Gloomy mood prevailed in the market from the early trading hour while the process to elect new Prime Minsiter was going on at the legislative-parliament.Though the stock market is on a downward journey in recent days because of Terai unrest, the double-digit fall on Sunday was an indication of investors' unwelcoming mood following the appointment of KP Oli as the new Prime Minister, according to stock market analysts. "Investors' sentiment is that the newly elected Prime Minister is disliked by the agitating parties which will further polarize the distance between the Madhesi parties and the government which will worsen the current crisis. So Sunday's fall can be understood as the reflection of investors' sentiment that the ongoing turmoil won't end anytime soon," a stock broker told Republica, requesting anonymity.
All trading groups posted loss on Sunday. Insurance was the biggest loser of the day as its sub-index plunged 59.53 points to close at 4,855.06 points. Banking, Hotels and Development Bank sub-indices shed 19.93 points, 23.66 points and 13.57 points, respectively. Likewise, the sub-indices of Hydropower, Finance and Others groups went down by 34.01 points, 3.3 points and 12.92 points, respectively.
A total of 1.3 million units of shares of 118 companies worth Rs 622.56 million were traded in the market through 1,834 transactions on Sunday.
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