Slowdown in stock market worries FinMin

KATHMANDU:

Finance Minister Shankar Prasad Koirala has expressed displeasure over continued slowdown in the stock market despite the government coming up with fiscal budget in time and gradual improvements in investment climate in the country.

During inspection of Nepal Stock Exchange (Nepse) -- the sole capital market of the country-- on Sunday, Koirala stressed the need to reform the share market which is regarded as the foundation of country´s economic development.

"It it unfortunate that improvement in economy is not being reflected in the stock market," said Koirala. He urged concerned stakeholders to think work on ways to lure domestic and Foreign Institutional Investors (FIIs) as well as non-resident Nepalis for investment in the country´s capital market. Koirala also expressed readiness to make amendments to existing policies and acts to bring about reforms in the share market.

Chief Economic Advisor to the Ministry of Finance (MoF), Dr Chiranjibi Nepal, suggested to the concerned authorities to make Nepse more responsible and tech-friendly.
On the occasion, Krishna Devkota, joint secretary at the MoF, Baburam Shrestha, chairman of Securities Board of Nepal, and Sitaram Thapaliya, general manager of Nepse, informed the minister about the measures that need to be taken to bring about reforms in the stock market.

Source: Republica