Until four days ago, stock markets across the globe were experiencing turbulence, largely due to US President Donald Trump’s announcement of reciprocal tariffs on various countries. The Trump administration announced the tariff decision on April 2, and began implementing it on April 5.

However, just a week later, Trump took to his social media platform to announce a 90-day suspension of the tariffs imposed on more than 75 countries. The announcement, made on Wednesday, triggered an immediate rebound in global markets. On Thursday, US stock indices surged by up to 12 percent, while Asian markets gained as much as 10 percent.

These developments highlight how Trump's tariff policy continues to impact stock markets worldwide. Nepal, however, appears to be an exception.

According to Nepal Stock Exchange (NEPSE) data for the four trading days following the initial tariff implementation, Nepal’s stock market showed minimal reaction. The NEPSE index rose on just one day and declined on three others, with a net loss of only two points over the period.

Specifically, the NEPSE index dropped by 33.33 points on Monday and 3.44 points on Tuesday, rebounded by 9.66 points on Wednesday, and fell again by 5.57 points on Thursday.

Market experts attribute these fluctuations to domestic factors rather than global ones. The delay in appointing a new governor for Nepal Rastra Bank and the approaching deadline for companies to publish their third-quarter financial statements have contributed to investor uncertainty.

Additionally, analysts point out that many investors who have purchased shares using bank loans are now selling off their holdings to manage interest payments, resulting in decreased trading volume.