Nepal Stock Exchange Ltd (Nepse) has set a new rule for market-halt from today."Instead of the point-based system, we have formed a percentage-based system for smooth operation of the market," Nepse general manager Rewat Bahadur Karki said adding that after the listing of 15,00,00,000-unit of NT shares, the market trading halt policy needed change.
"Nepse was already thinking of changing the rule according to market growth, and with the entry of a huge volume of NT shares it was the right time," he added.
Now, market trading will halt for 15 minutes during the first hour of trading if the Nepse index changes by three per cent upward or downward from previous day's index.
Also, if the index changes by four per cent either way after the market reopens the market will halt for 30 minutes. If the Nepse index changes five per cent upwards or downwards, the market will close for the day, according to the new rule.
The new policy will stabilise the secondary market and help it grow, Karki said adding, "It's almost a year since Nepse brought a market halt policy based on points. Earlier, the growth of 15, 20 and 25 points were the base markers of market halt."
NT's 15,00,00,000-unit shares are listed under the others' group, which has only one company Nepal Film Development Company (NFD) with its 4,91,285-unit shares with a face value of Rs 100 per unit. The others' group saw no trading since the last some months. However, after entry of NT shares the others' group has begun posting significant growth since yesterday.
Today, 16,190-unit of NT shares were traded at Nepse between Rs 900 and Rs 950 per unit. It has pushed the overall market capitalisation to over Rs 5.53 trillion.
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