Rumors of increment in capital gain tax and VAT hits the market hard; already falling market because of KYC updates falls further

NEPSE index has declined today by 10.05 points or 0.76%. The market today had opened at 1,328.28 points and slanted downwards ultimately closing in the red zone.

With the formation of a 2/3^rd majority government, the budget has become the most awaited thing for past few months. However, rumors of increment in capital gain tax and VAT to be levied in capital market has affected the market sentiment today. Upon talks with an expert, he says, “It’s a rumor and nothing more. The market has been down for past few days because of new full KYC updates and today’s decline might also be a result of that.”

Total turnover worth Rs 37.36 crore was witnessed during the trading hours as more than 7.9 lakh unit shares were traded in the whole day through 4,426 transactions.

Kalika Microfinance Development Bank (KMCDB) stood ahead in terms of turnover as more than 2.33 crore worth of shares were traded. Similarly, Gurkhas Finance Promoter Share (GUFLPO) was also the top in case of number of shares traded as 77,043 unit shares were exchanged.

Likewise, the top gainer for the day is Jebils Finance (JEFL) whose price increased by 5.45% closing at Rs. 115. And, Kisan Microfinance Bittiya sanstha (KMFL) was the top loser of the day losing 5.69% on its price.

The sub-indices for all sectors except Trading and Manufacturing & processing declined and closed in red. Insurance sector lost the most tumbling by 62.34 points. Similarly, Manufacturing & processing sector gained 11.41 points.