By Jacob Gold
PROPERTY investment fund JSM Indochina Ltd closed at US$0.59 Friday on the London AIM board, recovering some of the ground lost since trading of the stock resumed on January 6 after a month-long suspension. Shares opened on January 7 at $0.67 and almost immediately began a steady decline, reaching a low of $0.565 Wednesday morning.
Trading of shares in JSM, which specialises in the Cambodia and Vietnam property markets, were suspended on December 7 under AIM regulations after the resignation of the fund’s nominated adviser Numis.
The resignation coincided with a special investor meeting to replace three of the fund’s directors, including its chairman. Incoming chairman Scott Verges and directors Paul Kaju and John Duggan were nominated by San Francisco-based Passport LLC, which controls about 13 percent of the fund’s capital. Trading resumed as soon as the UK’s Panmure Gordon Ltd was appointed adviser.
Russia’s Vimpelcom, owner of Cambodian mobile phone firm Beeline, ended the week on the New York Stock Exchange at $19.95, a 5.45 percent drop from Monday’s high of $21.30, which was the strongest position the stock had seen since the second half of November last year.
Still, CNBC became the latest market analyst to recommend a long-term position on Vimpelcom when Tim Seymour, founder of Seygem Asset Management and EmergingMoney.com, endorsed the stock Friday.
Vinacapital’s Vietnam Opportunity Fund Ltd, whose investment portfolio includes Cambodia, Laos and Southern China in addition to Vietnam, saw shares on the London Stock Exchange rise 1.5 percent last week, opening Monday morning at $1.601 and closing Friday at $1.65.
The government's decision to allow Cambodian Air Traffic Services (CATS) to resume control of their firm on January 11 pushed up the stock of owners Samart Corp last week.
The Thai Stock Exchange responded by pushing up shares 4.3 percent last week, which opened on Monday at 5.80 Thai baht (US$0.176) and closed Friday at $0.184 per share. The Cambodian government had previously barred Thai employees from company premises temporarily in response to the leaking of ex-Thai prime minister Thaksin Shinawatra's flight plan to Bangkok.