NEPSE posts 37.20 points rise, market optimistic

BY A STAFF REPORTER

Kathmandu, Oct. 21: Nepalese share market last week posted an increase in the volume of share transactions, engendered by a dramatic, post-Dashain surge in the total number of transactions and a slight rise in share value of some of the listed companies. The NEPSE index posted an increase of 37.20 points.

The NEPSE on the opening day of the reported week (Oct. 16-20) was 433.92 that zoomed up to 571.12 when the NEPSE floor closed Friday, October 20.

Optimism in air

The last week's (Oct 16-20) market surge indicates some optimism among the investors, but the surge--experts say--should not be taken very optimistically, as the one single day trade alone brought about a big amount of transactions worth Rs. 21.59 million in the previous week (Oct. 9-13) against this week's 5 days transactions.

Going by the sector-wise indices, the NEPSE index of commercial banks rose from 505.43 to 567.13, and the finance and insurance companies from 324.99 to 325.44.

The manufacturing sector was stable at 357.70, trading sector at 117.42, and the others sector at 315.55.

The index of the hotel and tourism sector, however, slipped from 377.78 to 367.04.

More shores traded

According to the Nepal Stock Exchange Ltd. (NEPSE), the market during the week had a total of 977 transactions for 88,313 units of shares worth Rs. 74,732,313.00. The week preceding to it had recorded 412 transactions carrying a total of 32,435 units of shares worth Rs. 21,592,222.00.

So far as the group-wise trading of shares last week is concerned, the commercial banks sector, as usual, topped the list with whopping 98.00 per cent of the total value of the shares traded last week. A total of 66,324 units of shares of commercial banks was traded on the NEPSE floor for Rs. 73,236,808.00. Each of other sectors had less than 1 per cent contribution in the total share trading.

'Kumari Bank to provide innovative banking services'

BY A STAFF REPORTER

Kathmandu, Oct 21:Kumari Bank Ltd., a newly registered commercial bank, has envisaged to be the leader among financial institutions in the country by providing a range of quality products and innovative services-unmatched in the banking sector of the country-through modern technology. It was stated in a press note distributed at a function organised by the bank recently.

Besides specialised services, Kumari Bank will conduct other normal banking activities which include extension of industrial and commercial credits, mobilisatioon of different types of deposits, will conduct foreign trade through the issuance Letter of Credit, issue bank guarantee for development activities of the country and facilitate international remittances by establishing a wide network of correspondent banks, the press note stated.

Promoted by reputed industrial and business people, the bank has as the Board Chairman, G.D. Shrestha, a seasoned businessman and the pioneer tourism entrepreneur.

He is also the chairman of the Himalayan group of companies (including Himalayan Travel, Radission Hotel and Alliance Insurance Co) and the Honorary Counsular General of Maldives for Nepal. Other main promoters are Noor Prratap J.B. Rana, Santosh K. Lama, Laxman Shrestha and Bed. P. Upreti.

The board has approved selection of Surender Bhandari to the position of the CEO. Prior to this appointment Bhandari was associated with Nepal Arab Bank Limited. The selected staff shall undergo various kind of training both in Nepal & abroad to keep them abreast of the modern techniques of banking, it is learnt.

Chairman GD Shrestha said that emphasis has been placed on dynamic, profesonal bankers to run the banks successfully.

Bank has been set up to capitalise on this windows of opportunity, and will positioon itself to eexploit the emerging situation by bringing in latest technology and by being more customer driven, Shrestha added.

Meanwhile, talking to the Rising Nepal, chief executive officer (CEO) Surender Bhandari and that the Bank is expected to start its operations from December this year.

With its head office at Putali Sadak, Kumari Bank Ltd. is a national commercial bank. Fourteen commercial banks-including two regional banks - are currently in operation in Nepal.

Bank staff forges Rs. 3M in Damak

Bhadrapur, Oct. 21 (RSS): Khagendra Dhakal, an employee of Nepal Bank Limited, Damak is reported to have drawn Rs 3.2 million from the bank by opening a fake account in the name of Mina Rai in 2055 B.S.

According to manager of the Bank Rajan Baral, Dhakal had been found withdrawing money from the forged account in the names of Mina Rai and Gita Thapa from time to time.

The account had been opened by depositing money through forged bank drafts.

The accused has pleaded guilty of committing the crime and returned Rs 700,000 to the bank, according to Mr Baral.

Mr Bhuban Kandel, chief of the Nepal Bank Limited Internal Accounts Inspection Department has reached Damak to investigate the forgery case.

Master plan for managing market discussed in Jhapa

Kankerbhitta, Oct. 21 (RSS): The recent all party meeting organised by the Saneschare Village Development Committee decided to formulate a short and long term master plan for management of arjundhara bazaar, the market free from pollution and all kinds of abuses and totally ban gambling.

The meeting also decided that the persons playing 'Deusi and Bahilo' during the forthcoming Deepawali festival should be allowed to collect a maximum Rs 9 from a household and prohibited from taking alcohol and stopped from collecting 'Deusi and Bhailo' after 6:00 p.m. onwards.

The meeting decided that the persons going against the decision of the all party meeting should be prosecuted by the police administration under the Local Self-Governance Act.

The meeting chaired by Saneschare VDC chairman Hari Rana was attended by representatives of the NC, CPN-UML, RPP, CPN-ML and SMJ, and social workers, intellectuals, industrialists and businessmen.

A 13-member all party market improvement committee has been constituted under the convenorship of Ward chairman Ashok Bista to implement the decisions of the all party meeting.