Standard Chartered pulls Nepse down

Three days after crossing the 900 mark with a remarkable gain, the bullish trend at the Stock Market came to an end Sunday with the market plunging down by 62.96 points to close at 851.55 points.

The Nepse index had opened at a new high of 914.51 points on Sunday, but a huge fall in the share prices of Standard Chartered Bank Ltd brought the market crashing down, and along with it the high hopes of buyers who had earlier quoted higher prices.

The share prices of Standard Chartered Bank Ltd recorded a fall of Rs 3690 per unit in a single day’s trading, which is the largest fall for a single day at the Nepse floor.

This whopping fall in the share market has proved right fears of trade analysts earlier this week that the prices may be grossly inflated. They had also warned that this could inflict substantial loss to fresh buyers.

Following this, Standard Chartered Bank has announced its book closure for the annual general meeting and it has already announced 50 percent bonus shares and 80 percent cash dividend.

“Its not a normal process as after the book closure share prices come down because the new buyer will not get bonus share and cash dividend,” Rewat Bahadur Karki, general manager of the Nepse told the Himalayan Times. nepalnews.com ag Nov 19 07

Related News
- Nepse gains 26.26 pts, crosses 900 mark