Cambodia’s Capital Market Remains Stable Despite Border Tensions With Thailand

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Cambodia’s Capital Market Remains Stable Despite Border Tensions With Thailand
Cambodia’s Capital Market Remains Stable Despite Border Tensions With Thailand./Phin Rathana

Despite global uncertainties and heightened border tensions between Cambodia and Thailand, the Cambodia Securities Exchange (CSX) has stated it continues to demonstrate market stability, with share prices and trading volumes remaining largely unchanged.

The local bourse said in a press release issued on December 26, that the recent Cambodia–Thailand border conflict has not triggered significant volatility, as neither local nor foreign investors have engaged in forced selling. As a result, there has been no downward pressure on stock prices during this period.

In December 2025, the CSX welcomed a new IPO listing on its Growth Board by Picasso City Garden, a condominium development company, as well as in-principle approval for a USD 49 million bond listing by local agricultural firm Daun Penh Agrico. 

Earlier in the year, Cambodia’s second-largest bank, ACLEDA Bank, raised USD 200 million through bond issuances, while SchneiTec Dynamic raised USD 50 million through the country’s first-ever green bond.

Tensions between Cambodia and Thailand began in May 2025, followed by a five-day armed clash in July and a 20-day period of armed hostilities in December. Data from the CSX shows that during the first five days of armed clashes in July 2025, both the CSX Index and daily trading values remained stable. Trading volumes during the period ranged between USD 109,430 on July 24, and USD 92,687 on July 28, while the CSX Index stayed above the 400-point level throughout the episode.

The exchange also noted that the second outbreak of the Cambodia–Thailand border conflict, which reignited on December 8, 2025, initially raised public concerns. However, investor confidence has remained resilient.

A second ceasefire agreement was signed on December 27 by the defence ministers of Cambodia and Thailand, and came into effect the same day at noon. CSX data referenced in the press release covered the period from December 8 to December 26. 

“Ironically, we have observed that investors continue to invest in the Cambodia Securities Exchange, boosting total trading value and the CSX Index, driven by newly listed companies and positive disclosures from some listed firms,” said the CSX.

The release added that market resilience was further reflected in continued foreign participation. On December 18, 2025, six foreign investors conducted separate negotiated trades totaling USD 1.44 million.

Daily trading volumes ranged between USD 228,775 on December 8 and USD 123,861 on December 26, with the CSX Index remaining above the 410-point level.

The CSX believe this data indicates that investors remain confident in Cambodia’s capital market and in the Royal Government of Cambodia’s ability to manage the situation, while sustaining economic development, despite ongoing regional tensions.