KATHMANDU, MAY 23 - Nepal Stock Exchange (Nepse) will resume operations from Sunday. The market has remained closed for almost a month after the April 25 Great Earthquake.
Nepse Spokesperson Shambhu Pant said the market will restart full-fledged transactions from Sunday. "We have also relocated the office of the CDS and Clearing which was badly damaged," he said.
Nepse said it had to halt the transactions due to the damage to the CDS building. "Although the system was operational, we had to halt transactions due to the damage to the CDS office and stockbrokers' position," he said.
Nepse has been operating the software from its head office, while the server has been placed at the Disaster Recovery Centre at the Home Ministry. Pant said they plan to operate the system from the Home Ministry if the server at the Nepse faces problems.
The Nepse had originally planned to resume trading from May 17, but the plan was postponed due to the delay in relocating CDS. Finance Minister Ram Saran Mahat had directed Nepse to restart operations from May 24.
CDS resumed its operation from Wednesday. "It settled pending transactions of April 21-23," Pant said.
Nepse said stockbrokers offices, both inside and outside the valley, are ready to resume operations.
Apart from the valley, trading are carried out from four other locations—Biratnagar, Dharan, Pokhara and Narayanghat.
Nepse closed at 938.19 points on April 23, the last day before the earthquake hit the country.
Despite heavy losses of property and lives, stockbrokers expressed hope the market could rise in the coming days.
Anjan Raj Paudel, managing director of Thrive Brokerage House and former president of Nepal Stockbrokers' Association, said the market could be stable within a few days. "As most of the transactions are valley-based, the present situation may not severely affect the market," he said.
Paudel said there might be a fall in the demand for stocks of the hotel group, as tourism is one of the most affected sectors. "As the group has little influence in the market, it may not pull down the overall market significantly," he said.
Source: The Kathmandu Post