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B2B Asia News
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This is a B2B Cambodia Market Update for 28 May 2024, reviewing the Cambodia Securities Exchange (CSX) and global markets.
Watch the video in English above.
- The Cambodia Securities Exchange Index rose for the 4th straight day, gaining 0.33 points with the index now standing at 416.73. In this 4-day winning streak the index rose 1.2 per cent. The index traded in a narrow range on very light volume of 234,245 shares at a value of USD 195,000.
- The most active stock today was Royal Group Phnom Penh SEZ, up 40 Riel to 2,270 Riel per Share. Pestech (Cambodia) Plc continues it’s bull run, up 110 Riel per Share to 2,400 Riel per Share, with only 429 share traded. On the downside Sihanoukville Autonomous Port lost 120 Riel to 12,420 Riel per Share.
- In corporate news, Grand Twins International released its first quarter results. Revenue increased in the 1st quarter 2024 by 0.6 per cent to USD 15.9 million, compared to 1st quarter 2023. Operating profit increased by 32 per cent to USD 457,803. Profit before Income Tax increased by 35.3 per cent to USD 180,584, however that profit was essentially wiped out by their tax bill of USD 180,584, which resulted in a Profit after Tax of only USD 1,696. The major component of the tax bill was an under provision of deferred tax in the prior year.
- CAMGSM PLC. issued a “Notification of Guaranteed Dividend for Q1 2024”. The dividend is attributable to the first quarter of 2024. Shareholders of record on 4TH of June will receive a cash dividend of 39.725 Riel per share, which will be paid within 13 June to 21st June.
- In business news, The General Department of Taxation collected taxes of 1.18 billion in the first quarter, down 11.9 percent from first quarter 2023. The drop in taxes presents a challenge for the government which relies on tax revenue for public services and infrastructure development. Despite the drop the government has stated that it will not create any new taxes, nor increase existing taxes.
- Minister of Commerce, Cham Nimul encouraged local companies to register their products at “CambodiaTrade” as well as exploring the possibility of joining Alibaba.com to expand the market for Khmer products. CambodiaTrade is an e-commerce marketplace operated by the Ministry of Commerce to serve Cambodia’s small and medium enterprises to sell products online to potential clients in domestic and cross-border markets. The Minister commented that “Through the online platform. Cambodia will be able to reap maximum advantage to expand exports, strengthen competitiveness and diversify the national economy into international markets.” I encourage businesses to take a look at CambodiaTrade.com as a distribution channel to increase their reach of customers.
- Khmer Riel to USD remains weak at 4085 Riel per USD despite a softer dollar. The USD Dollar Index is down .17 at Cambodia Close of Business to 104.43.
- Brent Crude trading at USD 83.10 a barrel, up slightly by 22 cents.
- Gold up USD 10.90 to USD 2,345.40 an ounce.
- Dow gained 4.33 points overnight to 39,069.59.
- Futures pointing to a softer open, down 43 points.
- Apple up 2.4 per cent on rebound in China Shipments.
Watch the 28 May 2024 market update in Khmer below: