated system of CDS will facilitate speedy and safe clearing and settlement of transactions. The safety and security of the digital holding of shares will eliminate fraud and misuse of share certificates while the flow of shares will increase in the market due to instant transfer. One reaction of the market to the new development is that heavy volume of scrip was traded through matching , particularly towards the first half of April. The trade volume during the period was higher than the average despite the index closing at a lower level. The increased cases of matching during this period is explained by the fact that matching is going to be difficult under the CDS system. Therefore, the investors who had bought shares in the IPOs under fictitious names were transferring such shares on their real names and in doing so they pressed the prices lower to reduce the capital gains tax.&nbsp;</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) organised an interaction programme during the month about the regulation it has drafted to allow setting up credit rating agencies in Nepal. This draft now needs to be approved by the Ministry of Finance beofre they can go for implementation. After the establishment of these agencies, the issues (IPO, rights) exceeding Rs. 100 million size will have to be rated by such agencies before they are floated to the public. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	<br />
	</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Commercial banking sector that accounts for the highest volume of trade in the exchange lost 27.73 points or 9.01% to settle at 307.73. Manufacturing and processing sector dropped 25.54 points to 500.59. to close at 434.83 and 312.1 respectively. Insurance sub-indices lost 17.30 points to settle at 448.83 while finance sector plummets 5.70 points or 1.83% to close at 310.91. However, the hydropower sector gained 71.22 points or 9.80% to settle at 726.97. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">A total of Rs 492,513,784 was realised during the review period from 1,985,844 units of share trade via 30,739 transactions.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The accompanying figure shows sector-wise distribution based on the total amount of trades. The commercial banks accounted for 44.20% whereas the insurance sector constituted 16.35% which is more than that of the finance companies which stood at 14.80%. Similarly, the development banks hold 13.80% while rest of the sectors covered the remaining portion of the trade.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.15pt;">Technically, the Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 Days SMA are above the trend line. It indicates possibility of a further downfall.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<i><span style="font-size: 8pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
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			'title' => 'Making New Lows',
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			'content' => '<p style="text-align: justify;">
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<p class="MsoNormal" style="text-align: justify;">
	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
<p class="MsoNormal" style="text-align: justify;">
	<strong><br />
	</strong></p>
<p class="BODYTEXT" style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words â€˜liberal economyâ€™ by â€˜self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
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				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
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<p class="BODYTEXT">
	<span style="font-size:12px;"><span class="MyriadPro"><span franklin="" gothic="">(Review for 20 Dec, 2010- 19 Jan, 2011)</span></span></span></p>
<p class="BODYTEXT">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="font-size:12px;"><strong><i><span lucida="" style="line-height: 120%;">By Bikram Chitrakar</span></i></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b><span aldine401="" color:=""><br />
	T</span></b><span aldine401="" color:="">he Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The benchmark Nepse index advanced 12.98 points or 3.21% to settle at 404.33. The session's high was on 27 December, 2010 with 407.72 while session's low was at the opening with 391.35 on 20 December, 2010.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:=""><br />
	The understanding reached between major parties to bring the Maoist combatants under the Special Committee headed by the Prime Minister has added hope that the peace process is heading towards the right direction. However investors were cautious as the formation of the new government is still uncertain.</span></span></p>
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	<span style="font-size:12px;"><span><span aldine401="" color:=""><br />
	However, some hopeful developments are reported also from the regulators side. For example, Securities Board (SEBON) has formed a committee under the leadership of its Chairman Dr. Surbir Poudyal to formulate a five-year master plan to develop the securities market with technical assistance of the World Bank. Similarly, Nepal Stock Exchange (Nepse) has formed a company CDS and Clearing Ltd as a subsidiary to introduce and manage the central depository system. Though another company called Nepal Central Depository and Clearing Ltd was formed earlier with Nepse and the commercial banks as the shareholders, that company could not go ahead due to dispute between Nepse and the commercial banks about how to account for the Indian assistance received for this purpose. </span></span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span><span aldine401="" color:=""><br />
	</span></span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span color:="" franklin="" gothic="">Performance by Sector</span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span><span color:="" franklin="" gothic=""><br />
	</span></span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">The commercial banking sector which holds the largest share in the trade volume in Nepal Stock Exchange gained 23.75 points or 6.41% to close at 370.77 during the review period. Similarly, hydropower sector was up by 32.33 points to rest at 717.09. Hotel sector accelerated 18.81 points or 4.16% to settle at 452.36 while manufacturing sector went up 7.78 points along with 4.71 points growth in tradings sector. Insurance sub-index went up 3.49 points while others sector increased 2.35 points to close at 477.38 and 522.85 respectively.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Sensitive index that measured the performance of 94 blue chips surged 3.78 points or 3.79% to 99.76 while, the float index calculated on the basis of real transaction ascended 1.02 points to 34.58. Total of Rs 492,513,784 was realised during the review period from 1,985,844 units of shares traded via 30,739 transactions.<br />
	<br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">&nbsp;The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, majority of the trade was in the banking sector with 46.60% while finance sector accounted for 21.55%. Development bank occupied 15.27% and the remaining sectors made up for the rest.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Technically, Simple Moving Average (SMA) is performing high in the short term. However its sustainability is not supported by transaction volume. Shortfall in the volume of trade may lead the index down while it is still gloomy in the long term. <br />
	<br />
	</span></span></p>
<p class="MsoNormal">
	<strong><span style="font-size:12px;"><i><span aldine401="" color:="" style="line-height: 115%;">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)&nbsp; <br />
	<br />
	<br />
	</span></i></span></strong></p>',
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				<strong>The budget has opened door for Non-Resident Nepalis and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.</strong></div>
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				<strong>The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade.</strong></div>
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			The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains. The four-month-late budget was expected to boost up the faded stock market. But that could not happen. The Nepse index went down 6.70 points or 1.60 per cent to settle at the review period's low of 419.63 while the highest point of the period was 426.33 on 24 Oct.<br />
			<br />
			During the review period, most of the companies declared their dividend and book closing date and published first quarter financial reports and company analysis. Hence, it can be expected that a great momentum is not going take place very soon as the investors will take time to analyse and interpret the health of institutions and their future prospects.<br />
			<br />
			The outflow of fund during the time of Dashain and Tihar has also hampered the capital market of Nepal, as banking sector is facing liquidity crisis while the lending rate between the banks has also picked high. Hence, spending and withdrawals made at the festival time have affected the investing capacity of the investors. On the other hand, different banks have already declared their revised interest rate on the deposits attracting the investors to hold the capital and deposit it at the bank rather than investing in the market.</div>
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			The budget for the fiscal year 2010/11 delayed due to political wrangling among Nepal is and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.<br />
			<br />
			The much awaited Nepal Central Depository and Clearing Ltd was registered. Nepal Stock Exchange, Citizen Investment Trust and 17 commercial banks have signed the Memorandum of Association of the company as the founder shareholders. Nepse has 51 per cent, CIT has 15 per cent, six commercial banks have 2.88 per cent each while the rest stake in this company is held by 11 commercial banks. The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade. <br />
			<br />
			The trial operation of the CDS system will be made in January 2011 as the software will be handed over by Tata Group by December 15, 2010. The taste of new improved system will surely cure some of the ills of the market; however, political and economic conditions till that period will also determine the sentiment of the market.<br />
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	 </p>
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	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			<strong>Performance by Sector </strong><br />
			<br />
			Banking sector, accumulating the heavy volume of trade in Nepse, experienced a double digit dip of 10.77 points or 2.76 per cent to close at 389.68. Similarly, hotel sector plunged 8.66 points followed by 7.64 points down in development banks to settle at 402.48 and 400.11, respectively. The â€˜others sectorâ€™ skidded 2.35 points while hydropower sector lost 1.89 points. Trading sector descended 1.72 points or 0.65 per cent to close at 265.15. However, insurance accelerated by a fast 34.51 points or 7.02 per cent to settle at 491.75. Finance sector spread the modest of 0.02 points or 0.01 per cent to rest at 357.07.<br />
			<br />
			The sensitive index that measures the performance of 94 blue chips scrip at the secondary market, drifted down 2.33 points or 2.27 per cent to 102.58 while the float index calculated on the basis of real transaction, receded 1 . 2 4 points to 36.5. Total of Rs. 471,129,498 was</div>
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		<div align="justify">
			realized during the review period from 1,656,453 units of share traded via 26,545 transactions.<br />
			<br />
			The figure on the previous page depicts the sectorwise distribution based on the total amount of trade. The commercial banks accounted 50.45 per cent while finance sector covered 14.53 per cent. Similarly, development banks held 13.97 per cent, insurance occupied 9.25 per cent and hydropower sector retained 8.32 per cent while the remaining sectors made up the rest.<br />
			<br />
			Technically, both the 200 days Simple Moving Average (SMA) and 30 days SMA are above the Nepse index, as the market has retreated from its previous surge. Nepse index is overlapped with 30 days SMA showing the shabby nature of stock in the short term while in the long term it is weak. Hence, the chance of acceleration in the market is not visible; however, a few fluctuations can be expected in the short term. (The writer is a stock analyst)</div>
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		<br />
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			'title' => 'Investors Welcome 4th Quarter',
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	By Bikram Chitrakar <br />
	<br />
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	<br />
	<br />
	<strong>(Review for 27 June to 25 July, 2012) <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. <br />
	<br />
	</strong><br />
	Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480. <br />
	<br />
	A number of banking and financial institutions have reduced their interest rates on different saving schemes recently. Thus the attraction of interest rates is reduced now which is expected to lure the investors back to the equity market. <br />
	<br />
	<br />
	One important development during the review period was the approval of the guidelines for Mutual Fund. This has opened way for two already approved mutual funds (Siddhartha Mutual Fund and Nabil Mutual Fund) to start operation. <br />
	<br />
	<br />
	<br />
	<br />
	<strong><br />
	Performance by Sector <br />
	<br />
	<br />
	</strong><br />
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	<br />
	<br />
	Commercial banking sector that accounts for the major share in the volume of trade in Nepal Stock Exchange added 31.27 points or 7.72% during the review period to close at 405.02. Similarly, the Hydropower sector gained a hefty 77.37 points followed by 63.43 points up in others sector to reach 699.24 and 615.65 respectively. Insurance sub-index accelerated 28.67 points to 509.04 while manufacturing sector surged 15.57 points to 682.23. Development bank moved up 6.81 points or 2.68% to rest at 253.67. However, finance sector descended 2.47 points or 0.94% to rest at 263.37. Sensitive index that measures the performance of 133 blue chip scrip at the secondary market escalated 10.34 points or 9.87% to reach 104.73 while the float index calculated on the basis of real transactions went uphill 1.81 points or 5.75% to 31.48. The turnover volume was of Rs. 1,501,282,753 during the review period from 5,071,209 units of shares traded via 26,922 transactions. <br />
	<br />
	<br />
	The accompanying figure demonstrates sector-wise distribution based on the total volume of trade. As usual, commercial bank dominated the volume occupying 63.24%. Hydropower sector holds 14.10%, finance sector accounts for 7.08% and remaining sectors cover the rest. <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. Index is expecting to encounter correction as 30 days SMA is in mood to follow the index at this level. <br />
	<br />
	<img alt="marketrend" border="1" height="322" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/marketrend.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<img alt="movementinindices" border="1" height="393" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/movementinindices.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd. </strong><br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2012-08-15',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480.',
			'sortorder' => '569',
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	),
	(int) 1 => array(
		'Article' => array(
			'id' => '522',
			'article_category_id' => '42',
			'title' => 'Flat In Festival (Nepal Stock Market Review For 25 September To 25 October, 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	<span style="font-size:12px;"><img align="right" alt="" border="1" height="232" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 188px; height: 232px;margin:10px;padding:10px;" vspace="5" width="188" />The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session. The benchmark Nepse index plummeted 3.59 points or 1.09% to close at 327.99. The highest point during review period was on 12 October with 334.49 while the lowest was on 23 October with 326.42. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Normally, the festival season causes outflow of money from the stock market. However, this year it was not so. Many companies have already declared their earnings and announced the dividend rates while others are preparing to do so. The book closing days are also coming around for the AGMs. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">All these are making the investors to heed the market movement more closely. Investors are dismayed at the delay in the operation of CDS and Clearing Ltd. the Commission for the Investigation of Abuse of Authority (CIAA) has started investigation on the suspicion that there has been abuse of authority in employee recruitments and in some expense of this company. Regulations of CDS and Clearing Ltd are also pending approval from the Securities Board of Nepal (SEBON). One positive development of the period is the appointment of SEBON Chairperson. Newly appointed Chairperson Babu Ram Shrestha has already taken over the responsibility and it is hoped that the CDS Company will get its regulations approved soon. During the month, a number of financial institutions made some definite progress towards their plan of merger. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">As a result, the stock exchange has halted trading in the stocks of those companies. That has subdued the trading volume. Hence it can be said that the market will show sideways movement for few coming sessions. Performance by Sector Banking sector that has been dominating the volume of trade in the Kathmandu exchange lost 8.65 points or 3.09% to close at 279.69 during the review period. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Insurance sub-index plummeted 5.53 points or 1.39% to 398.14. Finance sector receded 4.54 points or 1.66% to rest at 272.88. Hotel sector descended 3.59 points along with 3.10 points decline in development bank sector to 379.01 and 278.90 respectively. The others sector shed 1.17 points or 0.24% to settle at 26.94. However hydropower sector registered a heavy growth of 44 points or 7.23% to reach 608.67. <img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/1(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Trading sector gained 4.63 points or 1.85% to close at 250.71. Sensitive index that measures the performance of 117 blue chips descended 1.78 points or 2.22% to 80.02 while the float index calculated on the basis of real transaction skid 0.34 points to 26.94. Total of Rs. 474010954 was realized during the review period from 3000729 units of share traded via 18846 transactions. <img alt="stocktaking" border="1" height="295" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/2(1).jpg" style="margin:10px;padding:10px;" vspace="5" width="519" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. As usual, the banking sector accounted for 49.62% of total trade. Likewise, hydropower sector accounted for 22.95% while development bank covered 11.07%. Finance sector accounted for 7.39% and remaining sectors made up for the rest. Technically, Simple Moving Average (SMA) is dominating the market as 200 days SMA is far from the index while 30 days SMA is moving together with the index indicating further possibility of sideways movement for few more sessions. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em><img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/3(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</em></span></p>',
			'published' => true,
			'created' => '2011-11-17',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session.',
			'sortorder' => '427',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
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	(int) 2 => array(
		'Article' => array(
			'id' => '479',
			'article_category_id' => '42',
			'title' => 'Waiting For 350(October 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<h3 style="color: blue;">
	<span style="color:#800000;"><span style="font-size: 12px;">(Nepal Stock Market Review for 22 Aug â€“ 20 September, 2011)</span></span></h3>
<p>
	<span style="color:#800000;"><br />
	</span></p>
<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		<br />
		</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-September period was a month of decline in the Nepali bourse. This was in spite of healthy earnings reports and dividend declaration by the companies. The entry of Maoists as the leader of the government helped in sending the mood in the exchange down because of lack of clarity about the policy of the new government. The benchmark Nepse index plummeted 29.76 points or 9.30 per cent to respite at 320.08 during 22 August-20 September. While the highest points for the period was on 22 August with 349.84 and the lowest was on 19 September with 317.70. <br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Investors were unsatisfied with the rate of dividend declared by different financial institutions as the proposed dividend could not meet the expectations of the investors. Dividend proposed by Standard Chartered Bank is 50 per cent (cash) while that of Nabil is 30 per cent (cash) only. Both missed the expectation of the investors.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="265" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock.jpg" style="width: 426px; height: 265px;margin:10px;padding:10px;" vspace="5" width="426" />However, the investors have not lost all the hopes as yet because the process to improve the regulatory environment is still going ahead. The Securities Board of Nepal (SEBON) has granted license to Central Depository System and Clearing Ltd as per CDS regulation 2067. Now it is expected to start operation after the Dashain festivals are over. Similarly, the newly licensed 16 stock brokers also started transactions. With this the number of stock brokers has increase to 39, providing the investors expanded opportunity to choose their broker. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock1.jpg" style="margin:10px;padding:10px;" vspace="5" />Another noteworthy event of the month was the Money Expo organized jointly by Aarthik Abhiyan and Jamb Technologies with Minds Nepal and Morningstar Investment Services Pvt. The 3-day event called "NDEX Money Expo 2011" concluded on September 14 is believed to have helped to promote investment opportunities and tools. Experts from both India and Nepal participated in various discussion programs held during the Expo on topics related to the economy, stock market, commodity market, central depository system, investment banking and so on. In one of the programme, Tanka Prasad Paneru, chairperson of Nepal Stock Exchange opined that the Nepali stock market on that week was in a correction phase and it will gallop after crossing that level.&nbsp;</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>Performance by Sector</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="267" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock2.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Commercial banking sector holding the heavy share of trade volume in Nepal Stock Exchange dived down 44.32 points or 16.24 per cent to settle at 272.95 during the review period. Insurance sub-index lost 20.75 points to come down at 398.73. Similarly, hydropower sector descended 18.14 points along with 15.80 points decline in finance sector to arrive at 549.23 and 276.24 respectively. Others sector plummeted 8.23 points or 1.74 per cent to close at 472.34 while development bank group ebbed out 5.97 points to rest at 279.92. However manufacturing sector added 20.24 points or 3.33 per cent to reach 607.47 while trading sector gained 4.11 points to rest at 246.08.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Sensitive index that measures the performance of 117 blue chips scrip at secondary market lost 8.73 points or 11.19 per cent to reach 78.01 while the float index calculated on the basis of real transaction skid 3.31 points to arrive at 26.38. Total of Rs. 493769430 was realized during review period from 2279903 units of share trade via 25195 transactions.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The accompanying figure demonstrates the sector-wise distribution based on total amount of trade. Banking sector accounted for 58.87 per cent of total trade followed by development bank sector (13.49 per cent) and finance sector (8.10 per cent). The rest was accounted by the remaining sectors. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is shabby in both long term and short term. Both 30 days SMA and 200 days SMA are dominating the market with no clue of further correction shortly. Breaching the level of 350 is required for acceleration.<br />
		<br />
		<strong><br />
		</strong></span></div>
	<div style="text-align: justify;">
		<strong><span style="font-size:12px;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
		<br />
		<br />
		</span></strong></div>
</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-............',
			'sortorder' => '389',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 4 => array(
		'Article' => array(
			'id' => '418',
			'article_category_id' => '42',
			'title' => 'Budget As The Booster (august 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in;">
	<span style="color: rgb(178, 34, 34);"><em><span style="font-size: 10pt;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram(2).jpg" style="width: 103px; height: 127px;margin:10px;padding:10px;" vspace="5" width="103" />By Bikram Chitrakar</span></em></span><br />
	<br />
	<strong><span style="font-size: 18px;"><span>Market still waiting for the breach of 380<br />
	<br />
	</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 10pt;">(Nepal Stock Market Review for 26 June to 24 July, 2011)</span><span style="font-size: 10.5pt;"> D</span><span style="font-size: 9.5pt;">espite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive stage. Technical analysis indicates that Nepse Index should cross 380 mark before the investors can be confident to commit good money in the bourse. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The major influencing factor of the review period was the government budget for the fiscal year 2011-12. This is the first time since the Constituent Assembly election of 2008 that the government budget was announced in time, i.e. before the fiscal year started. As a result, the planned government expenditure is expected to be spent this year which will help ease the liquidity crunch in the banking system and boost economic activities around these expenditures. Moreover, the budget has also announced some direct measures that are expected to boost the market. One major announcement was the reduction in the capital gains tax in share investment from 15 percent to 10 percent for institutional investors and from 10 to five percent for the individual investors. Also announced was relaxation in the deadline for the merger of banks and financial institutions by one more year till mid-November 2012. Banks that notify the authorities by that time that they have decided to merge will get a number of concessions including the tax as was announced in the last <br />
	year's budget.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="310" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Therefore, the benchmark Nepse index started moving up even before the budget was announced and gained 18.66 points or 5.11% during the review month to settle at 365.43. The highest point during the month was on 20 July at 380.23 and lowest on 27 June <br />
	at 329.49.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Even a couple of days before the budget announcement, the Central Bank relaxed its strictures on loans to the real estate and housing sectors as well as on loans against the security of publicly traded share certificates. Similarly, the market is hoping for the banks and financial institutions to announce healthy financial positions when they make public their fourth quarterly financial reports. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Bulk trading of Friday, 15 July gained a proportion of a scandal of a sort as Friday is fixed for odd lots (smaller than 10 units of shares) transaction only.&nbsp;That bulk transaction distorted the NEPSE index on following Sunday, but Nepal Stock Exchange says that anomaly was fixed immediately. Securities Board has been asking the Stock Exchange to explain the discrepancy. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period Securities Board of Nepal (SEBON) announced programs for coming fiscal year including <img align="left" alt="stocktaking" border="1" height="281" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data1 august 2011.jpg" style="width: 415px; height: 281px;margin:10px;padding:10px;" vspace="5" width="415" />Central Depository System, Credit Rating Agency and Mutual Funds. Likewise Monetary Policy for the year 2068/69 was released on 21 July affirming the pre-budget and budget announcements. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Commercial banking sector was dominating the volume of trade in Nepal Stock Exchange also during this review month. This sector accelerated 27.23 points or 8.08% to close at 365.43. Manufacturing sector gained hefty 50.44 points to reach 587.34 while hydropower sector moved up 19.57 points to rest at 608.36.&nbsp;Others sector surged by 15.27 points along with 9.04 points up in hotel sector to reach 487.61 and 408.07 respectively. However insurance sub-index skidded 17.26 points or 4.15% to rest at 415.81. Development bank lost 0.05 points or 0.02% to <br />
	close at 296.4. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="299" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data2 august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Sensitive index that measured the performance of 117 blue chips scrip went up 4.08 points or 4.54% to 89.85 while the float index calculated on the basis of real transaction increased 1.62 points to 31.07. Total of Rs. 1689316916 was realized during review period from 4457556 units of share trade via 19340 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure illustrates the sector wise distribution based on the total volume of trade. As usual commercial bank sector covered the highest volume holding 46.69% of total trade followed by manufacturing and processing sector (43.57%). Hydropower sector occupied 3.62% and development bank sector 2.68% while other sectors made up for the rest. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is performing higher in the short term as Nepse index is higher than 30 days SMA forming M pattern which may result into correction. In the long run it is still weak. Only breaching the level of 380 will create some acceleration.<br />
	<br />
	</span></div>
<div>
	<i><span style="font-size: 9.5pt; line-height: 115%;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
			'published' => true,
			'created' => '2011-09-06',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => '(Nepal Stock Market Review for 26 June to 24 July, 2011)Despite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive.........',
			'sortorder' => '333',
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	(int) 5 => array(
		'Article' => array(
			'id' => '400',
			'article_category_id' => '42',
			'title' => 'Budget Hopes (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 120%; vertical-align: middle;">
	<i><span style="font-size: 8pt; line-height: 120%;">By Bikram Chitrakar</span></i></div>
<div>
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 11.5pt;">N</span><span style="font-size: 9.5pt;">epal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse index plummeted 43.38 points or 14.29% to settle at 303.53 on June 16. The highest points in the review period was on 18 May (346.91) and the lowest was on 15 June at 292.32, which is lower that what it was on 25 Jun, 2005 (292.47). </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Nepse plummeted after a panic spread across the banking and financial institutions due to liquidity crunch and bad governance. The governance crisis which had started from Nepal Development Bank two years ago and spread to Samjhana Finance Company gripped Gurkha Development Bank and Nepal Share Markets as well. Recently, most of the banks and finance companies are suffering liquidty crisis and they are turning to Nepal Rastra Bank (NRB) for help. NRB has opened refinancing facility to address the problem. Under this facility, there is a provision to provide refinance up to 60 percent of the core capital of the banks and financial institutions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the Securities Board of Nepal (SEBON) introduced the mutual fund regulation, CDS regulation and Credit Rating Agency regulation. However, all these failed to uplift the market which fell to six years low. Therefroe, the government has urged cash rich public sector instituions namely Employees Provident Fund, Citizens Investment Trust (CIT), Rastriya Beema Sansthan and Nepal Telecom to invest in the secondary market and create demand for shares so as to boost up the market confidence.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The result has been that the market surged 60.87 points during the week 16-23 June. Also the hope that the governmentâ€™s budget for the coming fiscal year that starts on mid-July will be presented to the parliament in time has helpd in the latest surge in the market. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Delay in presenting the budget for fiscal year 2010/11 is cited as the prime reason for the liquidity crunch. Due to that delay, a massive sum of Rs 30 billion in the government budget is likley to freeze as the government is not able to speed up expenditure. The delay in the current yearâ€™s budget was due to obstruction of the parliamentary proceedings by the then main opposition party UCPN-UML. But the present main opposition party Nepali Congress has indicated that it will not cause obstruction in the parliamentary proceedings related to budget approval.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<strong><span style="">Performance by Sector<br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the banking sector which holds the major share in the volume of trade in Nepal Stock Exchange plummeted 57.20 points or 23.02% to close at 248.44. Hydropower sector lost 178.81 points or 36.85% to settle at 485.3. Insurance sub-indices descended 25.25 points along with 23.96 points decline in the trading companies group. Similarly, development banks declined 20.89 points or 7.52% to 277.8. Hotel sector receded 14.70 points or 3.67% to rest at 400.35. Finance sector slumped 9.58 points to close at 295.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Sensitive index that measured the performance of 117 blue chips scrip at the secondary market lost 11.03 points or 14.75% to 74.8 while, the float index calculated on the basis of real transaction lost 4.10 points to arrive at 25.15. Total of Rs. 426328626 was realized during review period from 1987186 units of share traded via 25826 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. Commercial bank has occupied the highest share of trade - 48.90% while Development Bank group accounted for 16.52% and hydropower sector 14.97%. Similarly, finance sectorâ€™s share was 8.32% while the remaining sectors covered the rest.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is dominating the market in the short term as well as in the long term as both 30 days SMA and 200 days SMA are performing poor. Similarly, the Nepse index is bending which will suggest further fall if it fails to stabilize near 300. But since the June 16-23 week has pulled the index up to 364.4, the market has become optimistic again.<br />
	<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<i><span style="font-size: 9.5pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</span></i></div>
<div>
	<i>&nbsp;</i></div>
<div align="center">
	<span style="font-size: 10.5pt;">Movement in Indices (18 May - 16 June 2011)<br />
	<br />
	<br />
	</span></div>
<table border="0" cellpadding="0" cellspacing="0" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(204, 123, 74) white white rgb(204, 123, 74); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Indices</span></b></span></div>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Open</span></b></span></div>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">High</span></b></span></div>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Low</span></b></span></div>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Close</span></b></span></div>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Change</span></b></span></div>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">% Change</span></b></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Nepse</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">292.32</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">303.53</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-43.38</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.29</span></span></div>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Bank </span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.64</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.88</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">234.01</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">248.44</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-57.20</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.02</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Sensitive</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.83</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.98</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">71.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">74.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-11.03</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.75</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Development Bank</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">298.69</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">299.37</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-20.89</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-7.52</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hydro</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">473</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">485.3</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-178.81</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-36.85</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Finance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.58</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.25</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Insurance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-25.25</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-6.30</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hotel</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.66</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.35</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.70</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.67</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Manufacturing</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">483.25</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">501.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-2.37</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-0.47</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Tradings</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">241.97</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">242</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.96</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.90</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Others</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">477.04</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">486.44</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">430.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">460.6</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.44</span></span></div>
			</td>
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				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.57</span></span></div>
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			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white rgb(204, 123, 74) rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
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			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">24.3</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">25.15</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-4.10</span></span></div>
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					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.30</span></span></div>
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<p>
	 </p>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-09-01',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Nepal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse.......',
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			'article_category_id' => '42',
			'title' => 'CDS Charms Low; Stock Negative',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle; text-align: justify;">
	<i><span style="font-size: 8pt; line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 105px; height: 127px;margin:10px;padding:10px;" vspace="5" width="105" />By Bikram Chitrakar</span></i></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 8pt;">he Nepali share market had a lacklustre performance also in the month during March 20-April 19 despite the inauguration of eagerly awaited Central Depository System and Clearing Ltd. Also the prospect of good third quarter financial results did not help the market sentiment. The benchmark NEPSE index dropped 15.16 points or 4.16% to settle at 364.3 points. The session's highest was on 21 March with 379.46 while the session's lowest was on 29 March with 358.04.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Central Depository System (CDS) and Clearing Ltd was formally inaugurated on 31 March, 2011 which was keenly expected by the investors of Nepal. Despite its opening, the market could not take off as investors were more worried about the scenario after the May 28 deadline for promulgation of the countryâ€™s new constitution lapses. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The automated system of CDS will facilitate speedy and safe clearing and settlement of transactions. The safety and security of the digital holding of shares will eliminate fraud and misuse of share certificates while the flow of shares will increase in the market due to instant transfer. One reaction of the market to the new development is that heavy volume of scrip was traded through matching , particularly towards the first half of April. The trade volume during the period was higher than the average despite the index closing at a lower level. The increased cases of matching during this period is explained by the fact that matching is going to be difficult under the CDS system. Therefore, the investors who had bought shares in the IPOs under fictitious names were transferring such shares on their real names and in doing so they pressed the prices lower to reduce the capital gains tax.&nbsp;</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) organised an interaction programme during the month about the regulation it has drafted to allow setting up credit rating agencies in Nepal. This draft now needs to be approved by the Ministry of Finance beofre they can go for implementation. After the establishment of these agencies, the issues (IPO, rights) exceeding Rs. 100 million size will have to be rated by such agencies before they are floated to the public. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	<br />
	</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Commercial banking sector that accounts for the highest volume of trade in the exchange lost 27.73 points or 9.01% to settle at 307.73. Manufacturing and processing sector dropped 25.54 points to 500.59. to close at 434.83 and 312.1 respectively. Insurance sub-indices lost 17.30 points to settle at 448.83 while finance sector plummets 5.70 points or 1.83% to close at 310.91. However, the hydropower sector gained 71.22 points or 9.80% to settle at 726.97. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">A total of Rs 492,513,784 was realised during the review period from 1,985,844 units of share trade via 30,739 transactions.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The accompanying figure shows sector-wise distribution based on the total amount of trades. The commercial banks accounted for 44.20% whereas the insurance sector constituted 16.35% which is more than that of the finance companies which stood at 14.80%. Similarly, the development banks hold 13.80% while rest of the sectors covered the remaining portion of the trade.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.15pt;">Technically, the Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 Days SMA are above the trend line. It indicates possibility of a further downfall.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<i><span style="font-size: 8pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
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			'title' => 'Making New Lows',
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			'content' => '<p style="text-align: justify;">
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<p class="MsoNormal" style="text-align: justify;">
	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
<p class="MsoNormal" style="text-align: justify;">
	<strong><br />
	</strong></p>
<p class="BODYTEXT" style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words â€˜liberal economyâ€™ by â€˜self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
<p>
	 </p>
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				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Indices</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Low</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Close</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
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					 </p>
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					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">% Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
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			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
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					 </p>
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
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					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.58</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.94</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-17.91</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-5.64</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Insurance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
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<p class="BODYTEXT">
	<span style="font-size:12px;"><span class="MyriadPro"><span franklin="" gothic="">(Review for 20 Dec, 2010- 19 Jan, 2011)</span></span></span></p>
<p class="BODYTEXT">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="font-size:12px;"><strong><i><span lucida="" style="line-height: 120%;">By Bikram Chitrakar</span></i></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><b><span aldine401="" color:=""><br />
	T</span></b><span aldine401="" color:="">he Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The benchmark Nepse index advanced 12.98 points or 3.21% to settle at 404.33. The session's high was on 27 December, 2010 with 407.72 while session's low was at the opening with 391.35 on 20 December, 2010.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:=""><br />
	The understanding reached between major parties to bring the Maoist combatants under the Special Committee headed by the Prime Minister has added hope that the peace process is heading towards the right direction. However investors were cautious as the formation of the new government is still uncertain.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span><span aldine401="" color:=""><br />
	However, some hopeful developments are reported also from the regulators side. For example, Securities Board (SEBON) has formed a committee under the leadership of its Chairman Dr. Surbir Poudyal to formulate a five-year master plan to develop the securities market with technical assistance of the World Bank. Similarly, Nepal Stock Exchange (Nepse) has formed a company CDS and Clearing Ltd as a subsidiary to introduce and manage the central depository system. Though another company called Nepal Central Depository and Clearing Ltd was formed earlier with Nepse and the commercial banks as the shareholders, that company could not go ahead due to dispute between Nepse and the commercial banks about how to account for the Indian assistance received for this purpose. </span></span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span><span aldine401="" color:=""><br />
	</span></span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span color:="" franklin="" gothic="">Performance by Sector</span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span><span color:="" franklin="" gothic=""><br />
	</span></span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">The commercial banking sector which holds the largest share in the trade volume in Nepal Stock Exchange gained 23.75 points or 6.41% to close at 370.77 during the review period. Similarly, hydropower sector was up by 32.33 points to rest at 717.09. Hotel sector accelerated 18.81 points or 4.16% to settle at 452.36 while manufacturing sector went up 7.78 points along with 4.71 points growth in tradings sector. Insurance sub-index went up 3.49 points while others sector increased 2.35 points to close at 477.38 and 522.85 respectively.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Sensitive index that measured the performance of 94 blue chips surged 3.78 points or 3.79% to 99.76 while, the float index calculated on the basis of real transaction ascended 1.02 points to 34.58. Total of Rs 492,513,784 was realised during the review period from 1,985,844 units of shares traded via 30,739 transactions.<br />
	<br />
	</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">&nbsp;The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, majority of the trade was in the banking sector with 46.60% while finance sector accounted for 21.55%. Development bank occupied 15.27% and the remaining sectors made up for the rest.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Technically, Simple Moving Average (SMA) is performing high in the short term. However its sustainability is not supported by transaction volume. Shortfall in the volume of trade may lead the index down while it is still gloomy in the long term. <br />
	<br />
	</span></span></p>
<p class="MsoNormal">
	<strong><span style="font-size:12px;"><i><span aldine401="" color:="" style="line-height: 115%;">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)&nbsp; <br />
	<br />
	<br />
	</span></i></span></strong></p>',
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			'description' => 'The Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The',
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			'title' => 'Stocks End Sour, Despite Late Budget (Review For 24 Oct- 23 Nov, 2010)',
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	<div justify="" style="width: 595px;">
		<div>
			<div align="center" style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<strong>The budget has opened door for Non-Resident Nepalis and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.</strong></div>
		</div>
	</div>
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<p>
	 </p>
<p>
	 </p>
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	<div justify="" style="width: 595px;">
		<div>
			<div align="center" style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<strong>The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains. The four-month-late budget was expected to boost up the faded stock market. But that could not happen. The Nepse index went down 6.70 points or 1.60 per cent to settle at the review period's low of 419.63 while the highest point of the period was 426.33 on 24 Oct.<br />
			<br />
			During the review period, most of the companies declared their dividend and book closing date and published first quarter financial reports and company analysis. Hence, it can be expected that a great momentum is not going take place very soon as the investors will take time to analyse and interpret the health of institutions and their future prospects.<br />
			<br />
			The outflow of fund during the time of Dashain and Tihar has also hampered the capital market of Nepal, as banking sector is facing liquidity crisis while the lending rate between the banks has also picked high. Hence, spending and withdrawals made at the festival time have affected the investing capacity of the investors. On the other hand, different banks have already declared their revised interest rate on the deposits attracting the investors to hold the capital and deposit it at the bank rather than investing in the market.</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			The budget for the fiscal year 2010/11 delayed due to political wrangling among Nepal is and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.<br />
			<br />
			The much awaited Nepal Central Depository and Clearing Ltd was registered. Nepal Stock Exchange, Citizen Investment Trust and 17 commercial banks have signed the Memorandum of Association of the company as the founder shareholders. Nepse has 51 per cent, CIT has 15 per cent, six commercial banks have 2.88 per cent each while the rest stake in this company is held by 11 commercial banks. The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade. <br />
			<br />
			The trial operation of the CDS system will be made in January 2011 as the software will be handed over by Tata Group by December 15, 2010. The taste of new improved system will surely cure some of the ills of the market; however, political and economic conditions till that period will also determine the sentiment of the market.<br />
			 </div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div align="center" style="padding: 5px;">
				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bar.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 369px; height: 274px;" /><br />
				<br />
				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/pie-chart.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 360px; height: 253px;" /></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			<strong>Performance by Sector </strong><br />
			<br />
			Banking sector, accumulating the heavy volume of trade in Nepse, experienced a double digit dip of 10.77 points or 2.76 per cent to close at 389.68. Similarly, hotel sector plunged 8.66 points followed by 7.64 points down in development banks to settle at 402.48 and 400.11, respectively. The â€˜others sectorâ€™ skidded 2.35 points while hydropower sector lost 1.89 points. Trading sector descended 1.72 points or 0.65 per cent to close at 265.15. However, insurance accelerated by a fast 34.51 points or 7.02 per cent to settle at 491.75. Finance sector spread the modest of 0.02 points or 0.01 per cent to rest at 357.07.<br />
			<br />
			The sensitive index that measures the performance of 94 blue chips scrip at the secondary market, drifted down 2.33 points or 2.27 per cent to 102.58 while the float index calculated on the basis of real transaction, receded 1 . 2 4 points to 36.5. Total of Rs. 471,129,498 was</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			realized during the review period from 1,656,453 units of share traded via 26,545 transactions.<br />
			<br />
			The figure on the previous page depicts the sectorwise distribution based on the total amount of trade. The commercial banks accounted 50.45 per cent while finance sector covered 14.53 per cent. Similarly, development banks held 13.97 per cent, insurance occupied 9.25 per cent and hydropower sector retained 8.32 per cent while the remaining sectors made up the rest.<br />
			<br />
			Technically, both the 200 days Simple Moving Average (SMA) and 30 days SMA are above the Nepse index, as the market has retreated from its previous surge. Nepse index is overlapped with 30 days SMA showing the shabby nature of stock in the short term while in the long term it is weak. Hence, the chance of acceleration in the market is not visible; however, a few fluctuations can be expected in the short term. (The writer is a stock analyst)</div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
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	<div justify="" style="width: 595px;">
		<div>
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				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/stock.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 307px; height: 216px;" /></div>
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</div>',
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			'description' => 'The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains.',
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			'title' => 'Investors Welcome 4th Quarter',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	By Bikram Chitrakar <br />
	<br />
	<img alt="stocktaking" border="1" height="187" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking.jpg" vspace="5" width="355" /><br />
	<br />
	<br />
	<strong>(Review for 27 June to 25 July, 2012) <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. <br />
	<br />
	</strong><br />
	Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480. <br />
	<br />
	A number of banking and financial institutions have reduced their interest rates on different saving schemes recently. Thus the attraction of interest rates is reduced now which is expected to lure the investors back to the equity market. <br />
	<br />
	<br />
	One important development during the review period was the approval of the guidelines for Mutual Fund. This has opened way for two already approved mutual funds (Siddhartha Mutual Fund and Nabil Mutual Fund) to start operation. <br />
	<br />
	<br />
	<br />
	<br />
	<strong><br />
	Performance by Sector <br />
	<br />
	<br />
	</strong><br />
	<img alt="pie chart" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sectorwisdistribution.jpg" style="width: 349px; height: 384px;" vspace="5" /><br />
	<br />
	<br />
	Commercial banking sector that accounts for the major share in the volume of trade in Nepal Stock Exchange added 31.27 points or 7.72% during the review period to close at 405.02. Similarly, the Hydropower sector gained a hefty 77.37 points followed by 63.43 points up in others sector to reach 699.24 and 615.65 respectively. Insurance sub-index accelerated 28.67 points to 509.04 while manufacturing sector surged 15.57 points to 682.23. Development bank moved up 6.81 points or 2.68% to rest at 253.67. However, finance sector descended 2.47 points or 0.94% to rest at 263.37. Sensitive index that measures the performance of 133 blue chip scrip at the secondary market escalated 10.34 points or 9.87% to reach 104.73 while the float index calculated on the basis of real transactions went uphill 1.81 points or 5.75% to 31.48. The turnover volume was of Rs. 1,501,282,753 during the review period from 5,071,209 units of shares traded via 26,922 transactions. <br />
	<br />
	<br />
	The accompanying figure demonstrates sector-wise distribution based on the total volume of trade. As usual, commercial bank dominated the volume occupying 63.24%. Hydropower sector holds 14.10%, finance sector accounts for 7.08% and remaining sectors cover the rest. <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. Index is expecting to encounter correction as 30 days SMA is in mood to follow the index at this level. <br />
	<br />
	<img alt="marketrend" border="1" height="322" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/marketrend.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<img alt="movementinindices" border="1" height="393" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/movementinindices.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd. </strong><br />
	<br />
	 </p>',
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			'description' => 'Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480.',
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		'Article' => array(
			'id' => '522',
			'article_category_id' => '42',
			'title' => 'Flat In Festival (Nepal Stock Market Review For 25 September To 25 October, 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	<span style="font-size:12px;"><img align="right" alt="" border="1" height="232" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 188px; height: 232px;margin:10px;padding:10px;" vspace="5" width="188" />The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session. The benchmark Nepse index plummeted 3.59 points or 1.09% to close at 327.99. The highest point during review period was on 12 October with 334.49 while the lowest was on 23 October with 326.42. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Normally, the festival season causes outflow of money from the stock market. However, this year it was not so. Many companies have already declared their earnings and announced the dividend rates while others are preparing to do so. The book closing days are also coming around for the AGMs. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">All these are making the investors to heed the market movement more closely. Investors are dismayed at the delay in the operation of CDS and Clearing Ltd. the Commission for the Investigation of Abuse of Authority (CIAA) has started investigation on the suspicion that there has been abuse of authority in employee recruitments and in some expense of this company. Regulations of CDS and Clearing Ltd are also pending approval from the Securities Board of Nepal (SEBON). One positive development of the period is the appointment of SEBON Chairperson. Newly appointed Chairperson Babu Ram Shrestha has already taken over the responsibility and it is hoped that the CDS Company will get its regulations approved soon. During the month, a number of financial institutions made some definite progress towards their plan of merger. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">As a result, the stock exchange has halted trading in the stocks of those companies. That has subdued the trading volume. Hence it can be said that the market will show sideways movement for few coming sessions. Performance by Sector Banking sector that has been dominating the volume of trade in the Kathmandu exchange lost 8.65 points or 3.09% to close at 279.69 during the review period. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Insurance sub-index plummeted 5.53 points or 1.39% to 398.14. Finance sector receded 4.54 points or 1.66% to rest at 272.88. Hotel sector descended 3.59 points along with 3.10 points decline in development bank sector to 379.01 and 278.90 respectively. The others sector shed 1.17 points or 0.24% to settle at 26.94. However hydropower sector registered a heavy growth of 44 points or 7.23% to reach 608.67. <img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/1(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Trading sector gained 4.63 points or 1.85% to close at 250.71. Sensitive index that measures the performance of 117 blue chips descended 1.78 points or 2.22% to 80.02 while the float index calculated on the basis of real transaction skid 0.34 points to 26.94. Total of Rs. 474010954 was realized during the review period from 3000729 units of share traded via 18846 transactions. <img alt="stocktaking" border="1" height="295" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/2(1).jpg" style="margin:10px;padding:10px;" vspace="5" width="519" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. As usual, the banking sector accounted for 49.62% of total trade. Likewise, hydropower sector accounted for 22.95% while development bank covered 11.07%. Finance sector accounted for 7.39% and remaining sectors made up for the rest. Technically, Simple Moving Average (SMA) is dominating the market as 200 days SMA is far from the index while 30 days SMA is moving together with the index indicating further possibility of sideways movement for few more sessions. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em><img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/3(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</em></span></p>',
			'published' => true,
			'created' => '2011-11-17',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session.',
			'sortorder' => '427',
			'image' => null,
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	),
	(int) 2 => array(
		'Article' => array(
			'id' => '479',
			'article_category_id' => '42',
			'title' => 'Waiting For 350(October 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<h3 style="color: blue;">
	<span style="color:#800000;"><span style="font-size: 12px;">(Nepal Stock Market Review for 22 Aug â€“ 20 September, 2011)</span></span></h3>
<p>
	<span style="color:#800000;"><br />
	</span></p>
<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		<br />
		</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-September period was a month of decline in the Nepali bourse. This was in spite of healthy earnings reports and dividend declaration by the companies. The entry of Maoists as the leader of the government helped in sending the mood in the exchange down because of lack of clarity about the policy of the new government. The benchmark Nepse index plummeted 29.76 points or 9.30 per cent to respite at 320.08 during 22 August-20 September. While the highest points for the period was on 22 August with 349.84 and the lowest was on 19 September with 317.70. <br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Investors were unsatisfied with the rate of dividend declared by different financial institutions as the proposed dividend could not meet the expectations of the investors. Dividend proposed by Standard Chartered Bank is 50 per cent (cash) while that of Nabil is 30 per cent (cash) only. Both missed the expectation of the investors.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="265" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock.jpg" style="width: 426px; height: 265px;margin:10px;padding:10px;" vspace="5" width="426" />However, the investors have not lost all the hopes as yet because the process to improve the regulatory environment is still going ahead. The Securities Board of Nepal (SEBON) has granted license to Central Depository System and Clearing Ltd as per CDS regulation 2067. Now it is expected to start operation after the Dashain festivals are over. Similarly, the newly licensed 16 stock brokers also started transactions. With this the number of stock brokers has increase to 39, providing the investors expanded opportunity to choose their broker. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock1.jpg" style="margin:10px;padding:10px;" vspace="5" />Another noteworthy event of the month was the Money Expo organized jointly by Aarthik Abhiyan and Jamb Technologies with Minds Nepal and Morningstar Investment Services Pvt. The 3-day event called "NDEX Money Expo 2011" concluded on September 14 is believed to have helped to promote investment opportunities and tools. Experts from both India and Nepal participated in various discussion programs held during the Expo on topics related to the economy, stock market, commodity market, central depository system, investment banking and so on. In one of the programme, Tanka Prasad Paneru, chairperson of Nepal Stock Exchange opined that the Nepali stock market on that week was in a correction phase and it will gallop after crossing that level.&nbsp;</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>Performance by Sector</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="267" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock2.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Commercial banking sector holding the heavy share of trade volume in Nepal Stock Exchange dived down 44.32 points or 16.24 per cent to settle at 272.95 during the review period. Insurance sub-index lost 20.75 points to come down at 398.73. Similarly, hydropower sector descended 18.14 points along with 15.80 points decline in finance sector to arrive at 549.23 and 276.24 respectively. Others sector plummeted 8.23 points or 1.74 per cent to close at 472.34 while development bank group ebbed out 5.97 points to rest at 279.92. However manufacturing sector added 20.24 points or 3.33 per cent to reach 607.47 while trading sector gained 4.11 points to rest at 246.08.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Sensitive index that measures the performance of 117 blue chips scrip at secondary market lost 8.73 points or 11.19 per cent to reach 78.01 while the float index calculated on the basis of real transaction skid 3.31 points to arrive at 26.38. Total of Rs. 493769430 was realized during review period from 2279903 units of share trade via 25195 transactions.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The accompanying figure demonstrates the sector-wise distribution based on total amount of trade. Banking sector accounted for 58.87 per cent of total trade followed by development bank sector (13.49 per cent) and finance sector (8.10 per cent). The rest was accounted by the remaining sectors. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is shabby in both long term and short term. Both 30 days SMA and 200 days SMA are dominating the market with no clue of further correction shortly. Breaching the level of 350 is required for acceleration.<br />
		<br />
		<strong><br />
		</strong></span></div>
	<div style="text-align: justify;">
		<strong><span style="font-size:12px;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
		<br />
		<br />
		</span></strong></div>
</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-............',
			'sortorder' => '389',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
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	(int) 4 => array(
		'Article' => array(
			'id' => '418',
			'article_category_id' => '42',
			'title' => 'Budget As The Booster (august 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in;">
	<span style="color: rgb(178, 34, 34);"><em><span style="font-size: 10pt;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram(2).jpg" style="width: 103px; height: 127px;margin:10px;padding:10px;" vspace="5" width="103" />By Bikram Chitrakar</span></em></span><br />
	<br />
	<strong><span style="font-size: 18px;"><span>Market still waiting for the breach of 380<br />
	<br />
	</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 10pt;">(Nepal Stock Market Review for 26 June to 24 July, 2011)</span><span style="font-size: 10.5pt;"> D</span><span style="font-size: 9.5pt;">espite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive stage. Technical analysis indicates that Nepse Index should cross 380 mark before the investors can be confident to commit good money in the bourse. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The major influencing factor of the review period was the government budget for the fiscal year 2011-12. This is the first time since the Constituent Assembly election of 2008 that the government budget was announced in time, i.e. before the fiscal year started. As a result, the planned government expenditure is expected to be spent this year which will help ease the liquidity crunch in the banking system and boost economic activities around these expenditures. Moreover, the budget has also announced some direct measures that are expected to boost the market. One major announcement was the reduction in the capital gains tax in share investment from 15 percent to 10 percent for institutional investors and from 10 to five percent for the individual investors. Also announced was relaxation in the deadline for the merger of banks and financial institutions by one more year till mid-November 2012. Banks that notify the authorities by that time that they have decided to merge will get a number of concessions including the tax as was announced in the last <br />
	year's budget.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="310" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Therefore, the benchmark Nepse index started moving up even before the budget was announced and gained 18.66 points or 5.11% during the review month to settle at 365.43. The highest point during the month was on 20 July at 380.23 and lowest on 27 June <br />
	at 329.49.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Even a couple of days before the budget announcement, the Central Bank relaxed its strictures on loans to the real estate and housing sectors as well as on loans against the security of publicly traded share certificates. Similarly, the market is hoping for the banks and financial institutions to announce healthy financial positions when they make public their fourth quarterly financial reports. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Bulk trading of Friday, 15 July gained a proportion of a scandal of a sort as Friday is fixed for odd lots (smaller than 10 units of shares) transaction only.&nbsp;That bulk transaction distorted the NEPSE index on following Sunday, but Nepal Stock Exchange says that anomaly was fixed immediately. Securities Board has been asking the Stock Exchange to explain the discrepancy. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period Securities Board of Nepal (SEBON) announced programs for coming fiscal year including <img align="left" alt="stocktaking" border="1" height="281" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data1 august 2011.jpg" style="width: 415px; height: 281px;margin:10px;padding:10px;" vspace="5" width="415" />Central Depository System, Credit Rating Agency and Mutual Funds. Likewise Monetary Policy for the year 2068/69 was released on 21 July affirming the pre-budget and budget announcements. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Commercial banking sector was dominating the volume of trade in Nepal Stock Exchange also during this review month. This sector accelerated 27.23 points or 8.08% to close at 365.43. Manufacturing sector gained hefty 50.44 points to reach 587.34 while hydropower sector moved up 19.57 points to rest at 608.36.&nbsp;Others sector surged by 15.27 points along with 9.04 points up in hotel sector to reach 487.61 and 408.07 respectively. However insurance sub-index skidded 17.26 points or 4.15% to rest at 415.81. Development bank lost 0.05 points or 0.02% to <br />
	close at 296.4. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="299" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data2 august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Sensitive index that measured the performance of 117 blue chips scrip went up 4.08 points or 4.54% to 89.85 while the float index calculated on the basis of real transaction increased 1.62 points to 31.07. Total of Rs. 1689316916 was realized during review period from 4457556 units of share trade via 19340 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure illustrates the sector wise distribution based on the total volume of trade. As usual commercial bank sector covered the highest volume holding 46.69% of total trade followed by manufacturing and processing sector (43.57%). Hydropower sector occupied 3.62% and development bank sector 2.68% while other sectors made up for the rest. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is performing higher in the short term as Nepse index is higher than 30 days SMA forming M pattern which may result into correction. In the long run it is still weak. Only breaching the level of 380 will create some acceleration.<br />
	<br />
	</span></div>
<div>
	<i><span style="font-size: 9.5pt; line-height: 115%;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
			'published' => true,
			'created' => '2011-09-06',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => '(Nepal Stock Market Review for 26 June to 24 July, 2011)Despite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive.........',
			'sortorder' => '333',
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	(int) 5 => array(
		'Article' => array(
			'id' => '400',
			'article_category_id' => '42',
			'title' => 'Budget Hopes (july 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 120%; vertical-align: middle;">
	<i><span style="font-size: 8pt; line-height: 120%;">By Bikram Chitrakar</span></i></div>
<div>
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 11.5pt;">N</span><span style="font-size: 9.5pt;">epal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse index plummeted 43.38 points or 14.29% to settle at 303.53 on June 16. The highest points in the review period was on 18 May (346.91) and the lowest was on 15 June at 292.32, which is lower that what it was on 25 Jun, 2005 (292.47). </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Nepse plummeted after a panic spread across the banking and financial institutions due to liquidity crunch and bad governance. The governance crisis which had started from Nepal Development Bank two years ago and spread to Samjhana Finance Company gripped Gurkha Development Bank and Nepal Share Markets as well. Recently, most of the banks and finance companies are suffering liquidty crisis and they are turning to Nepal Rastra Bank (NRB) for help. NRB has opened refinancing facility to address the problem. Under this facility, there is a provision to provide refinance up to 60 percent of the core capital of the banks and financial institutions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the Securities Board of Nepal (SEBON) introduced the mutual fund regulation, CDS regulation and Credit Rating Agency regulation. However, all these failed to uplift the market which fell to six years low. Therefroe, the government has urged cash rich public sector instituions namely Employees Provident Fund, Citizens Investment Trust (CIT), Rastriya Beema Sansthan and Nepal Telecom to invest in the secondary market and create demand for shares so as to boost up the market confidence.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The result has been that the market surged 60.87 points during the week 16-23 June. Also the hope that the governmentâ€™s budget for the coming fiscal year that starts on mid-July will be presented to the parliament in time has helpd in the latest surge in the market. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Delay in presenting the budget for fiscal year 2010/11 is cited as the prime reason for the liquidity crunch. Due to that delay, a massive sum of Rs 30 billion in the government budget is likley to freeze as the government is not able to speed up expenditure. The delay in the current yearâ€™s budget was due to obstruction of the parliamentary proceedings by the then main opposition party UCPN-UML. But the present main opposition party Nepali Congress has indicated that it will not cause obstruction in the parliamentary proceedings related to budget approval.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<strong><span style="">Performance by Sector<br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the banking sector which holds the major share in the volume of trade in Nepal Stock Exchange plummeted 57.20 points or 23.02% to close at 248.44. Hydropower sector lost 178.81 points or 36.85% to settle at 485.3. Insurance sub-indices descended 25.25 points along with 23.96 points decline in the trading companies group. Similarly, development banks declined 20.89 points or 7.52% to 277.8. Hotel sector receded 14.70 points or 3.67% to rest at 400.35. Finance sector slumped 9.58 points to close at 295.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Sensitive index that measured the performance of 117 blue chips scrip at the secondary market lost 11.03 points or 14.75% to 74.8 while, the float index calculated on the basis of real transaction lost 4.10 points to arrive at 25.15. Total of Rs. 426328626 was realized during review period from 1987186 units of share traded via 25826 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. Commercial bank has occupied the highest share of trade - 48.90% while Development Bank group accounted for 16.52% and hydropower sector 14.97%. Similarly, finance sectorâ€™s share was 8.32% while the remaining sectors covered the rest.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is dominating the market in the short term as well as in the long term as both 30 days SMA and 200 days SMA are performing poor. Similarly, the Nepse index is bending which will suggest further fall if it fails to stabilize near 300. But since the June 16-23 week has pulled the index up to 364.4, the market has become optimistic again.<br />
	<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<i><span style="font-size: 9.5pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</span></i></div>
<div>
	<i>&nbsp;</i></div>
<div align="center">
	<span style="font-size: 10.5pt;">Movement in Indices (18 May - 16 June 2011)<br />
	<br />
	<br />
	</span></div>
<table border="0" cellpadding="0" cellspacing="0" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(204, 123, 74) white white rgb(204, 123, 74); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Indices</span></b></span></div>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Open</span></b></span></div>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">High</span></b></span></div>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Low</span></b></span></div>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Close</span></b></span></div>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Change</span></b></span></div>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">% Change</span></b></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Nepse</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">292.32</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">303.53</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-43.38</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.29</span></span></div>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Bank </span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.64</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.88</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">234.01</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">248.44</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-57.20</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.02</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Sensitive</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.83</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.98</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">71.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">74.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-11.03</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.75</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Development Bank</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">298.69</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">299.37</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-20.89</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-7.52</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hydro</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">473</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">485.3</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-178.81</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-36.85</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Finance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.58</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.25</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Insurance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-25.25</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-6.30</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hotel</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.66</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.35</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.70</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.67</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Manufacturing</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">483.25</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">501.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-2.37</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-0.47</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Tradings</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">241.97</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">242</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.96</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.90</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Others</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">477.04</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">486.44</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">430.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">460.6</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.44</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.57</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white rgb(204, 123, 74) rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Float</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">24.3</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">25.15</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-4.10</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.30</span></span></div>
