May 7,2020 | Investopaper
The stock market might resume operation from Sunday. The market is closed since March 23, 2020 [ Chaitra 10, 2076].
After the cabinet meeting on Wednesday decided to continue the lock-down till May 19, the concerned parties are preparing to resume the stock market after the decision to open some areas.
Chandra Singh Saud, chief executive officer of the Nepal Stock Exchange (NEPSE), said that the market is likely to be opened from Sunday. He said that the modalities will be prepared after discussing with the concerned parties including the Nepal Securities Board on Thursday.
He said that the meeting of the Council of Ministers would facilitate the operation of the capital market under point 43 of the list of 44 industries to be operational from May 8. Point 43 mentions all kinds of industries operating in the special economic zone.
Securities Board of Nepal (SEBON), the regulatory body of the stock market, has said that the market should not be closed for a long time and stressed that it should be reopened from Sunday.
Bhishma Raj Dhungana, chairman of the Securities Board, urges the government to make arrangements to create the necessary environment for the operation of the market in the current situation.
Former chairperson of the Nepal Investors Forum, Ambika Prasad Poudel stressed on the need to open the market saying that closing of the market for 45 days would send the bad message at national and international level.
He also urged the regulatory body to reduce the trading hours and create an environment for 50 broker companies to open their shifts as the current market closure will send a negative message to those who are trying to attract non-resident Nepalis to invest in the stock market.