Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Vimpelcom down after Wall Street wobbles

Vimpelcom down after Wall Street wobbles

Stock Roundup

NASDAQ-LISTED Vimpelcom, owner of mobile brand Beeline, suffered from market volatility Friday, falling 1.24 percent to US$18.37 as markets slumped early on after the Federal Reserve’s decision to hike the emergency bank lending rate.

Although a number of stocks recovered on Wall Street late Friday as inflation data suggested little need for the Fed to raise the key benchmark rate, Vimpelcom’s stock failed to recover at the end of a week in which it climbed 6.8 percent overall.

The day before Bloomberg reported the Moscow-based firm had received “very, very positive” feedback from shareholders on a share-exchange offer due for completion by April 20 as the firm consolidates under majority stakeholders Telenor ASA and Alfa Group.

Australian miners OZ Minerals and Southern Gold, both of which hold mineral concessions in eastern Cambodia, suffered similarly poor performances on the Australian Stock Exchange last week.

OZ slipped 2 percent in Friday trading to A$0.98 (US$0.88) capping a 4.39 percent slide over the past five in Sydney, the firm’s first full week of trading since appointing new Chairman Neil Hamilton on February 8.

Southern Gold was down 4.35 percent Friday to A$0.11 (US$0.10) despite recent positive news on gold prospects in Cambodia.

Chevron, which announced at the end of last month it had signed a new exploration deal with the Cambodian government for offshore Block A, managed to ride Wall Street jitters Friday to gain 0.6 percent to $74.05.

0

Comments

Please, login or register to post a comment

Latest Video

Senate passes amendments allowing seat redistribution

Following last week's events, when Prime Minister Hun Sen proposed redistributing the Cambodia National Rescue Party’s National Assembly seats among minor opposition parties, the controversial amendments were passed a

Life with the indigenous communities of Mondulkiri

The Indigenous People's Lodge in the lush highlands of Mondulkiri, one of the Kingdom's most sparsely populated provinces, offers of a taste of traditional life.

Watch our video to find out more.