			</td>
		</tr>
	</tbody>
</table>
<p>
	 </p>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-09-01',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Nepal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse.......',
			'sortorder' => '315',
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	<i><span style="font-size: 8pt; line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 105px; height: 127px;margin:10px;padding:10px;" vspace="5" width="105" />By Bikram Chitrakar</span></i></div>
<div style="text-align: justify;">
	<br />
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<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 8pt;">he Nepali share market had a lacklustre performance also in the month during March 20-April 19 despite the inauguration of eagerly awaited Central Depository System and Clearing Ltd. Also the prospect of good third quarter financial results did not help the market sentiment. The benchmark NEPSE index dropped 15.16 points or 4.16% to settle at 364.3 points. The session's highest was on 21 March with 379.46 while the session's lowest was on 29 March with 358.04.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Central Depository System (CDS) and Clearing Ltd was formally inaugurated on 31 March, 2011 which was keenly expected by the investors of Nepal. Despite its opening, the market could not take off as investors were more worried about the scenario after the May 28 deadline for promulgation of the countryâ€™s new constitution lapses. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The automated system of CDS will facilitate speedy and safe clearing and settlement of transactions. The safety and security of the digital holding of shares will eliminate fraud and misuse of share certificates while the flow of shares will increase in the market due to instant transfer. One reaction of the market to the new development is that heavy volume of scrip was traded through matching , particularly towards the first half of April. The trade volume during the period was higher than the average despite the index closing at a lower level. The increased cases of matching during this period is explained by the fact that matching is going to be difficult under the CDS system. Therefore, the investors who had bought shares in the IPOs under fictitious names were transferring such shares on their real names and in doing so they pressed the prices lower to reduce the capital gains tax.&nbsp;</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) organised an interaction programme during the month about the regulation it has drafted to allow setting up credit rating agencies in Nepal. This draft now needs to be approved by the Ministry of Finance beofre they can go for implementation. After the establishment of these agencies, the issues (IPO, rights) exceeding Rs. 100 million size will have to be rated by such agencies before they are floated to the public. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	<br />
	</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Commercial banking sector that accounts for the highest volume of trade in the exchange lost 27.73 points or 9.01% to settle at 307.73. Manufacturing and processing sector dropped 25.54 points to 500.59. to close at 434.83 and 312.1 respectively. Insurance sub-indices lost 17.30 points to settle at 448.83 while finance sector plummets 5.70 points or 1.83% to close at 310.91. However, the hydropower sector gained 71.22 points or 9.80% to settle at 726.97. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">A total of Rs 492,513,784 was realised during the review period from 1,985,844 units of share trade via 30,739 transactions.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The accompanying figure shows sector-wise distribution based on the total amount of trades. The commercial banks accounted for 44.20% whereas the insurance sector constituted 16.35% which is more than that of the finance companies which stood at 14.80%. Similarly, the development banks hold 13.80% while rest of the sectors covered the remaining portion of the trade.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.15pt;">Technically, the Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 Days SMA are above the trend line. It indicates possibility of a further downfall.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<i><span style="font-size: 8pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
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<p class="MsoNormal" style="text-align: justify;">
	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
<p class="MsoNormal" style="text-align: justify;">
	<strong><br />
	</strong></p>
<p class="BODYTEXT" style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words â€˜liberal economyâ€™ by â€˜self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
<p>
	 </p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Indices</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Low</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Close</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">% Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">329.69</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-21.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-6.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hydro</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">722.39</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">723.44</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">654.25</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">655.88</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-66.51</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-10.14</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Finance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.58</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">335.94</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">317.67</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-17.91</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-5.64</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Insurance</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">482.4</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">485.02</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">464.54</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">467.43</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-14.97</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-3.20</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Hotel</span></span></p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				 </td>
		</tr>
	</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
</table>
<p>
	 </p>',
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	<span style="font-size:12px;"><span class="MyriadPro"><span franklin="" gothic="">(Review for 20 Dec, 2010- 19 Jan, 2011)</span></span></span></p>
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	 </p>
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	<span style="font-size:12px;"><strong><i><span lucida="" style="line-height: 120%;">By Bikram Chitrakar</span></i></strong></span></p>
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	<span style="font-size:12px;"><b><span aldine401="" color:=""><br />
	T</span></b><span aldine401="" color:="">he Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The benchmark Nepse index advanced 12.98 points or 3.21% to settle at 404.33. The session's high was on 27 December, 2010 with 407.72 while session's low was at the opening with 391.35 on 20 December, 2010.</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:=""><br />
	The understanding reached between major parties to bring the Maoist combatants under the Special Committee headed by the Prime Minister has added hope that the peace process is heading towards the right direction. However investors were cautious as the formation of the new government is still uncertain.</span></span></p>
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	<span style="font-size:12px;"><span><span aldine401="" color:=""><br />
	However, some hopeful developments are reported also from the regulators side. For example, Securities Board (SEBON) has formed a committee under the leadership of its Chairman Dr. Surbir Poudyal to formulate a five-year master plan to develop the securities market with technical assistance of the World Bank. Similarly, Nepal Stock Exchange (Nepse) has formed a company CDS and Clearing Ltd as a subsidiary to introduce and manage the central depository system. Though another company called Nepal Central Depository and Clearing Ltd was formed earlier with Nepse and the commercial banks as the shareholders, that company could not go ahead due to dispute between Nepse and the commercial banks about how to account for the Indian assistance received for this purpose. </span></span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;</span></span></p>
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	<span style="font-size:12px;"><strong><span><span aldine401="" color:=""><br />
	</span></span></strong></span></p>
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	<span style="font-size:12px;"><strong><span color:="" franklin="" gothic="">Performance by Sector</span></strong></span></p>
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	<span style="font-size:12px;"><strong><span><span color:="" franklin="" gothic=""><br />
	</span></span></strong></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">The commercial banking sector which holds the largest share in the trade volume in Nepal Stock Exchange gained 23.75 points or 6.41% to close at 370.77 during the review period. Similarly, hydropower sector was up by 32.33 points to rest at 717.09. Hotel sector accelerated 18.81 points or 4.16% to settle at 452.36 while manufacturing sector went up 7.78 points along with 4.71 points growth in tradings sector. Insurance sub-index went up 3.49 points while others sector increased 2.35 points to close at 477.38 and 522.85 respectively.</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Sensitive index that measured the performance of 94 blue chips surged 3.78 points or 3.79% to 99.76 while, the float index calculated on the basis of real transaction ascended 1.02 points to 34.58. Total of Rs 492,513,784 was realised during the review period from 1,985,844 units of shares traded via 30,739 transactions.<br />
	<br />
	</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">&nbsp;The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, majority of the trade was in the banking sector with 46.60% while finance sector accounted for 21.55%. Development bank occupied 15.27% and the remaining sectors made up for the rest.</span></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Technically, Simple Moving Average (SMA) is performing high in the short term. However its sustainability is not supported by transaction volume. Shortfall in the volume of trade may lead the index down while it is still gloomy in the long term. <br />
	<br />
	</span></span></p>
<p class="MsoNormal">
	<strong><span style="font-size:12px;"><i><span aldine401="" color:="" style="line-height: 115%;">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)&nbsp; <br />
	<br />
	<br />
	</span></i></span></strong></p>',
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			'created' => '2011-02-11',
			'modified' => '2012-09-16',
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			'description' => 'The Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The',
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			'article_category_id' => '42',
			'title' => 'Stocks End Sour, Despite Late Budget (Review For 24 Oct- 23 Nov, 2010)',
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			'summary' => null,
			'content' => '<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div align="center" style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<strong>The budget has opened door for Non-Resident Nepalis and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div align="center" style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<strong>The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains. The four-month-late budget was expected to boost up the faded stock market. But that could not happen. The Nepse index went down 6.70 points or 1.60 per cent to settle at the review period's low of 419.63 while the highest point of the period was 426.33 on 24 Oct.<br />
			<br />
			During the review period, most of the companies declared their dividend and book closing date and published first quarter financial reports and company analysis. Hence, it can be expected that a great momentum is not going take place very soon as the investors will take time to analyse and interpret the health of institutions and their future prospects.<br />
			<br />
			The outflow of fund during the time of Dashain and Tihar has also hampered the capital market of Nepal, as banking sector is facing liquidity crisis while the lending rate between the banks has also picked high. Hence, spending and withdrawals made at the festival time have affected the investing capacity of the investors. On the other hand, different banks have already declared their revised interest rate on the deposits attracting the investors to hold the capital and deposit it at the bank rather than investing in the market.</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			The budget for the fiscal year 2010/11 delayed due to political wrangling among Nepal is and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.<br />
			<br />
			The much awaited Nepal Central Depository and Clearing Ltd was registered. Nepal Stock Exchange, Citizen Investment Trust and 17 commercial banks have signed the Memorandum of Association of the company as the founder shareholders. Nepse has 51 per cent, CIT has 15 per cent, six commercial banks have 2.88 per cent each while the rest stake in this company is held by 11 commercial banks. The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade. <br />
			<br />
			The trial operation of the CDS system will be made in January 2011 as the software will be handed over by Tata Group by December 15, 2010. The taste of new improved system will surely cure some of the ills of the market; however, political and economic conditions till that period will also determine the sentiment of the market.<br />
			 </div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div align="center" style="padding: 5px;">
				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bar.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 369px; height: 274px;" /><br />
				<br />
				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/pie-chart.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 360px; height: 253px;" /></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			<strong>Performance by Sector </strong><br />
			<br />
			Banking sector, accumulating the heavy volume of trade in Nepse, experienced a double digit dip of 10.77 points or 2.76 per cent to close at 389.68. Similarly, hotel sector plunged 8.66 points followed by 7.64 points down in development banks to settle at 402.48 and 400.11, respectively. The â€˜others sectorâ€™ skidded 2.35 points while hydropower sector lost 1.89 points. Trading sector descended 1.72 points or 0.65 per cent to close at 265.15. However, insurance accelerated by a fast 34.51 points or 7.02 per cent to settle at 491.75. Finance sector spread the modest of 0.02 points or 0.01 per cent to rest at 357.07.<br />
			<br />
			The sensitive index that measures the performance of 94 blue chips scrip at the secondary market, drifted down 2.33 points or 2.27 per cent to 102.58 while the float index calculated on the basis of real transaction, receded 1 . 2 4 points to 36.5. Total of Rs. 471,129,498 was</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			realized during the review period from 1,656,453 units of share traded via 26,545 transactions.<br />
			<br />
			The figure on the previous page depicts the sectorwise distribution based on the total amount of trade. The commercial banks accounted 50.45 per cent while finance sector covered 14.53 per cent. Similarly, development banks held 13.97 per cent, insurance occupied 9.25 per cent and hydropower sector retained 8.32 per cent while the remaining sectors made up the rest.<br />
			<br />
			Technically, both the 200 days Simple Moving Average (SMA) and 30 days SMA are above the Nepse index, as the market has retreated from its previous surge. Nepse index is overlapped with 30 days SMA showing the shabby nature of stock in the short term while in the long term it is weak. Hence, the chance of acceleration in the market is not visible; however, a few fluctuations can be expected in the short term. (The writer is a stock analyst)</div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
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	<div justify="" style="width: 595px;">
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			'keywords' => '',
			'description' => 'The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains.',
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		'Article' => array(
			'id' => '672',
			'article_category_id' => '42',
			'title' => 'Investors Welcome 4th Quarter',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	By Bikram Chitrakar <br />
	<br />
	<img alt="stocktaking" border="1" height="187" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stocktaking.jpg" vspace="5" width="355" /><br />
	<br />
	<br />
	<strong>(Review for 27 June to 25 July, 2012) <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. <br />
	<br />
	</strong><br />
	Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480. <br />
	<br />
	A number of banking and financial institutions have reduced their interest rates on different saving schemes recently. Thus the attraction of interest rates is reduced now which is expected to lure the investors back to the equity market. <br />
	<br />
	<br />
	One important development during the review period was the approval of the guidelines for Mutual Fund. This has opened way for two already approved mutual funds (Siddhartha Mutual Fund and Nabil Mutual Fund) to start operation. <br />
	<br />
	<br />
	<br />
	<br />
	<strong><br />
	Performance by Sector <br />
	<br />
	<br />
	</strong><br />
	<img alt="pie chart" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/sectorwisdistribution.jpg" style="width: 349px; height: 384px;" vspace="5" /><br />
	<br />
	<br />
	Commercial banking sector that accounts for the major share in the volume of trade in Nepal Stock Exchange added 31.27 points or 7.72% during the review period to close at 405.02. Similarly, the Hydropower sector gained a hefty 77.37 points followed by 63.43 points up in others sector to reach 699.24 and 615.65 respectively. Insurance sub-index accelerated 28.67 points to 509.04 while manufacturing sector surged 15.57 points to 682.23. Development bank moved up 6.81 points or 2.68% to rest at 253.67. However, finance sector descended 2.47 points or 0.94% to rest at 263.37. Sensitive index that measures the performance of 133 blue chip scrip at the secondary market escalated 10.34 points or 9.87% to reach 104.73 while the float index calculated on the basis of real transactions went uphill 1.81 points or 5.75% to 31.48. The turnover volume was of Rs. 1,501,282,753 during the review period from 5,071,209 units of shares traded via 26,922 transactions. <br />
	<br />
	<br />
	The accompanying figure demonstrates sector-wise distribution based on the total volume of trade. As usual, commercial bank dominated the volume occupying 63.24%. Hydropower sector holds 14.10%, finance sector accounts for 7.08% and remaining sectors cover the rest. <br />
	<br />
	<br />
	Technically, the Simple Moving Average (SMA) exceeds 30 days SMA and 200 days SMA as Nepse index is stretched higher. Index is expecting to encounter correction as 30 days SMA is in mood to follow the index at this level. <br />
	<br />
	<img alt="marketrend" border="1" height="322" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/marketrend.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<img alt="movementinindices" border="1" height="393" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/movementinindices.jpg" vspace="5" width="400" /><br />
	<br />
	<br />
	<strong>Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd. </strong><br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2012-08-15',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Sentiments improved among the stock market investors ahead of the 4th quarter results due early August from the companies despite sour data received in the 3rd quarter. Investors seem optimist of dividend declaration for the FY 2068/69 BS (2011/12). As a result, the benchmark Nepse index went up 31.27 points or 7.72% to 405.02 during the review period when the session’s high was on 23 July with 408.35 and the low was on 26 June with 368.480.',
			'sortorder' => '569',
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	(int) 1 => array(
		'Article' => array(
			'id' => '522',
			'article_category_id' => '42',
			'title' => 'Flat In Festival (Nepal Stock Market Review For 25 September To 25 October, 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p style="text-align: justify;">
	<span style="font-size:12px;"><img align="right" alt="" border="1" height="232" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 188px; height: 232px;margin:10px;padding:10px;" vspace="5" width="188" />The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session. The benchmark Nepse index plummeted 3.59 points or 1.09% to close at 327.99. The highest point during review period was on 12 October with 334.49 while the lowest was on 23 October with 326.42. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Normally, the festival season causes outflow of money from the stock market. However, this year it was not so. Many companies have already declared their earnings and announced the dividend rates while others are preparing to do so. The book closing days are also coming around for the AGMs. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">All these are making the investors to heed the market movement more closely. Investors are dismayed at the delay in the operation of CDS and Clearing Ltd. the Commission for the Investigation of Abuse of Authority (CIAA) has started investigation on the suspicion that there has been abuse of authority in employee recruitments and in some expense of this company. Regulations of CDS and Clearing Ltd are also pending approval from the Securities Board of Nepal (SEBON). One positive development of the period is the appointment of SEBON Chairperson. Newly appointed Chairperson Babu Ram Shrestha has already taken over the responsibility and it is hoped that the CDS Company will get its regulations approved soon. During the month, a number of financial institutions made some definite progress towards their plan of merger. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">As a result, the stock exchange has halted trading in the stocks of those companies. That has subdued the trading volume. Hence it can be said that the market will show sideways movement for few coming sessions. Performance by Sector Banking sector that has been dominating the volume of trade in the Kathmandu exchange lost 8.65 points or 3.09% to close at 279.69 during the review period. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Insurance sub-index plummeted 5.53 points or 1.39% to 398.14. Finance sector receded 4.54 points or 1.66% to rest at 272.88. Hotel sector descended 3.59 points along with 3.10 points decline in development bank sector to 379.01 and 278.90 respectively. The others sector shed 1.17 points or 0.24% to settle at 26.94. However hydropower sector registered a heavy growth of 44 points or 7.23% to reach 608.67. <img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/1(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">Trading sector gained 4.63 points or 1.85% to close at 250.71. Sensitive index that measures the performance of 117 blue chips descended 1.78 points or 2.22% to 80.02 while the float index calculated on the basis of real transaction skid 0.34 points to 26.94. Total of Rs. 474010954 was realized during the review period from 3000729 units of share traded via 18846 transactions. <img alt="stocktaking" border="1" height="295" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/2(1).jpg" style="margin:10px;padding:10px;" vspace="5" width="519" /><br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. As usual, the banking sector accounted for 49.62% of total trade. Likewise, hydropower sector accounted for 22.95% while development bank covered 11.07%. Finance sector accounted for 7.39% and remaining sectors made up for the rest. Technically, Simple Moving Average (SMA) is dominating the market as 200 days SMA is far from the index while 30 days SMA is moving together with the index indicating further possibility of sideways movement for few more sessions. <br />
	</span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</em></span></p>
<p style="text-align: justify;">
	<span style="font-size:12px;"><em><img alt="stock taking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/3(1).jpg" style="margin:10px;padding:10px;" vspace="5" /><br />
	</em></span></p>',
			'published' => true,
			'created' => '2011-11-17',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Kathmandu stock exchangeebbedout marginally during the Dashain-Tihar festival season of this year as the dip in the prices of banking stocks pulled the index for most of the session.',
			'sortorder' => '427',
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	(int) 2 => array(
		'Article' => array(
			'id' => '479',
			'article_category_id' => '42',
			'title' => 'Waiting For 350(October 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<h3 style="color: blue;">
	<span style="color:#800000;"><span style="font-size: 12px;">(Nepal Stock Market Review for 22 Aug â€“ 20 September, 2011)</span></span></h3>
<p>
	<span style="color:#800000;"><br />
	</span></p>
<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		<br />
		</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-September period was a month of decline in the Nepali bourse. This was in spite of healthy earnings reports and dividend declaration by the companies. The entry of Maoists as the leader of the government helped in sending the mood in the exchange down because of lack of clarity about the policy of the new government. The benchmark Nepse index plummeted 29.76 points or 9.30 per cent to respite at 320.08 during 22 August-20 September. While the highest points for the period was on 22 August with 349.84 and the lowest was on 19 September with 317.70. <br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Investors were unsatisfied with the rate of dividend declared by different financial institutions as the proposed dividend could not meet the expectations of the investors. Dividend proposed by Standard Chartered Bank is 50 per cent (cash) while that of Nabil is 30 per cent (cash) only. Both missed the expectation of the investors.<br />
		<br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="265" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock.jpg" style="width: 426px; height: 265px;margin:10px;padding:10px;" vspace="5" width="426" />However, the investors have not lost all the hopes as yet because the process to improve the regulatory environment is still going ahead. The Securities Board of Nepal (SEBON) has granted license to Central Depository System and Clearing Ltd as per CDS regulation 2067. Now it is expected to start operation after the Dashain festivals are over. Similarly, the newly licensed 16 stock brokers also started transactions. With this the number of stock brokers has increase to 39, providing the investors expanded opportunity to choose their broker. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock1.jpg" style="margin:10px;padding:10px;" vspace="5" />Another noteworthy event of the month was the Money Expo organized jointly by Aarthik Abhiyan and Jamb Technologies with Minds Nepal and Morningstar Investment Services Pvt. The 3-day event called "NDEX Money Expo 2011" concluded on September 14 is believed to have helped to promote investment opportunities and tools. Experts from both India and Nepal participated in various discussion programs held during the Expo on topics related to the economy, stock market, commodity market, central depository system, investment banking and so on. In one of the programme, Tanka Prasad Paneru, chairperson of Nepal Stock Exchange opined that the Nepali stock market on that week was in a correction phase and it will gallop after crossing that level.&nbsp;</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>Performance by Sector</strong></span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><img align="left" alt="stocktaking" border="1" height="267" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/oct-stock2.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Commercial banking sector holding the heavy share of trade volume in Nepal Stock Exchange dived down 44.32 points or 16.24 per cent to settle at 272.95 during the review period. Insurance sub-index lost 20.75 points to come down at 398.73. Similarly, hydropower sector descended 18.14 points along with 15.80 points decline in finance sector to arrive at 549.23 and 276.24 respectively. Others sector plummeted 8.23 points or 1.74 per cent to close at 472.34 while development bank group ebbed out 5.97 points to rest at 279.92. However manufacturing sector added 20.24 points or 3.33 per cent to reach 607.47 while trading sector gained 4.11 points to rest at 246.08.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Sensitive index that measures the performance of 117 blue chips scrip at secondary market lost 8.73 points or 11.19 per cent to reach 78.01 while the float index calculated on the basis of real transaction skid 3.31 points to arrive at 26.38. Total of Rs. 493769430 was realized during review period from 2279903 units of share trade via 25195 transactions.</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">The accompanying figure demonstrates the sector-wise distribution based on total amount of trade. Banking sector accounted for 58.87 per cent of total trade followed by development bank sector (13.49 per cent) and finance sector (8.10 per cent). The rest was accounted by the remaining sectors. </span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><br />
		</span></div>
	<div style="text-align: justify;">
		<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is shabby in both long term and short term. Both 30 days SMA and 200 days SMA are dominating the market with no clue of further correction shortly. Breaching the level of 350 is required for acceleration.<br />
		<br />
		<strong><br />
		</strong></span></div>
	<div style="text-align: justify;">
		<strong><span style="font-size:12px;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
		<br />
		<br />
		</span></strong></div>
</div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepse Index needs to cross 350 to inspire the investors, shows this analysis. With Nepse Index continuously sliding down, the month striding over August-............',
			'sortorder' => '389',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '451',
			'article_category_id' => '42',
			'title' => 'High Earnings Low Effect (September 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<div style="text-align: justify;">
		<span style="font-size:12px;"><strong>By Bikram Chitrakar<br />
		<br />
		</strong></span></div>
</div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for the fourth quarter of the fiscal year 2010-11 could not lift he market. The benchmark Nepse index lost 15.68 points or 4.45% to settle at 349.85 on August 22. It was at the highest point of 365.43 on 24th July while the lowest point was on 9th August at 345.8</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Though the banks and financial institutions published their fourth quarter reports showing good financial performance in the fiscal year 2010-11 that ended on mid-July 2011, this failed to improve the sentiment of the investors. Some commercial banks such as Nabil Bank, Bank of Kathmandu and Everest Bank have already declared dividends. However the strength of such declaration has failed to improve the sentiment of stockholders.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">During the review period, International Share market slipped heavily after the rating of United States government's debt was downgraded by S&amp;P. Major Asian, European and US market suffered heavy loss after gloomy economic overview of US and European market. However, Nepal's market was not impacted by this issue as the international market movement has little link with the Nepali bourse.</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Political fever once again gripped the investors sentiment as deadline for issuing the new constitution is round the corner while the political parties seem uncertain about how to go ahead with this task. One progress of the month in the parliament was that it passed an Act related to setting up investment board that aims to facilitate foreign investors. However, the capital market is yet to test the results of this new law.<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><strong>Performance by Sector<br />
	<br />
	</strong></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">The accompanying figure illustrates the sector-wise distribution based on total amount of trade. Commercial banking sector accounted for 52.20% followed by hydropower sector (16.20%) and development bank (15.49%).</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Technically, Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 days SMA are above the Nepse index. Based on the SMA, the benchmark Nepse is weak<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;"><i>(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</i></span></div>
<div style="text-align: justify;">
	<span style="font-size:12px;">Movement in Indices (24 July - 22 August 2011)<br />
	<br />
	</span></div>
<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Indices</b></span></div>
			</td>
			<td width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Open</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>High</b></span></div>
			</td>
			<td width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Low</b></span></div>
			</td>
			<td width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Close</b></span></div>
			</td>
			<td width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>Change</b></span></div>
			</td>
			<td width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;"><b>% Change</b></span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Nepse</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">365.42</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">345.80</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">349.85</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-15.57</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.45</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">337.13</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">310.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">317.27</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-19.86</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-6.26</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Sensitive</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">90.62</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.63</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">85.99</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.63</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.38</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Development Bank</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">296.40</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">285.92</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-10.48</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-3.67</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hydropower</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">608.36</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">553.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">567.37</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-40.99</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.22</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Finance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.26</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">302.31</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">290.54</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-11.72</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.03</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Insurance</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">415.94</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">422.26</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.45</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">419.48</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">3.54</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.84</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Hotel</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">408.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">409.57</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">387.14</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-20.93</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-5.41</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Manufacturing</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.34</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">587.23</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.11</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-0.02</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Trading</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">241.97</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">0.00</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Others</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">487.61</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">498.19</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">475.87</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">480.57</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-7.04</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.46</span></div>
			</td>
		</tr>
		<tr>
			<td valign="top" width="83">
				<div style="text-align: justify;">
					<span style="font-size:12px;">Float</span></div>
			</td>
			<td valign="top" width="46">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">31.07</span></div>
			</td>
			<td valign="top" width="47">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.30</span></div>
			</td>
			<td valign="top" width="45">
				<div style="text-align: justify;">
					<span style="font-size:12px;">29.69</span></div>
			</td>
			<td valign="top" width="44">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-1.38</span></div>
			</td>
			<td valign="top" width="56">
				<div style="text-align: justify;">
					<span style="font-size:12px;">-4.65</span></div>
			</td>
		</tr>
	</tbody>
</table>
<div style="text-align: justify;">
	<span style="font-size:12px;"><br />
	<br />
	</span></div>',
			'published' => true,
			'created' => '2011-10-11',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'The Nepali capital market in the month ended on 22 August performed bad as political uncertainty intensified. Therefore, even the healthy earnings reported by the companies for....',
			'sortorder' => '361',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '418',
			'article_category_id' => '42',
			'title' => 'Budget As The Booster (august 2011)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="text-indent: 0in;">
	<span style="color: rgb(178, 34, 34);"><em><span style="font-size: 10pt;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram(2).jpg" style="width: 103px; height: 127px;margin:10px;padding:10px;" vspace="5" width="103" />By Bikram Chitrakar</span></em></span><br />
	<br />
	<strong><span style="font-size: 18px;"><span>Market still waiting for the breach of 380<br />
	<br />
	</span></span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 10pt;">(Nepal Stock Market Review for 26 June to 24 July, 2011)</span><span style="font-size: 10.5pt;"> D</span><span style="font-size: 9.5pt;">espite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive stage. Technical analysis indicates that Nepse Index should cross 380 mark before the investors can be confident to commit good money in the bourse. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The major influencing factor of the review period was the government budget for the fiscal year 2011-12. This is the first time since the Constituent Assembly election of 2008 that the government budget was announced in time, i.e. before the fiscal year started. As a result, the planned government expenditure is expected to be spent this year which will help ease the liquidity crunch in the banking system and boost economic activities around these expenditures. Moreover, the budget has also announced some direct measures that are expected to boost the market. One major announcement was the reduction in the capital gains tax in share investment from 15 percent to 10 percent for institutional investors and from 10 to five percent for the individual investors. Also announced was relaxation in the deadline for the merger of banks and financial institutions by one more year till mid-November 2012. Banks that notify the authorities by that time that they have decided to merge will get a number of concessions including the tax as was announced in the last <br />
	year's budget.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="310" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Therefore, the benchmark Nepse index started moving up even before the budget was announced and gained 18.66 points or 5.11% during the review month to settle at 365.43. The highest point during the month was on 20 July at 380.23 and lowest on 27 June <br />
	at 329.49.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Even a couple of days before the budget announcement, the Central Bank relaxed its strictures on loans to the real estate and housing sectors as well as on loans against the security of publicly traded share certificates. Similarly, the market is hoping for the banks and financial institutions to announce healthy financial positions when they make public their fourth quarterly financial reports. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Bulk trading of Friday, 15 July gained a proportion of a scandal of a sort as Friday is fixed for odd lots (smaller than 10 units of shares) transaction only.&nbsp;That bulk transaction distorted the NEPSE index on following Sunday, but Nepal Stock Exchange says that anomaly was fixed immediately. Securities Board has been asking the Stock Exchange to explain the discrepancy. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period Securities Board of Nepal (SEBON) announced programs for coming fiscal year including <img align="left" alt="stocktaking" border="1" height="281" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data1 august 2011.jpg" style="width: 415px; height: 281px;margin:10px;padding:10px;" vspace="5" width="415" />Central Depository System, Credit Rating Agency and Mutual Funds. Likewise Monetary Policy for the year 2068/69 was released on 21 July affirming the pre-budget and budget announcements. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Commercial banking sector was dominating the volume of trade in Nepal Stock Exchange also during this review month. This sector accelerated 27.23 points or 8.08% to close at 365.43. Manufacturing sector gained hefty 50.44 points to reach 587.34 while hydropower sector moved up 19.57 points to rest at 608.36.&nbsp;Others sector surged by 15.27 points along with 9.04 points up in hotel sector to reach 487.61 and 408.07 respectively. However insurance sub-index skidded 17.26 points or 4.15% to rest at 415.81. Development bank lost 0.05 points or 0.02% to <br />
	close at 296.4. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;"><img align="right" alt="stocktaking" border="1" height="299" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/stock data2 august 2011.jpg" style="margin:10px;padding:10px;" vspace="5" width="400" />Sensitive index that measured the performance of 117 blue chips scrip went up 4.08 points or 4.54% to 89.85 while the float index calculated on the basis of real transaction increased 1.62 points to 31.07. Total of Rs. 1689316916 was realized during review period from 4457556 units of share trade via 19340 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure illustrates the sector wise distribution based on the total volume of trade. As usual commercial bank sector covered the highest volume holding 46.69% of total trade followed by manufacturing and processing sector (43.57%). Hydropower sector occupied 3.62% and development bank sector 2.68% while other sectors made up for the rest. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is performing higher in the short term as Nepse index is higher than 30 days SMA forming M pattern which may result into correction. In the long run it is still weak. Only breaching the level of 380 will create some acceleration.<br />
	<br />
	</span></div>
<div>
	<i><span style="font-size: 9.5pt; line-height: 115%;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
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			'description' => '(Nepal Stock Market Review for 26 June to 24 July, 2011)Despite moving more than 18 points up during 26 June-24 July period settling at 329, Nepal's stock market is still in an indecisive.........',
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			'id' => '400',
			'article_category_id' => '42',
			'title' => 'Budget Hopes (july 2011)',
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			'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 120%; vertical-align: middle;">
	<i><span style="font-size: 8pt; line-height: 120%;">By Bikram Chitrakar</span></i></div>
<div>
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
	<span style="font-size: 11.5pt;">N</span><span style="font-size: 9.5pt;">epal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse index plummeted 43.38 points or 14.29% to settle at 303.53 on June 16. The highest points in the review period was on 18 May (346.91) and the lowest was on 15 June at 292.32, which is lower that what it was on 25 Jun, 2005 (292.47). </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Nepse plummeted after a panic spread across the banking and financial institutions due to liquidity crunch and bad governance. The governance crisis which had started from Nepal Development Bank two years ago and spread to Samjhana Finance Company gripped Gurkha Development Bank and Nepal Share Markets as well. Recently, most of the banks and finance companies are suffering liquidty crisis and they are turning to Nepal Rastra Bank (NRB) for help. NRB has opened refinancing facility to address the problem. Under this facility, there is a provision to provide refinance up to 60 percent of the core capital of the banks and financial institutions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the Securities Board of Nepal (SEBON) introduced the mutual fund regulation, CDS regulation and Credit Rating Agency regulation. However, all these failed to uplift the market which fell to six years low. Therefroe, the government has urged cash rich public sector instituions namely Employees Provident Fund, Citizens Investment Trust (CIT), Rastriya Beema Sansthan and Nepal Telecom to invest in the secondary market and create demand for shares so as to boost up the market confidence.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The result has been that the market surged 60.87 points during the week 16-23 June. Also the hope that the governmentâ€™s budget for the coming fiscal year that starts on mid-July will be presented to the parliament in time has helpd in the latest surge in the market. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Delay in presenting the budget for fiscal year 2010/11 is cited as the prime reason for the liquidity crunch. Due to that delay, a massive sum of Rs 30 billion in the government budget is likley to freeze as the government is not able to speed up expenditure. The delay in the current yearâ€™s budget was due to obstruction of the parliamentary proceedings by the then main opposition party UCPN-UML. But the present main opposition party Nepali Congress has indicated that it will not cause obstruction in the parliamentary proceedings related to budget approval.<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">&nbsp;</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
	<strong><span style="">Performance by Sector<br />
	<br />
	</span></strong></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">During the review period, the banking sector which holds the major share in the volume of trade in Nepal Stock Exchange plummeted 57.20 points or 23.02% to close at 248.44. Hydropower sector lost 178.81 points or 36.85% to settle at 485.3. Insurance sub-indices descended 25.25 points along with 23.96 points decline in the trading companies group. Similarly, development banks declined 20.89 points or 7.52% to 277.8. Hotel sector receded 14.70 points or 3.67% to rest at 400.35. Finance sector slumped 9.58 points to close at 295.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Sensitive index that measured the performance of 117 blue chips scrip at the secondary market lost 11.03 points or 14.75% to 74.8 while, the float index calculated on the basis of real transaction lost 4.10 points to arrive at 25.15. Total of Rs. 426328626 was realized during review period from 1987186 units of share traded via 25826 transactions.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">The accompanying figure depicts the sector-wise distribution based on the total volume of trade. Commercial bank has occupied the highest share of trade - 48.90% while Development Bank group accounted for 16.52% and hydropower sector 14.97%. Similarly, finance sectorâ€™s share was 8.32% while the remaining sectors covered the rest.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<br />
	 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<span style="font-size: 9.5pt;">Technically, Simple Moving Average (SMA) is dominating the market in the short term as well as in the long term as both 30 days SMA and 200 days SMA are performing poor. Similarly, the Nepse index is bending which will suggest further fall if it fails to stabilize near 300. But since the June 16-23 week has pulled the index up to 364.4, the market has become optimistic again.<br />
	<br />
	<br />
	</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
	<i><span style="font-size: 9.5pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)<br />
	<br />
	</span></i></div>
<div>
	<i>&nbsp;</i></div>
<div align="center">
	<span style="font-size: 10.5pt;">Movement in Indices (18 May - 16 June 2011)<br />
	<br />
	<br />
	</span></div>
<table border="0" cellpadding="0" cellspacing="0" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(204, 123, 74) white white rgb(204, 123, 74); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Indices</span></b></span></div>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Open</span></b></span></div>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">High</span></b></span></div>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Low</span></b></span></div>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Close</span></b></span></div>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">Change</span></b></span></div>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 123, 74) rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<div align="center" style="margin-bottom: 0.0001pt; text-align: center; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><b><span style="font-size: 8pt;">% Change</span></b></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Nepse</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">346.91</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">292.32</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">303.53</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-43.38</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.29</span></span></div>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Bank </span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.64</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">305.88</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">234.01</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">248.44</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-57.20</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.02</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Sensitive</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.83</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">85.98</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">71.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">74.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-11.03</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.75</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Development Bank</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">298.69</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">299.37</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.7</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">277.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-20.89</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-7.52</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hydro</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">664.11</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">473</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">485.3</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-178.81</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-36.85</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Finance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">304.58</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">295</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.58</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.25</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Insurance</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">426.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-25.25</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-6.30</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Hotel</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">415.05</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">398.66</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">400.35</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-14.70</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.67</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Manufacturing</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">504.17</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">483.25</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">501.8</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-2.37</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-0.47</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Tradings</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">265.96</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">241.97</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">242</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-23.96</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-9.90</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white white rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Others</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">477.04</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">486.44</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">430.1</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">460.6</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.44</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) white -moz-use-text-color; background: none repeat scroll 0% 0% rgb(89, 37, 49); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-3.57</span></span></div>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color white rgb(204, 123, 74) rgb(204, 123, 74); background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<div style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">Float</span></span></div>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">29.25</span></span></div>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">24.3</span></span></div>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">25.15</span></span></div>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color white rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-4.10</span></span></div>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(204, 123, 74) rgb(204, 123, 74) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(204, 123, 74); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<div align="right" style="margin-bottom: 0.0001pt; text-align: right; line-height: 11pt; vertical-align: middle;">
					<span style="color: rgb(255, 255, 255);"><span style="font-size: 8pt;">-16.30</span></span></div>
			</td>
		</tr>
	</tbody>
</table>
<p>
	 </p>
<p>
	 </p>',
			'published' => true,
			'created' => '2011-09-01',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Nepal's stock market has started showing some hopeful signs in recent days though during the month till mid-June it was falling down a precipice. The benchmark Nepse.......',
			'sortorder' => '315',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '299',
			'article_category_id' => '42',
			'title' => 'CDS Charms Low; Stock Negative',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle; text-align: justify;">
	<i><span style="font-size: 8pt; line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="127" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/bikram.jpg" style="width: 105px; height: 127px;margin:10px;padding:10px;" vspace="5" width="105" />By Bikram Chitrakar</span></i></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 14px;">T</span><span style="font-size: 8pt;">he Nepali share market had a lacklustre performance also in the month during March 20-April 19 despite the inauguration of eagerly awaited Central Depository System and Clearing Ltd. Also the prospect of good third quarter financial results did not help the market sentiment. The benchmark NEPSE index dropped 15.16 points or 4.16% to settle at 364.3 points. The session's highest was on 21 March with 379.46 while the session's lowest was on 29 March with 358.04.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Central Depository System (CDS) and Clearing Ltd was formally inaugurated on 31 March, 2011 which was keenly expected by the investors of Nepal. Despite its opening, the market could not take off as investors were more worried about the scenario after the May 28 deadline for promulgation of the countryâ€™s new constitution lapses. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The automated system of CDS will facilitate speedy and safe clearing and settlement of transactions. The safety and security of the digital holding of shares will eliminate fraud and misuse of share certificates while the flow of shares will increase in the market due to instant transfer. One reaction of the market to the new development is that heavy volume of scrip was traded through matching , particularly towards the first half of April. The trade volume during the period was higher than the average despite the index closing at a lower level. The increased cases of matching during this period is explained by the fact that matching is going to be difficult under the CDS system. Therefore, the investors who had bought shares in the IPOs under fictitious names were transferring such shares on their real names and in doing so they pressed the prices lower to reduce the capital gains tax.&nbsp;</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.1pt;">Securities Board of Nepal (SEBON) organised an interaction programme during the month about the regulation it has drafted to allow setting up credit rating agencies in Nepal. This draft now needs to be approved by the Ministry of Finance beofre they can go for implementation. After the establishment of these agencies, the issues (IPO, rights) exceeding Rs. 100 million size will have to be rated by such agencies before they are floated to the public. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<strong><span style="font-size: 8pt;">Performance by Sector<br />
	<br />
	<br />
	</span></strong></div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.05pt;">Commercial banking sector that accounts for the highest volume of trade in the exchange lost 27.73 points or 9.01% to settle at 307.73. Manufacturing and processing sector dropped 25.54 points to 500.59. to close at 434.83 and 312.1 respectively. Insurance sub-indices lost 17.30 points to settle at 448.83 while finance sector plummets 5.70 points or 1.83% to close at 310.91. However, the hydropower sector gained 71.22 points or 9.80% to settle at 726.97. </span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">A total of Rs 492,513,784 was realised during the review period from 1,985,844 units of share trade via 30,739 transactions.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt;">The accompanying figure shows sector-wise distribution based on the total amount of trades. The commercial banks accounted for 44.20% whereas the insurance sector constituted 16.35% which is more than that of the finance companies which stood at 14.80%. Similarly, the development banks hold 13.80% while rest of the sectors covered the remaining portion of the trade.</span></div>
<div style="text-align: justify;">
	<br />
	 </div>
<div style="text-align: justify;">
	<span style="font-size: 8pt; letter-spacing: -0.15pt;">Technically, the Simple Moving Average (SMA) is dominating the market as both 30 days SMA and 200 Days SMA are above the trend line. It indicates possibility of a further downfall.<br />
	<br />
	<br />
	</span></div>
<div style="text-align: justify;">
	<i><span style="font-size: 8pt;">(Chitrakar is a Stock Analyst with Jamb Technologies Pvt Ltd.)</span></i></div>',
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			'description' => 'The Nepali share market had a lacklustre performance also in the month during March 20-April 19 despite the inauguration of eagerly awaited Central Depository System and Clearing Ltd.',
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	<span style="font-size: 12px;"><strong><span style="color: rgb(255, 140, 0);"><i><span lucida="" style="line-height: 120%;"><img align="left" alt="stocktaking" border="1" height="176" hspace="2" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Bikram Chitrakar.jpg" style="width: 143px; height: 176px;margin:10px;padding:10px;" vspace="2" width="143" />By Bikram Chitrakar</span></i></span></strong></span></p>
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	<strong><br />
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<p class="BODYTEXT" style="text-indent: 0in; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">M</span></span><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">arch 15, 2011 proved a fateful day for the Nepal Stock Exchange (NEPSE) Index as it touched 376.75 which is the lowest point for over four years and eight months. NEPSE was 376.77 on July 2, 2006. Though the index recovered a bit and reached 377.6 on March 20, it is still not clear whether the revival is going to hold steady. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">The reason for the latest decline in the NEPSE is the amendment proposed by some Maoist-affiliated Members of Parliament in the Bill presented to the parliament by the government to amend the Bank and Financial Institutions Act (BAFIA). The issue came out to the light after the bankers held a press conference and made the details public. The most important point objected by the bankers is the proposal by the MPs to replace the words â€˜liberal economyâ€™ by â€˜self-reliant mixed economy. That is interpreted as an attempt towards curtailing economic freedom in the country. <br />
	</span></span></span></p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="">As a result, the benchmark NEPSE index receded 27.60 points or 7.31% during the review period to settle at 377.6. The highest point during the review period was on 20 February when it was 405.2. <br />
	</span></span></span></p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	</span></span></span></p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Among the other proposals of the MPs objected by the bankers is one from industrialist MP Padma Jyoti. It wants to restrict the banks from asking any collateral security except the project properties for which the loan is being extended. But more important point that sent jitters across the market triggering a frenzy of sales is the proposal to restrict businesspersons from holding more than 5 percent of the shares in a bank or financial institution. As most of the listed companies are banks and financial institutions and such companies at present are majority-held by businesspersons, the proposed amendment is likely to force them to sell their holdings, thus increasing supply of shares in the market. <br />
	</span></span></span></p>
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	 </p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Nepal Rastra Bank (NRB) and Securities Board of Nepal (SEBON) came forward to calm the market. The central bank decided to allow banks to operate mutual fund. It also relaxed a bit its restrictions on banks extending loan against the security of shares. The banks can now renew such loan for this year if the borrowers pay the interest. Moreover, the banks are directed not to make the margin call if the market price of the share held as security falls less than 10 percent. <br />
	</span></span></span></p>
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	 </p>
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	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Meanwhile, the Central Depository System (CDS) is set to start from next month, according to the Central Depository System and Clearing Company formed by Nepal Stock Exchange to set up and operate such system. The company has informed that the required software for CDS has already been prepared and necessary hardware system is being installed. It can be hoped that the Nepali capital market will have CDS system in place by April.&nbsp;</span><span style="letter-spacing: 0.15pt;"> <br />
	</span></span></span></p>
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	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;"><span class="MyriadPro"><span style="letter-spacing: 0.15pt;">Performance by Sector<br />
	<br />
	</span></span></span></strong></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: ">Commercial banking sector that dominates the largest volume of trade in Nepal Stock Exchange lost 33.32 points or 9.95% to settle at 334.89 during the review period. Hydropower sector shed 66.51 points or 10.14% to rest on 655.88. Development bank descended 21.20 points while other sectors skid 18.79 points to arrive at 334.43 and 524.03 respectively. Insurance sector declined 14.97 points or 3.20% to settle at 467.43. Similarly, hotel sector reduced 2.46 points followed by 1.46 points in the trading sector. However manufacturing sector gained 3.61 providing as the sole survivor in the market mayhem in the review period. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Sensitive index that measures the performance of 117 blue chips at the secondary market descended 7.98 points or 8.61% to arrive at 92.7 while the float index calculated on the basis of real transaction plummeted 2.64 points to 31.81. Total of Rs. 385442296 was realized during the review period from 1741938 units of share traded via 31558 transactions. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	The accompanying figure illustrates the sector-wise distribution based on the total volume of trade. As usual, the banking sector dominated the volume of trade covering 40.75%. Finance sector and development bank shared 22.33% and 22.13% respectively. Hydropower accounted for 7.28% while remaining sectors held the rest. <br />
	</span></span></span></p>
<p class="BODYTEXT" style="text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><span aldine401="" letter-spacing:="" style="font-family: "><br />
	Technically, Simple Moving Average (SMA) is commanding the NEPSE index which is below both 200 days SMA and 30 days SMA signifying further weakness in both short and long term. However, as the NEPSE index is flat, it is likely to gain back towards 390 while the further downward journey will lead towards 350.</span></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="BODYTEXT" style="margin-top: 8.5pt; text-align: justify;">
	<span style="font-size: 12px;"><span class="MyriadPro"><i><span aldine401="" letter-spacing:="" style="font-family: ">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)</span></i></span></span></p>
<p style="text-align: justify;">
	 </p>
<p class="newsubhead" style="text-align: justify;">
	<strong><span style="font-size: 12px;">&nbsp;<span class="MyriadPro">Movement in Indices (20 Feb - 20 Mar 2011)</span></span></strong></p>
<p>
	 </p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: 4.45pt; border-collapse: collapse;">
	<tbody>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); border-style: solid; border-width: 1pt; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Indices</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Open</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">High</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Low</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Close</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(246, 138, 30) rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><b><span color:="" style="font-family: ">% Change</span></b></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Nepse</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">405.2</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">376.75</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">377.6</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-27.60</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.31</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 14.9pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Bank </span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">368.21</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.34</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">334.89</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-33.32</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 14.9pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-9.95</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Sensitive</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.65pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">100.68</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 40.1pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="53">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.62</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 38.05pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="51">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">92.7</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 37.75pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="50">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-7.98</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 47.55pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 138, 30) rgb(246, 137, 30) -moz-use-text-color; padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="63">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">-8.61</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
		</tr>
		<tr style="height: 3.55pt;">
			<td style="width: 70.7pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) rgb(246, 138, 30); background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="94">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 11pt; vertical-align: middle; text-align: justify;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">Development Bank</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
			<td style="width: 39.35pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: -moz-use-text-color rgb(246, 137, 30) rgb(246, 137, 30) -moz-use-text-color; background: none repeat scroll 0% 0% rgb(246, 138, 30); padding: 4.55pt 4.45pt; height: 3.55pt;" valign="top" width="52">
				<p style="text-align: justify;">
					 </p>
				<p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
					<span style="font-size: 12px;"><span color:="" style="font-family: ">355.63</span></span></p>
				<p style="text-align: justify;">
					 </p>
			</td>
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<p class="BODYTEXT">
	<span style="font-size:12px;"><span class="MyriadPro"><span franklin="" gothic="">(Review for 20 Dec, 2010- 19 Jan, 2011)</span></span></span></p>
<p class="BODYTEXT">
	 </p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: 120%; vertical-align: middle;">
	<span style="font-size:12px;"><strong><i><span lucida="" style="line-height: 120%;">By Bikram Chitrakar</span></i></strong></span></p>
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	<span style="font-size:12px;"><b><span aldine401="" color:=""><br />
	T</span></b><span aldine401="" color:="">he Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The benchmark Nepse index advanced 12.98 points or 3.21% to settle at 404.33. The session's high was on 27 December, 2010 with 407.72 while session's low was at the opening with 391.35 on 20 December, 2010.</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:=""><br />
	The understanding reached between major parties to bring the Maoist combatants under the Special Committee headed by the Prime Minister has added hope that the peace process is heading towards the right direction. However investors were cautious as the formation of the new government is still uncertain.</span></span></p>
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	<span style="font-size:12px;"><span><span aldine401="" color:=""><br />
	However, some hopeful developments are reported also from the regulators side. For example, Securities Board (SEBON) has formed a committee under the leadership of its Chairman Dr. Surbir Poudyal to formulate a five-year master plan to develop the securities market with technical assistance of the World Bank. Similarly, Nepal Stock Exchange (Nepse) has formed a company CDS and Clearing Ltd as a subsidiary to introduce and manage the central depository system. Though another company called Nepal Central Depository and Clearing Ltd was formed earlier with Nepse and the commercial banks as the shareholders, that company could not go ahead due to dispute between Nepse and the commercial banks about how to account for the Indian assistance received for this purpose. </span></span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;</span></span></p>
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	<span style="font-size:12px;"><strong><span><span aldine401="" color:=""><br />
	</span></span></strong></span></p>
<p class="MsoNormal" style="margin-bottom: 0.0001pt; vertical-align: middle;">
	<span style="font-size:12px;"><strong><span color:="" franklin="" gothic="">Performance by Sector</span></strong></span></p>
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	<span style="font-size:12px;"><strong><span><span color:="" franklin="" gothic=""><br />
	</span></span></strong></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">The commercial banking sector which holds the largest share in the trade volume in Nepal Stock Exchange gained 23.75 points or 6.41% to close at 370.77 during the review period. Similarly, hydropower sector was up by 32.33 points to rest at 717.09. Hotel sector accelerated 18.81 points or 4.16% to settle at 452.36 while manufacturing sector went up 7.78 points along with 4.71 points growth in tradings sector. Insurance sub-index went up 3.49 points while others sector increased 2.35 points to close at 477.38 and 522.85 respectively.</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Sensitive index that measured the performance of 94 blue chips surged 3.78 points or 3.79% to 99.76 while, the float index calculated on the basis of real transaction ascended 1.02 points to 34.58. Total of Rs 492,513,784 was realised during the review period from 1,985,844 units of shares traded via 30,739 transactions.<br />
	<br />
	</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="" letter-spacing:="">&nbsp;The accompanying figure depicts the sector-wise distribution based on the total volume of trade. As usual, majority of the trade was in the banking sector with 46.60% while finance sector accounted for 21.55%. Development bank occupied 15.27% and the remaining sectors made up for the rest.</span></span></p>
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	<span style="font-size:12px;"><span aldine401="" color:="">&nbsp;<br />
	Technically, Simple Moving Average (SMA) is performing high in the short term. However its sustainability is not supported by transaction volume. Shortfall in the volume of trade may lead the index down while it is still gloomy in the long term. <br />
	<br />
	</span></span></p>
<p class="MsoNormal">
	<strong><span style="font-size:12px;"><i><span aldine401="" color:="" style="line-height: 115%;">(The writer is a stock analyst with Jamb Technologies Pvt Ltd)&nbsp; <br />
	<br />
	<br />
	</span></i></span></strong></p>',
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			'description' => 'The Nepali share market was filled with some optimism after closing the review period at the highest point as the political situation looked like improving. That was supported by the hope that the financial reports for second quarter of the fiscal year from the listed companies will show improvement in their performance. The',
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			'title' => 'Stocks End Sour, Despite Late Budget (Review For 24 Oct- 23 Nov, 2010)',
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				<strong>The budget has opened door for Non-Resident Nepalis and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.</strong></div>
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	 </p>
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	 </p>
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				<strong>The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade.</strong></div>
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			The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains. The four-month-late budget was expected to boost up the faded stock market. But that could not happen. The Nepse index went down 6.70 points or 1.60 per cent to settle at the review period's low of 419.63 while the highest point of the period was 426.33 on 24 Oct.<br />
			<br />
			During the review period, most of the companies declared their dividend and book closing date and published first quarter financial reports and company analysis. Hence, it can be expected that a great momentum is not going take place very soon as the investors will take time to analyse and interpret the health of institutions and their future prospects.<br />
			<br />
			The outflow of fund during the time of Dashain and Tihar has also hampered the capital market of Nepal, as banking sector is facing liquidity crisis while the lending rate between the banks has also picked high. Hence, spending and withdrawals made at the festival time have affected the investing capacity of the investors. On the other hand, different banks have already declared their revised interest rate on the deposits attracting the investors to hold the capital and deposit it at the bank rather than investing in the market.</div>
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			The budget for the fiscal year 2010/11 delayed due to political wrangling among Nepal is and provided some ropes for merger between different financial institutions and insurance companies. However, it has not addressed cut and dry approach for uplifting the stampeded stock market of Nepal.<br />
			<br />
			The much awaited Nepal Central Depository and Clearing Ltd was registered. Nepal Stock Exchange, Citizen Investment Trust and 17 commercial banks have signed the Memorandum of Association of the company as the founder shareholders. Nepse has 51 per cent, CIT has 15 per cent, six commercial banks have 2.88 per cent each while the rest stake in this company is held by 11 commercial banks. The operation of Central Depository System (CDS) will replace the current scrip-based manual system of trading. It will be introducing computerized book entry system cutting the transaction time and facilitating prompt trade. <br />
			<br />
			The trial operation of the CDS system will be made in January 2011 as the software will be handed over by Tata Group by December 15, 2010. The taste of new improved system will surely cure some of the ills of the market; however, political and economic conditions till that period will also determine the sentiment of the market.<br />
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				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bar.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 369px; height: 274px;" /><br />
				<br />
				<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/pie-chart.jpg" style="margin: 0pt 3px 0pt 0pt; padding: 0pt; width: 360px; height: 253px;" /></div>
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			<strong>Performance by Sector </strong><br />
			<br />
			Banking sector, accumulating the heavy volume of trade in Nepse, experienced a double digit dip of 10.77 points or 2.76 per cent to close at 389.68. Similarly, hotel sector plunged 8.66 points followed by 7.64 points down in development banks to settle at 402.48 and 400.11, respectively. The â€˜others sectorâ€™ skidded 2.35 points while hydropower sector lost 1.89 points. Trading sector descended 1.72 points or 0.65 per cent to close at 265.15. However, insurance accelerated by a fast 34.51 points or 7.02 per cent to settle at 491.75. Finance sector spread the modest of 0.02 points or 0.01 per cent to rest at 357.07.<br />
			<br />
			The sensitive index that measures the performance of 94 blue chips scrip at the secondary market, drifted down 2.33 points or 2.27 per cent to 102.58 while the float index calculated on the basis of real transaction, receded 1 . 2 4 points to 36.5. Total of Rs. 471,129,498 was</div>
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			realized during the review period from 1,656,453 units of share traded via 26,545 transactions.<br />
			<br />
			The figure on the previous page depicts the sectorwise distribution based on the total amount of trade. The commercial banks accounted 50.45 per cent while finance sector covered 14.53 per cent. Similarly, development banks held 13.97 per cent, insurance occupied 9.25 per cent and hydropower sector retained 8.32 per cent while the remaining sectors made up the rest.<br />
			<br />
			Technically, both the 200 days Simple Moving Average (SMA) and 30 days SMA are above the Nepse index, as the market has retreated from its previous surge. Nepse index is overlapped with 30 days SMA showing the shabby nature of stock in the short term while in the long term it is weak. Hence, the chance of acceleration in the market is not visible; however, a few fluctuations can be expected in the short term. (The writer is a stock analyst)</div>
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			'description' => 'The secondary market of Nepal, Nepal Stock Exchange (Nepse), plummeted in the review period erasing its early gains.',
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00