Logo of Phnom Penh Post newspaper Phnom Penh Post - Mixed reactions out on the streets

Mixed reactions out on the streets

Mixed reactions out on the streets

Government officials and the exchange’s investors are upbeat about its opening, but down on the streets of the Kingdom’s capital it seems people are not quite ready to play the markets

{jathumbnail}

WHILE government officials and investors hailed yesterday’s opening of the Kingdom’s stock exchange, reactions on the street showed it may take some time before most locals are ready to engage the market.

Sovan Roth, who runs a small business near Canadia Tower, where the Cambodian Securities Exchange is set to be housed, said she had heard about the stock exchange on radio and TV.

She expressed hope that the bourse’s opening was a sign that development in Cambodia was ramping up, and said it would have a positive effect on the economy.

“Most countries in the world have stock markets, so if Cambodia can follow those countries, it will be very good,” Sovan Roth said. “It will also help business development in Cambodia.”

She said she was interested in investing, but lacked funds to do so.

Some said they knew of the stock market, but didn’t understand how it would work or how it might affect them.

“I heard about the stock exchange, but I don’t know what to do and I don’t know why it’s important,” said Tiv Socheo, another shop owner near Canadia Tower.

Mok Phally, a tuk tuk driver near the riverfront, said he, too, didn’t understand the stock market, even though he has following its anticipated launch.

“I have heard about it for a long time from reading the newspaper, but I don’t know what it’s about,” he said.

Others said the stock exchange would only be accessible to the wealthy.

“It’s important for people that have a lot of money, but I run a small business and I don’t have any money to invest. So it’s not important to me,” said Rotha, who owns a stall and sells suits in Central Market.

Sophorn Lao, a security guard at Blue Pumpkin near the riverfront, echoed the sentiment.

“It’s good for the rich, but bad for the poor because the poor don’t have any money to invest,” he said.

Although the securities exchange officially launched yesterday, trading is not expected to begin until the end of the year.

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty