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17 October 2024 - Market Update - B2B Cambodia

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17 October 2024 - Market Update - B2B Cambodia
B2B Cambodia Market Update - 17 October 2024.

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

Watch the video in English above.

  • The Cambodia Securities Exchange Index was slightly down by 0.01 points to 408.13.
  • Total trade volume was up, with 113,178 shares changing hands at a total value of 475 million riel, or approximately $109,800 US dollars.
  • On the main board, four stocks were up. Royal Group Phnom Penh SEZ led the market, up 0.91% or 20 riel to 2,220 riel per share, followed by CAMGSM, which was up 0.41% or 10 riel to 2,450 riel per share. The other two stocks up were the Phnom Penh Water Supply Authority and Sihanoukville Autonomous Port.
  • On the downside, ACLEDA Bank was the biggest loser of the day, dropping 0.81% or 60 riel to 7,320 riel per share, followed by the Phnom Penh Autonomous Port, which was down 0.15% or 20 riel to 13,300 riel per share. Meanwhile, Grand Twins International, Pestech Cambodia and MJQ Education remained flat. 
  • Over on the growth board, DBE Engineering was up 0.98% or 20 riel to 2,070 riel per share, while JS Land stayed flat at 3,450 riel per share.
     
  • MJQ Education recorded the highest trade volume of the day, with 67,035 shares changing hands at a total value of nearly 135.9 million riel, or around $33,500 US dollars, making up roughly 58% of total shares traded on October 17th.
  • ACLEDA Bank recorded the second highest trade volume of the day with 32,188 shares changing hands at a total value of 236 million riel, or roughly $58,100 US dollars, accounting for 28% of Thursday's trade volume.
     
  • In other market-related news, the National Bank of Cambodia (NBC) and Ant International officially launched Cross-border QR Code Payments between the Bakong payment system and Ant International’s cross-border mobile payment and digitalisation solutions, Alipay+.
  • With this initiative, Alipay+ partner users of 12 international payment apps will be able to seamlessly make payments to more than one million merchants in Cambodia by scanning KHQR codes. More are to be progressively added.
  • CBRE Cambodia also presented the findings of its Quarter 3 2024 report in an online webinar held on Thursday morning, providing an assessment of the Cambodian real estate market. Truth be told, there were no real surprises in the report as the market continues to see stabilisation and moderate growth in some areas, but the overall outlook for the future indicates a patient, albeit, positive outlook as the Kingdom sees expected strong GDP growth.
  • Cambodia’s GDP growth is anticipated to be approximately 5.8 per cent in 2024, and grow by potentially 6 per cent in 2025. In the ASEAN region, Cambodia is currently tracked as having the 3rd strongest GDP growth in 2024 (behind Vietnam and India) but it's the only economy expected to grow stronger in 2025.
  • From a property point of view, the $2.19 billion dollars invested in the first 8 months of 2024 is down year-on-year. Office occupancy rates are slightly up but prime rent remains flat, retail occupancy rates are down but prime rent remains flat. In terms of supply, condominium unit supply is up, with 970 units launched thus far in 2024 and the price per square metre is down. The supply of landed property is also up with 250 units launched thus far in 2024, while the price per square metre has also gone up for single villas. More details on the report can be found on our website.
     
  • Exchange rate, the KHR was stable at 4,060 riel per USD, while the USD index rose to 103.63.
     
  • Looking at global commodities, oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official U.S. oil inventory data, and details on China's stimulus plans.
  • Brent crude futures were up 25 cents to $74.47 US dollars a barrel. The benchmark settled down on Wednesday, closing at its lowest level since October 2nd for a second day in a row, after OPEC and the International Energy Agency cut demand forecasts for 2024 and 2025.
  • Gold hit an all-time high on Thursday, steered by uncertainty surrounding the U.S. election and expectations of more interest rate cuts by major central banks, while spotlight shifted to a slew of U.S. data.
  • Spot gold rose 0.3% to $2,680.19 US dollars per ounce, after hitting a record high of $2,685.60 US dollars earlier in the session. U.S. gold futures gained 0.2% to $2,695.90 US dollars.
     
  • As of the time of the Cambodian market’s closing, U.S. stock futures were mixed early Thursday after the Dow Jones Industrial Average closed at a record for the second time this week.
  • Dow futures lost 14 points, or 0.03%. Futures tied to the S&P 500 and Nasdaq 100 futures rose around 0.1% and 0.35%, respectively.

Watch the 17 October 2024 market update in Khmer below: