17 July 2024 - Market Update - B2B Cambodia

This is a B2B Cambodia Market Update for 17 July 2024, reviewing the Cambodia Securities Exchange (CSX) and global markets.

Watch the video in English above.

• The Cambodia Securities Exchange Index was up by 0.64 points or 0.15% to 414.82.
• Total trade volume was higher than yesterday, but still light, with 74,178 shares changing hands at a total value of around 478 million Khmer riel or around $116,400 US dollars. 
• Five stocks were up on the main board, with Grand Twins International leading the market, up by 0.91% or 30 riel to 3,320 riel per share, followed by Sihanoukville Autonomous Port, which was up 0.50% or 60 riel to 12,100 riel per share. Other stocks up were Royal Group Phnom Penh SEZ, CAMGSM and the Phnom Penh Water Supply Authority. 
• On the flip side, only two stocks were down. The Phnom Penh Autonomous Port was once again the biggest percentage loser of the day, down 3.13% or 500 riel to 15,500 riel per share. Pestech Cambodia was the second stock down, dropping 0.42% or 10 riel to 2,390 riel per share.
• Over on the Growth Board, JS Land was up 0.86% or 30 riel to 3,530 riel per share, while DBD Engineering, for the third day in a row, remained flat.
   
• ACLEDA Bank once again recorded the highest trade volume of the day with 45,762 shares changing hands at a total value of roughly 343.4 million riel or $83,600 US dollars, making up around 60% of all shares traded on July 17th. Once again the difference between the highest trade volume and the second highest trade volume was significant, with Royal Group Phnom Penh SEZ following ACLEDA Bank in a much further behind second with only 8,282 shares changing hands at a total value of 18.7 million riel or roughly $4,500 US dollars, accounting for close to 11% of Wednesday’s trade volume. 
   
• In other business-related news, Vietnam airlines will begin offering direct Flights Between Hanoi and Phnom Penh starting from October 2024 at least four times a week utilising an Airbus A321 aircraft. The latest agreement increases the total weekly flights between Vietnam and Cambodia to 86. 
• CBRE Cambodia hosted its mid-year review for Phnom Penh’s real estate market in 2024 earlier this week, with the company sharing that the city’s occupancy rates for offices and retail currently hover around 61.8% and 58.7% respectively. Office supply in Phnom Penh is expected to increase by 198,000 square metres this year, with 31% of this new supply already completed in the first half of 2024. Regionally speaking,Cambodia’s office market appears to be experiencing steady growth, with increasing supply and occupancy rates, although still lagging behind the higher occupancy levels seen in Bangkok and Ho Chi Minh City. Data on retail also suggests that while Phnom Penh's retail sector remains more affordable compared to regional peers, it faces stronger challenges in occupancy rates. 
• Cambodia's condominium market meanwhile continues its slowdown in new launches, with 2,200 units completed during the first half of 2024, ranging from affordable to mid-range projects including Times Square 7, Capital Center City, and L Tower TPP. There were no high-end condominium launches during this period.
   
• The Khmer riel to USD also remained unchanged at 4,106 riel per US dollar, while the US dollar index was down to 103.89.
   
• Oil prices inched up on Wednesday, a day after benchmark Brent hit a one-month low, as a decline in U.S. oil stockpiles helped offset signs of weakening demand in China.
• Brent crude oil futures was up 27 cents, or 0.32%, to $84 US dollars a barrel.
• The benchmark dropped in the three prior sessions, with even trading as low as $83.30 US dollars on Tuesday, the lowest in a month.
• Gold meanwhile surged to an all-time peak, driven by mounting hopes of a U.S. interest rate cut in September after recent comments from U.S. Federal Reserve officials.
• Spot gold was steady at $2,466.02 US dollars per ounce, after hitting a record peak of $2,482.29 US dollars.
   
• U.S. gold futures gained 0.1% to $2,470.20 US dollars.
• As of the time of the Cambodian market’s closing, Dow appeared Set to Open Down, and the S&P 500 and Nasdaq futures were also falling in Wednesday’s premarket trading.
• Nasdaq futures were diving as the prospect of lower interest rates shifts interest to smaller companies over the high-value technology firms that have recently driven gains. 
• Futures for the Dow Jones Industrial Average lost 78 points, or 0.2%. S&P 500 futures fell 0.8%, and contracts tracking the technology-heavy Nasdaq dived 1.4%. All three indexes had risen on Tuesday, with the Dow having its best day in more than a year.

Watch the 17 July 2024 market update in Khmer below: