The free fall of the benchmark index from the early trading hour today led to the suspension of the trading at 1:56 PM due to the circuit breaker imposed by the Nepse. Nepse hits index breaker circuit breaker at three stages if the index goes up or down by 3, 4 and 5 percent.
The trading which was suspended due to the decline of index by 4 percent later resumed at 2:26 PM.
Though the market was in the correction mode for past few weeks, the downfall of the benchmark index and the subsequent circuit breaker is for the first time after the market has gone into the bullish trend some one year ago due to the buoyant sentiments of the investors resulting from the constituent assembly election and sweeping victory of the pro-market oriented political parties.
“There are no reasons that the market needs to go down and neither there is any situation that hurts the sentiment of the investors. This is correction. Market will bounce back again,” Raj Kumar Timilsina told.
Except Manufacturing and Processing group, all the trading groups ended in the red zone. Insurance was the highest loser. Its sub-index fell 264.74 points to end at 3,683.05 points.
Closed on the heels were Hydropower and Banking groups. Hydropower ended 140.84 points lower to finish at 2,361.97. Banking, heavyweight group of the market, shed 36.7 points to close at 869.89 points. Hotels, Development Banks, Finance and ‘Others’ groups also observed heavy loss today. - Republica
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