24 June 2024 - Market Update - B2B Cambodia

This is a B2B Cambodia Market Update for 24 June 2024, reviewing the Cambodia Securities Exchange (CSX) and global markets.

Watch the video in English above.

• The Cambodia Securities Exchange (CSX) Index was down today by 2.62 points or 0.64 per cent to 407.06
• Total trade volume was extremely light, at 78,489 shares changing hands at a total trade value of 462.1 million Khmer riel, or roughly $112,270 US dollars.
• On the main board, four stocks were up today. Leading the market was Pestech Cambodia, up 0.93 per cent or 20 riel to 2,160 riel per share. 
• CAMGSM followed second, up 0.42 per cent or 10 riel to 2,410 riel per share. 
• The Phnom Penh Water Supply Authority and the Phnom Penh Autonomous Port also saw their stock prices increase. 
• On the other hand, three stocks saw drops, with ACLEDA Bank emerging as the biggest loser of the day, down 2.64 per cent or 200 riel to 7,380 riel per share, while Royal Group Phnom Penh SEZ followed second seeing a 2.28 per cent or 50 riel drop to 2,140 riel per share. 
• The Sihanoukville Autonomous Port was also down, while the remaining two stocks on the main board, Grand Twins International and MJQ Education, stayed flat. 
• On the growth board, both stocks were down today, with DBD Engineering seeing a 8.37 per cent or 190 riel fall to 2,080 riel per share, while JS Land was down 2.61 per cent or 90 riel to 3,360 riel per share.
• ACLEDA Bank was once again the stock with the highest trade volume of the day, with 38,110 shares changing hands at a value of 284.8 million Khmer riel or roughly $69,200 US dollars, accounting for around 37 per cent of all shares traded on June 24th. DBD Engineering on the growth board once again followed in second, with 22,582 shares changing hands at a value of 47.2 million Khmer riel or $11,460 US dollars, accounting for around 22 per cent of June 24th’s trade activity.
   
• In other market news, The World Bank has approved $275 million US dollars of credit to support Cambodia’s long-term economic growth and resilience, and boost private sector competitiveness. This credit is part of the World Bank’s Second Cambodia Growth and Resilience and Development Policy Financing Project, which seeks to address the economic challenges lingering from the COVID-19 pandemic. The first iteration of this project, with an allocation of $274 million US dollars, was approved in 2022.
   
• The Khmer riel to USD strengthened slightly to 4,122 riel per US dollar, while the US dollar index was slightly down to 105.59
• Oil prices firmed slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar. Brent crude futures were up 15 cents, or 0.2 per cent, at $85.39 US dollars a barrel. Experts say the chief underlying reason behind the price strength is the growing confidence that global oil inventories will inevitably plunge during the summer in the northern hemisphere. 
• Geopolitical risks in the Middle East and a ramp-up in Ukrainian drone attacks on Russian refineries are also underpinning oil prices. EU countries on Monday agreed on a new package of sanctions against Russia over its war in Ukraine, including a ban on reloading Russian liquefied natural gas (LNG) in the EU for further shipment to third countries.
• Gold prices edged up as U.S. Treasury yields eased, while investors awaited an inflation reading due later this week that could influence the U.S. Federal Reserve's interest rate trajectory.
• Spot gold was up 0.4 per cent at $2,330.56 US dollars per ounce after dropping 1 per cent on Friday due to a stronger dollar. U.S. gold futures rose 0.5 per cent to $2,343.30 US dollars.
• Stock futures were mixed on Monday morning as the market is set to enter the last week of June and the first half of 2024 near record highs.
• The S&P 500 scored an intraday record of 5,505.53 on Thursday and posted another winning week. The equity benchmark gained 0.6 per cent last week, notching its eighth positive week in nine. However, signs of exhaustion have started to emerge recently particularly with market heavyweight Nvidia’s back-to-back sell-off.
• The chipmaker fell 4 per cent last week after two consecutive declines of more than 3 per cent. The pullback occurred after Nvidia briefly dethroned Microsoft as the most valuable company in the U.S. Chart analysts also pointed to bearish patterns in Nvidia’s recent trading.
• Futures on the Nasdaq Composite and S&P 500 futures were both little changed. Dow Jones Industrial Average futures inched down 0.13 per cent.

Watch the 24 June 2024 market update in Khmer below: