NEPSE slides in double digit, SEBON chair applications open, NEPSE chief resigns

The stock market ended lower on Tuesday, with the NEPSE Index sliding in double digits by 26.16 points and closing at 2,770.26. Total turnover increased sharply to NRs 6.53 billion from NRs 4.74 billion in the previous session, while 14.01 million shares of 349 listed companies changed hands.

Market performance remained broadly negative, with 213 stocks declining, 42 advancing, and 14 remaining unchanged. Most sector indices ended in losses, with only the “Others” group posting a modest gain of 0.73%. The hotel and tourism sector recorded the steepest drop at 2.56%, followed by manufacturing and processing at 2.46%. 

Banking stocks also fell 0.84%, even after financial institutions reported strong third-quarter results showing a 19.3% year-on-year rise in net profit to NRs 49.21 billion. Despite improved earnings, lower provisioning costs, and stronger per-share earnings across many banks, investor sentiment remained weak.

Development banks, hydropower, insurance, microfinance, and other sectors also ended lower, reflecting widespread selling pressure. Among gainers, bond instruments outperformed equities, with Himalayan Bank’s debenture rising 6% to NRs 1,166 and Sindhu Resunga Debenture gaining 3.4%. 

On the other hand, Corporate Development Bank hit the day’s steepest fall, dropping 14.99% to NRs 2,353 per share, followed by a 10.27% decline in Ridgeline Energy, while several hydropower and hotel-related stocks also faced sharp losses.

Palpa Cement Industries led the market in turnover with NRs 583.3 million worth of shares traded, despite its share price falling 6.99%. Reliance Spinning Mills followed with NRs 346.8 million in transactions, while Corporate Development Bank, Solu Hydropower, and Kumari Bank were also among the most actively traded stocks. 

Application open for SEBON Chair, NEPSE Head also resigns

The government has opened applications for the chairperson of the Securities Board of Nepal (SEBON) after the post became vacant following the resignation of former chair Santosh Shrestha on April 17.

A recommendation committee has issued a public notice inviting applications. Candidates must submit their details within seven days to the committee’s secretariat at the Ministry of Finance in Singha Durbar.

Applicants must hold at least a master’s degree and have seven years of experience in capital markets, finance, economics, commerce, or law. The age limit is 30 to 65 years, and those convicted of serious crimes such as corruption, money laundering, human trafficking, or drug offenses are ineligible.

Separately, Nepal Stock Exchange chairman Hemanta Basyal has resigned less than a year after his appointment, submitting his resignation to the Ministry of Finance. He was appointed on August 17. 

Soon after its formation on March 27, the new government led by Prime Minister Balendra Shah has sought the resignations of politically appointed officials in various state bodies.

With both SEBON and NEPSE now without chairpersons, the country’s key capital market regulatory institutions are currently headless, but are expected to see fresh leadership sooner.