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Kathmandu, May 12
The price of precious metals rose in the trading week between May 6 and 12 on persistent buying by local jewellers amid a firm trend overseas.
The weakening of the US dollar and tensions between the United States and Iran also supported the precious metal, the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) said in a statement.
On Tuesday, US President Donald Trump withdrew from a nuclear accord with Iran, raising the risk of conflict in the Middle East.
Gold is traditionally seen as a safe place to park assets in times of uncertainty or conflict.
Traders said continued buying by local jewellers in the ongoing wedding season also kept the precious metals’ prices elevated.
FeNeGoSiDA had fixed the trading rate of gold at Rs 58,700 per tola when the market opened on Sunday and its price had surged by Rs 300 a tola to Rs 59,000 per tola on Monday. Bullion price remained steady over the next two days before jumping by Rs 100 a tola each day for thesubsequent two days, to be traded at Rs 59,100 per tola on Thursday and Rs 59,200 a tola on Friday.
The association had set the rate of silver at Rs 760 per tola on Sunday and its price rose by five rupees a tola to Rs 765 per tola on Monday. Akin to gold, price of the grey metal was unchanged on Tuesday and Wednesday.
On Thursday and Friday, however, silver price went up by five rupees a tola each day to be traded at Rs 770 per tola and Rs 775 a tola,
respectively.
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Kathmandu, May 12
The country’s sole secondary market witnessed losses in the trading week between May 6 and 12, as the benchmark index dropped by 17.70 points or 1.29 per cent to 1,348.45 points.
Nepal Stock Exchange (Nepse) index had opened at 1,366.15 points on Sunday and fell by 12.51 points to close at 1,353.64 points by the end of the first trading day. It further shed 8.27 points on Monday. The local bourse reversed course on Tuesday, rising by 15.65 points to land at 1,361.02 points. Thereafter it again shrank — by 4.87 points on Wednesday to settle at 1,356.15 points and by 7.70 points on Thursday, the last trading day of the week
“The market may drop to as low as 1,168 points, which was the lowest point witnessed on March 26,” said Prakash Rajhaure, an independent stock analyst. He stated that until the benchmark index crosses the threshold of 1,438 points, the market is likely to see a lot of fluctuations.
The sensitive and float indices also went down during the review week. The sensitive index, which measures the performance of class ‘A’ stocks, dropped by 3.70 points or 1.28 per cent to rest at 284.59 points. Similarly, the float index that measures the performance of shares
actually traded also went down by 1.21 points or 1.22 per cent to 97.45 points.
In the review period, all the subgroups landed in the red zone. The hotels subgroup lost more than three per cent, and trading and hydropower sub-indices also shrank by over two per cent. Meanwhile, the others, development banks, finance, insurance, manufacturing and banking subgroups went down by a little over one per cent. The microfinance subgroup was able to restrict its loss to below one per cent.
In the review week, the hotels subgroup saw some considerable loss, dropping by 70.98 points or 3.49 per cent to rest at 1,957.26 points.
Trading subgroup fell by 5.83 points or 2.86 per cent to 197.62 points and the hydropower sub-index dropped by 37.71 points or 2.21 per cent to land at 1,666.46 points.
Meanwhile, others sub-index went down by 12.58 points or 1.65 per cent to end the week at 746.22 points. Likewise, development banks sub-index also decreased by 23.46 points or 1.47 per cent to 1,571.1 points.
Similarly, finance sub-index was down by 9.02 points or 1.34 per cent to settle at 659.61 points and insurance subgroup shrank by 86.77 points or 1.22 per cent to close at 7,011.76 points. The manufacturing subgroup descended by 26.46 points or 1.14 per cent to 2,288.19 points and banking sub-index also went down by 13.09 points or 1.11 per cent to land at 1,157.96 points.
Meanwhile, the microfinance subgroup dipped by 14.72 points or 0.83 per cent to close the week at 1,742.93 points.
Altogether, 4.81 million shares of 181 companies worth Rs two billion were traded through 29,319 transactions during the week. The traded amount was 27.76 per cent higher than the total weekly turnover of the previous week, which was recorded at Rs 1.56 billion. In the past week, 3.24 million shares of 176 companies had changed hands through 18,483 transactions.
In terms of weekly turnover, Butwal Power Company was at the top with Rs 127.34 million. It was followed by Civil Bank with Rs 103.05 million, Nepal Life Insurance Company with Rs 92.1 million, National Life Insurance Company with
Rs 59.16 million and Nepal Bank with Rs 49.56 million.
In the review period, Butwal Power Company also had highest number of transactions at 3,935. And in terms of number of shares, Civil Bank was the leader with 638,000 shares of the bank changing hands.
NEW LISTINGS
| COMPANY | TYPE | UNIT |
| Kabeli Development Bank | Rights | 350,880 |
| Kankai Development Bank | Bonus | 290,000 |
| Shree Investment and Finance Company | Rights | 2,867,226 |
Source: Nepse
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Kathmandu, May 12
There has been a major reshuffle of joint secretaries at the Ministry of Finance (MoF) after the change in leadership at the ministry.
Ram Sharan Pudasaini has been appointed chief of Revenue Management Division from the Monitoring and Evaluation Division. Bishnu Nepal, who was serving as chief of Revenue Division, was transferred to Inland Revenue Division as director general a few weeks back.
Shri Krishna Nepal has been appointed chief of International Economic Cooperation Coordination Division (IECCD) replacing Kewal Prasad Bhandari. Reportedly, Bhandari has been transferred to Ministry of Federal Affairs and General Administration. Nepal, who had earlier served as deputy director general at Department of Customs, was transferred to MoF to assist Finance Minister Yubaraj Khatiwada’s move to control rampant under-invoicing in customs. He had served in Economic Policy Analysis Division of MoF before being transferred to IECCD.
Arjun Pokharel has been appointed to the Administration and Publication Division, and Uttar Khatri has been appointed to Financial Sector Management and Corporation Coordination Division. Ganesh Pandey of Financial Sector Management and Corporation Coordination Division has been transferred to the Ministry of Youth and Sports.
The ministry has yet to give portfolio to some of the joint secretaries transferred to MoF from other ministries, like Mukunda Poudel from Ministry of Industry, Commerce and Supplies, and Narayan Regmi from the Office of the Prime Minister and Council of Ministers, among others.
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Kathmandu, May 12
Finance Minister Yubaraj Khatiwada has said that he is committed to keeping discipline in public finance citing that public entities should be more transparent and create value for taxpayers’ money.
Addressing the Public Sector Financial Management (PSFM) Conference of the Asia-Pacific chartered accountants here today, the finance minister stressed spending reforms for optimum output from the government expenses in redistribution of growth. Khatiwada has been laying emphasis on efficient allocation of resources rather than distributing funds to piecemeal projects since he has taken charge as the finance minister.
“The medium-term expenditure framework (MTEF) is the major reform in expenditure sector, which has bound the government to frame its expenditure plans based on this framework,” said Khatiwada. He also shed light on how Treasury Single Account (TSA) is a major reform, as it provides actual daily status of government’s revenue and expenses.
“Nepal has made significant progress in the public finance reforms so far,” said the finance minister, adding, “However, we have a lot to do for transparent and effective utilisation of public funds.” Finance Minister Khatiwada also highlighted that the government’s balance sheet is also prepared as per the international accounting norms.
Since last year, the Nepal government has implemented Nepal Public Sector Accounting Standards (NEPSAS) after executing international accounting standards in private companies and public corporations, that is, Nepal Financial Reporting Standards (NFRS), which was designed and based on the International Financial Reporting Standards. Uniformity in accounting standards in both government and private sectors will promote transparency as investors of any country would be able to easily understand the balance sheets of the Nepali companies, according to the finance minister.
He further said that the government’s balance sheet can also be compared with the other economies that prepare their balance sheets as per the International Public Sector Accounting Standards. The Financial Comptroller General Office (FCGO) has implemented NEPSAS in every ministry and constitutional body since last fiscal 2016-17.
Stating that effective implementation of medium-term expenditure framework was affected by political instability, he said that the tool was a must for making the government and its functions accountable and transparent. He pointed out the lack of reforms and uniformity as key challenges to the public financial management system of the country.
“In order to make the public financial management system more effective, we have to develop and utilise information technology, make our banking system robust and develop capable human resources,” he added.
During his speech, Finance Minister Khatiwada also urged chartered accountants to become accountable and responsible towards their profession. “You must be ethical and maintain financial discipline, and transparency should be your top priority in your profession.”
The conference was organised jointly by the Institute of Chartered Accountants of Nepal (ICAN) and Public Expenditure and Financial Accountability (PEFA) Secretariat in association with Confederation of Asian and Pacific Accountants (CAPA). Over 250 accounting professionals, including 60 international delegates, participated in the conference from 18 different countries of Asia and Pacific.
Prakash Jung Thapa, president of ICAN, emphasised involvement of professionals in government organisations for strengthening public sector financial management.
Similarly, speaking at the conference, Auditor General of Nepal, Tanka Mani Sharma said that the effective implementation of public financial management system will help in making federalism a success in Nepal.
During the technical sessions of the conference, experts and stakeholders presented thematic papers on issues like integrated financial management system, public financial management governance and practices and country experiences, PSFM challenges and the way forward in the federal structure and strengthening audit functions in public sector.
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Real Madrid’s Gareth Bale celebrates after scoring his side’s 2nd goal during a Spanish La Liga match between Real Madrid and Celta at the Santiago Bernabeu stadium, Madrid, Spain, on Saturday, May 12, 2018. Photo: Associated Press
BARCELONA: Real Madrid and Atletico Madrid warmed up for their European finals by winning in the Spanish league on Saturday.
Madrid didn’t need resting forward Cristiano Ronaldo to crush Celta Vigo 6-0 at home in its second-to-last match before the Champions League final against Liverpool.
Atletico also won at crosstown rival Getafe 1-0 just four days before it plays Marseille for the Europa League crown.
RONALDO RESTS IN ROUT
Manager Zinedine Zidane left Ronaldo off his squad a week after a right ankle injury caused Madrid’s star to be substituted last weekend at Liga champion Barcelona.
Gareth Bale led the way without him, scoring the opening two goals.
Francisco “Isco” Alarcon, little-used defender Achraf Hakimi, and Toni Kroos added on, along with an own goal by Celta’s Sergi Gomez, to ease to the big win.
Bale’s second goal was a beauty. The Wales winger raced almost half the pitch to reel in a long pass near the endline, where he used one touch to ditch a defender before curling in a strike from a tight angle.
Madrid plays Villarreal in the final round of the Liga before the Champions League final on May 26 in Kiev.
“This match was important to finish the season at home and prepare for what is to come,” Zidane said. “I am happy for (Bale’s) match and for his goals. It means that we are all ready for the final.”
OBLAK ENSURES WIN
At Getafe, Atletico coach Diego Simeone played what could likely be his starting 11 for the Europa League final in Lyon.
The only tweak to Simeone’s standard 4-4-2, was shifting Jorge “Koke” Resurreccion into a playmaking position behind Antoine Griezmann and Diego Costa.
Griezmann found Koke with a pass for the midfielder to fire in the game’s only goal in the eighth minute.
Goalkeeper Jan Olbak ensured the victory when he saved a penalty by Faycal Fajr in the 78th after Diego Godin fouled Angel Rodriguez in the area.
“We don’t know how to compete any other way,” Simeone said about his decision not to rest his top players. “We believed that the best thing to do was to continue down the path we have chosen. Going game to game, taking care of a difficult match against a competitive opponent.”
Atletico maintained its hold on second place in the league.
SEVILLA & VILLARREAL TO EUROPA
Villarreal and Sevilla clinched Europa League berths for next season.
Villarreal claimed one of the three spots after routing relegated Deportivo La Coruna 4-2 on the road.
Sevilla also earned a berth after drawing at Real Betis 2-2 and Getafe’s loss.
Betis already ensured a finish among the fifth-to-seventh placed teams needed to go to the Europa League.
ADIOS PRIETO
Real Sociedad beat Leganes 3-2 in the final home match for Xabi Prieto, who will retire this summer after playing all 15 seasons of his career with the Basque club.
Sociedad’s players wore shirts that included an image of Prieto in the center of the club’s badge to honor his 500-plus appearances.
“It has been amazing, I’d say a bit too much, but I am very grateful to the club for this detail,” Prieto said.
In other matches, Valencia won at Girona 1-0, Alaves beat Athletic Bilbao 3-1, and Eibar edged Las Palmas 1-0.
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KATHMANDU: Gajendra Rai and Sanumaya Karki won gold medals in the fifth National Cross Country Championship held under the fifth Mountain Sports Festival.
Rai completed the 8km race in 25 minutes and 12 seconds to finish first, while Kalyan Baniya and Tikaraj Katwal came second and third respectively. In women’s section, Karki finished first in 27 minutes and 08 seconds, while Resu Basnet and Sarita Basi were second and third respectively. Top three athletes in both sections, all from Tribhuvan Army Club, received Rs 15,000, Rs 10,000 and Rs 5,000 respectively.
Likewise, Sujan Rai of Nepal Rastriya School bagged boys’ section 3km race finishing ahead of Manoj Mahat of Bidhya Bikash and Rohit Bishankhe of Bidhya Aarjan. In girls’ section, Sarita Karki of Bal Gitanjali won gold medal, while Pujan Pandey of Manakamana and Nisha Raut of Shikshyalaya Nepal were second and third respectively. Top three athletes in both categories earned Rs 8,000, Rs 4,000 and Rs 2,000 respectively. — HNS
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LALITPUR: Outreach Nepal won the title of the Nepal Ice AAN Futsal Tournament here at the Side Futsal on Saturday.
Outreach Nepal defeated Media Basket 7-2 in the final match. Welcome Advertising finished second runners-up beating MARS in the third-place playoff match. Top three teams received Rs 75,000, Rs 50,000 and Rs 30,000 respectively. A total of 32 teams took part in the event organised by Advertising Association of Nepal under the sponsorship of Chaudhary Group.
President of AAN Rabindra Kumar Rijal, former president Madhav Raj Timilsina, Chaudhary Group General Manager Pradeep Pudasaini, AGM Lal Babu Prasad and Medicity Nepal GM Bijay Rimal handed over the prizes to the winners. — HNS
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