30 May 2024 - Market Update - B2B Cambodia

on May, 30 2024

This is a B2B Cambodia Market Update for 30 May 2024, reviewing the Cambodia Securities Exchange (CSX) and global markets.

Watch the video in English above.

The Cambodia Securities Exchange (CSX) Index dropped for the second straight day, down 0.38 points to 415.81.
Volume on the main board picked-up today with 452,483 shares traded at a value of USD 297,000
The most active stock again today was Royal Group Phnom Penh SEZ, up 70 Riel, or 3 per cent to 2,400 Riel per Share. The stock is on the rise the last 3 days. The company recently announced a share buyback citing undervaluation. The company’s stock represented 83 per cent of the main board volume today and was essentially the market.
On the losing side Acleda Bank lost 40 Riel per share to 7,620. On the Growth Board JS Land was up 100 Riel per Share to 4,300.
In corporate news, JS Land released its annual report showing USD 16.7 million in real estate sales for the full year 2023 with a Profit after Tax of USD 1.7 million. The company reported earnings per share of 7 cents per share. The company listed in March 2022 with an offering price of Khmer Riel 1,900 Riel per Share, and as mentioned, closed today at 4,300. That’s a 126 per cent gain.
The big news of the day, was the announcement that Prime Minister Hun Manet will break ground on the construction of the Funan Techo Canal in August. The new waterway transport network will link Prek Takeo of the Mekong River System to the Prek Ta Ek and Prek Ta Hing of the the Bassac River System and on to the Kingdom’s coastline in Kep Province, crossing Kandal, Takeo, and Kampot provinces. The project will include three damns, 11 bridges, and 208km of roads. The project is estimated to cost USD 1.7 billion and an estimated completion time of 4 years.
The Prime Minister commented “We will not wait long to open the construction site, as this could lead to a lot of speculation. To stop this speculation, we will do it! We will begin construction in August. We will not let the naysayers tell us this is not possible.” He further added “If the Cambodian people put their hearts into it, then that is all we need. Some people have asked what we will do if foreign investors do not invest. Regardless, Cambodians will do it, and do it on our own territory.”.
The Khmer Riel continues to weaken, now at 4,093 to the USD. The U.S. Dollar index strengthen as of close of business in Cambodia up 0.32 to 104.94. The U.S Dollar has been rallying following an increase in Treasury yields as there is continuing doubt the U.S. Federal Reserve will cut rates any time soon
Brent Crude trading at USD 83.03 a barrel, down slightly by 40 cents.
Gold down USD 8.60 to USD 2,332.60 an ounce.
In New York the Dow continues its steep decline after hitting record highs last week, down 411.32 overnight to 38,441.54.Just last week the Dow reached 40,077.40. Futures pointing to a further steep decline, off 325 points. Salesforce plunged 16 per cent after missing revenue expectations in the first quarter and advising revenue outlook for the second quarter will fall short.

Watch the 30 May 2024 market update in Khmer below: