23 July 2024 - Market Update - B2B Cambodia

This is a B2B Cambodia Market Update for 23 July 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 0.12 points or 0.03% to 415.58 
• Total trade volume was also down and extremely light. Only 69,245 shares changed hands at a total value of roughly 370.7 million Khmer riel or around $90,200 US dollars.
• Only two stocks were up on the main board, while the rest were either down or remained flat. Phnom Penh Water Supply Authority was up 0.57% or 40 riel to 7,060 riel per share and Pestech Cambodia was up 0.41% or 10 riel to 2,440 riel per share. Companies with a flat stock price were ACLEDA Bank, MJQ Education, CamGSM.
• Four stocks were down. The Phnom Penh Autonomous Port was the biggest loser of the day, dropping 1.28% or 200 riel to 15,400 riel per share. Following in second was Grand Twins International, down 0.59% or 20 riel to 3,370 riel per share. Other stocks down were Royal Group Phnom Penh SEZ and the Sihanoukville Autonomous Port. 
• Over on the growth board, both companies once again remained flat. JS Land remained at a share price of 3,500 riel, while DBD Engineering stayed at 2,100 riel per share.
   
• ACLEDA Bank once again recorded the highest trade volume of the day with 29,056 shares changing hands at a total value of roughly 218.6 million riel or  $53,253 US dollars, making up around 41.5% of all shares traded on July 23rd. CAMGSM recorded the second highest trade volume of the day for the second day with 26,495 shares changing hands,accounting for roughly 37.8% of Tuesday’s trade volume. 
   
• In other market news, ACLEDA Securities Plc. has successfully obtained approval from the Securities and Exchange Regulator of Cambodia to commence distribution of the Banjaran Asset Management (Cambodia) PLC Asia Equity Fund, also known as the BAMC Asia Equity Fund. This makes ACLEDA Securities Cambodia's first Collective Investment Scheme fund distributor. An official launch ceremony was held on Tuesday morning to commemorate this milestone, which was presided over by H.E. Sou Socheat, Director General of the SERC. In November 2023, Banjaran Asset Management Cambodia obtained approval from the SERC to launch the BAMC Asia Equity Fund (BAEF), Cambodia's first securities regulator-approved CIS fund. Eight months later, BAMC obtained approval for Fund Registration from the SERC to commence investments within the fund earlier this month on July 15th. Daily pricing will now begin to reflect the valuation of the underlying assets within the BAMC Asia Equity Fund. Interested investors can now contact a representative at ACLEDA Securities to begin seeking ways to subscribe to this fund that is expected to be diversified with at least 30 stocks across the Asia-Pacific, excluding Japan, and across various sectors.
• Shifting to the realm of taxation, The Royal Government of Cambodia released a new Prakas, dated July 16, 2024, creating a ‘Special Tax Audit Unit’, equivalent to a department operating under the Ministry of Economy and Finance’s General Department of Taxation. The Prakas states that this new tax unit is a mechanism to promote and expedite the resolution of taxpayers' problems related to tax audits as soon as possible, in accordance with Cambodia’s laws and regulations, to further improve the business and investment environment.
   
• The Khmer riel to USD strengthened to 4,107 riel per US dollar, while the US dollar index was up to 104.46
   
• Oil prices were flat on Tuesday after a European Central Bank official hinted at a possible rate cut in September, offsetting pressure from renewed hopes of a ceasefire in the war in Gaza.
• Brent crude futures for September rose 18 cents to $82.58 US dollars a barrel. U.S. West Texas Intermediate crude for September climbed 16 cents to $78.56 US dollars per barrel.
• Gold prices held steady while investors strapped in for U.S. economic data this week for clarity on the timeline for the U.S. Federal Reserve’s interest rate cut. Spot gold was nearly unchanged at $2,396.57 US dollars per ounce. U.S. gold futures added 0.1% to $2,398.00 US dollars.
• As of the time of the Cambodian market’s closing, S&P 500 futures were 0.14% lower early Tuesday, with traders readying for earnings reports from major companies after the benchmark posted its best day in more than a month. Futures tied to the broad index sat near their flatline. Dow Jones Industrial Average futures slipped 0.08%, and Nasdaq 100 futures lost 0.26%.

Watch the 23 July 2024 market update in Khmer below: