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24 July 2024 - Market Update - B2B Cambodia

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24 July 2024 - Market Update - B2B Cambodia
B2B Cambodia Market Update - 24 July 2024.

This is a B2B Cambodia Market Update for 24 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 0.22 points or 0.05% to 415.36 
  • Total trade volume was down again and extremely light. Only 52,073 shares changed hands at a total value of roughly 314 million Khmer riel or around $76,600 US dollars.
  • Three stocks were up on the main board. Pestech Cambodia Plc led the market, up 3.28% or 80 riel to 2,520 riel per share, followed by Royal Group Phnom Penh SEZ, which was up 0.89% or 20 riel to 2,270 riel per share. Grand Twins International was also up 0.30%. 
  • On the downside, Sihanoukville Autonomous Port saw a 0.33% or 40 riel drop to 12,120 riel per share. The Phnom Penh Water Supply Authority was down by 0.28% or 20 riel to 7,040 riel per share and ACLEDA Bank was down 0.27% or 20 riel to 7,520 riel per share. 
  • Phnom Penh Autonomous Port, MJQ Education, and CAMGSM remained flat.
  • Over on the growth board, once again for a third day in a row, both DBD Engineering and JS Land remained flat at 2,100 riel per share and 3,500 riel per share respectively.
     
  • ACLEDA Bank continued to record the highest trade volume of the day with 33,693 shares changing hands at a total value of roughly 252.9  million riel  or $61,600 US dollars, making up around 57% of all shares traded on July 24th. Royal Group Phnom Penh SEZ replaced CAMGSM as the second highest trade volume of the day, however, with only 6,650 shares changing hands,accounting for roughly 11% of Wednesday’s trade volume. 
     
  • In other business-related news, on July 19, 2024, the Governor of the National Bank of Cambodia, Her Excellency Dr. Chea Serey, announced the introduction of a digital payment system for tourists through what is called the ‘Bakong Tourist App’. Under this mechanism tourists will be able to download the Bakong App even if they do not have a local Cambodian bank account to withdraw money from, and can top up their Bakong wallets either through cash exchanges at the airport and at select partner hotels, or through the use of a credit card from their home country, such as Visa, Mastercard or UnionPay. On July 24th, during a meeting between the NBC and tourism stakeholders from the private sector, Dr. Chea Serey also confirmed that the Bakong Tourist App would be launched for testing within the private sector in a few weeks time, during which another meeting would be organised. Another point that was discussed at the meeting was that tourists would also be able to use the Bakong Tourist App to make transactions in Vietnam, Thailand and Laos, with the added caveat that these transactions must be made in Khmer riel. 
     
  • The Khmer riel to USD weakened to 4,108 riel per US dollar, while the US dollar index was down to 104.44
     
  • Oil prices traded around their lowest level in six weeks on Wednesday, as the northern hemisphere gets deeper into summer with limited signs of the expected fuel consumption surge the period usually sees.
  • Wednesday saw only a slight reprieve, as prices snapped three straight sessions of decline on falling U.S. crude inventories and growing supply risks from wildfires in Canada boosted prices.
  • Brent crude futures for September rose 66 cents, or 0.8%, to $81.67 US dollars a barrel. U.S. West Texas Intermediate crude for September increased 65 cents, or 0.8%, to $77.61 US dollars per barrel.
  • Gold prices inched higher, with investors awaiting U.S. economic data that could influence the U.S. Federal Reserve's rate-cut timeline.
  • Spot gold was up 0.3% at $2,416.39 US dollars per ounce. U.S. gold futures gained 0.4% to $2,416.10 US dollars.
     
  • As of the time of the Cambodian market’s closing, Nasdaq-100 futures traded lower Wednesday as investors were underwhelmed by quarterly reports from megacap tech companies Alphabet and Tesla. Futures tied to the tech-heavy Nasdaq-100 moved down 1%, while S&P 500 futures fell 0.7%. Dow Jones Industrial Average futures down 173 points, or 0.4%.
  • Shares of Google parent company Alphabet fell 3.4% in premarket trading. Although Alphabet reported a top and bottom line beat, YouTube advertising revenue fell below the consensus estimate. Meanwhile, Tesla shares declined more than 7% on weaker-than-expected results and a 7% year-over-year drop in auto revenue.

Watch the 24 July 2024 market update in Khmer below: