29 July 2024 - Market Update - B2B Cambodia

This is a B2B Cambodia Market Update for 29 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 0.26 points or 0.06% to 414.23.
• Total trade volume was down and extremely light, with only 56,651 shares changing hands at a total value of roughly 362.3 million Khmer riel or around $88,300 US dollars.
• Only two stocks were up on the main board. Pestech Cambodia Plc led the market, up 2.05% or 50 riel to 2,490 riel per share, followed by Royal Group Phnom Penh SEZ, up 0.88% or 20 riel to 2,280 riel per share.
• On the downside, the Phnom Penh Autonomous Port dropped 1.19% or 180 riel to 14,980 riel per share, followed by MJQ Education, which was down 0.49% or 10 riel to 2,050 riel per share. Other stocks that saw price drop were the Sihanoukville Autonomous Port and the Phnom Penh Water Supply Authority. 
• Meanwhile, CAMGSM, ACLEDA Bank, and Grand Twins International remained flat.
• Over on the growth board, both DBD Engineering and JS Land stayed flat at 2,090 riel per share and 3,500 riel per share respectively.
   
• ACLEDA Bank recorded the highest trade volume of the day with 35,278 shares changing hands at a total value of 264 million riel or $64,500 US dollars, making up 61% of all shares traded on July 29th. Phnom Penh Special Economic Zone had the second highest trade volume of the day with 8,625 shares changing hands at a total value of 19.7 million riel or  $4,785 US dollars, accounting for roughly 15% of Monday’s trade volume.
   
• In other market-related news, Cambodia’s General Department of Taxation (GDT) recorded a year-on-year drop of 7.4% in tax revenue in the first half of 2024, according to a press statement released by the GDT Thursday last week.
• The GDT collected a total of 1.9 billion US dollars in tax revenue between January and June 2024, which is a decrease of 7.4% from the 2 billion dollars collected over the same period in 2023. The GDT has set a goal to collect a total of 4.164 billion dollars in 2024.
• The World Bank has also appointed a new country manager for Cambodia. Tania Meyer, a French national, will be taking over as the new country manager, leading the World Bank's engagement with the Cambodian government, private sector, development partners and civil society. She will head the World Bank office in Phnom Penh and oversee a 1.7 billion dollar portfolio of development projects.
• Meyer will lead the finalization and implementation of the World Bank Group’s new Country Partnership Framework for Cambodia, for 2024-2029. Meyer has over 15 years of experience in the World Bank and most recently served as Country Manager for Yemen and Resident Representative for Jordan. She has also worked with international and local NGOs in Asia and Africa, including in Vietnam and China.
   
• The Khmer riel to USD strengthened slightly to 4,104 riel per US dollar, while the US dollar index was slightly up to 104.51
• Oil prices rose on Monday, paring last week's loss, on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights, which Israel and the United States blamed on Lebanese armed group Hezbollah.
• Brent crude futures gained 40 cents, or 0.5%, to $81.53 US dollars a barrel.
• Globally, gold prices increased on Monday driven by tensions in the Middle East and expectations of a potential US interest rate cut in September. Investors are also focused on the U.S. Federal Reserve's policy meeting later this week. 
• Spot gold rose 0.3% to $2,391.80 US dollars per ounce , US gold futures increased by 0.4% to $2,390.50 US dollars per ounce.
   
• The key focus in Asian markets this week will be the Bank of Japan’s monetary policy meeting on Wednesday, where investors widely expect the central bank to raise its key interest rate from its near-zero level to perhaps up to 0.3%.
• The U.S. Federal Reserve will wrap up its policy meeting on Wednesday and is expected to keep its benchmark rate unchanged. But it might provide further support for a rate cut in September. This week also will bring U.S. jobs data on Friday.
• Meanwhile, crypto is back in the spotlight, after Donald Trump pledged to create a national bitcoin stockpile if elected again.
• Global markets largely gained. Japan’s Nikkei 225 rose more than 2% and the Stoxx Europe 600 advanced 1%. Hong Kong’s Hang Seng Index also climbed. The Shanghai Composite ended close to flat.

Watch the 29 July 2024 market update in Khmer below: