The share market today witnessed a free fall due to Constitutional coup.
Nepal Stock Exchange (Nepse) today – the first day of the week’s trading – dropped down by 96.88 points to close the market at 1,935.63 points. Although the market took an upward – in the opening hour – swing with additional 64.8 points successively, it observed a free fall and finally closed at 1,935.63 points.
The share market dropped on the back of the political uncertainty created by Prime Minister KP Oli's move to dissolve the federal parliament, according to the investors, who claimed that the market observed a free fall after the President’s notice to dissolve the House and go for fresh election. President Bidya Devi Bhandari dissolved the House of Representatives and fixed new dates for the mid-term general election on April 30 and May 10, 2021, after the cabinet recommended the house dissolution as an unprecedented move due to intra-party rifty in the ruling political party.
The Nepse that opened at 2,046.57 points today morning witnessed a rollercoaster ride before closing almost 100 points low from the opening.
Prime Minister KP Sharma Oli called a cabinet meeting at around 10 am, where he proposed House dissolution, though some of the ministers disagreed to him. Aftre the PM’s move, around 100 Members of Parliaments (MPs) – from the ruling party went – to the Federal House secretariat to register a no-confidence motion against his premiership. They registered the no-confidence motion notice at 10.50, whereas the President approved the Canibet dissolution at around 20’clock, and called for mid-term election on April 30 and May 10, 2021.
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