NGAWANG JAMPHEL | Thimphu
Trading on the Royal Securities Exchange of Bhutan (RSEB) during March reflected mixed performance across several listed companies, with gains in insurance and construction-related stocks balancing losses in industrial, banking, and media sectors.
The movements highlight continued volatility in the country’s small but gradually developing equity market, where trading volumes remain relatively low compared to larger regional markets.
Among the biggest losers during the month was Bhutan Board Products Limited, which recorded a sharp decline of 12.19 percent.
The company’s share price closed at Nu 14.05, dropping by nearly Nu 2. Market observers believe that the fall was mainly due to weak investor confidence and limited trading activity, as fewer than 1,000 shares were exchanged during the period.
Similarly, Kuensel Corporation Limited experienced a significant fall of 13.44 percent, closing the month at Nu 31.49. Although the company remains one of Bhutan’s most recognized media institutions, its stock saw minimal trading activity.
Analysts say this suggests that investors remained cautious and showed limited interest in the counter during March.
The banking sector presented a mixed picture. Bhutan National Bank Limited showed stable performance, with its share price increasing slightly by 0.03 percent to close at Nu 30.00.
More than 14,000 shares were traded during the month, making it one of the most actively traded stocks on the exchange.
Market analysts state that the bank continues to attract investor attention because of its strong financial base and long-standing presence in the country’s banking sector.
In contrast, Druk PNB Bank Limited recorded a notable decline of 11.03 percent, closing at Nu 27.58.
Despite moderate trading activity, investors appeared cautious about the stock, reflecting broader concerns about smaller financial institutions in the current market environment.
The industrial sector also showed mixed performance throughout March. Bhutan Ferro Alloys Limited declined by 3.10 percent to close at Nu 104.84, while Druk Wang Alloys Limited dropped by nearly one percent. However, Druk Ferro Alloys Limited recorded a gain of 1.30 percent and closed at Nu 77.68.
Analysts said that this difference in performance suggests selective buying by investors within the industrial sector rather than a general trend affecting all companies.
One of the strongest performers of the month was Bhutan Carbide and Chemicals Limited. The company’s share price increased sharply by 15 percent to close at Nu 49.91.
Even though trading volume remained low, the rise indicated strong investor interest and positive expectations about the company’s future performance.
Such increases often reflect confidence in the company’s operations and market position.
The tourism-related stock Bhutan Tourism Corporation Limited recorded a decline of 3.64 percent, closing at Nu 529.97.
The sector continues to face uncertainty due to changing travel patterns and global economic conditions. Analysts say that tourism-related stocks are usually more sensitive to external factors compared to other sectors.
In the insurance sector, performance remained largely positive. Bhutan Insurance Limited gained 2.25 percent to close at Nu 62.33, while Royal Insurance Corporation of Bhutan Limited increased by 2.52 percent to Nu 79.45.
Meanwhile, GIC Bhutan Reinsurance Limited recorded a smaller gain of 0.54 percent but remained one of the most actively traded counters during the month.
Market experts explained that insurance companies generally perform steadily because of their stable earnings outlook compared to more uncertain industries.
The construction-related counter Penden Cement Authority Limited also showed positive movement, gaining 3.57 percent to close at Nu 29.00. ️
At the same time, Bhutan Polymers Company Limited and Dungsam Polymers Limited remained mostly unchanged during the month.
Their share prices showed very little movement, mainly due to low trading volumes and limited investor participation.
Overall, market capitalization trends remained varied across sectors. Large and established companies such as Bhutan National Bank Limited and Royal Insurance Corporation of Bhutan Limited continued to maintain strong positions in the market.
Analysts say that while Bhutan’s stock market remains small, gradual increases in participation and sector diversification could support its future growth.
