Logo of Phnom Penh Post newspaper Phnom Penh Post - Stock market unruffled by ‘Feb 20 Event’: CSX official

Stock market unruffled by ‘Feb 20 Event’: CSX official

Content image - Phnom Penh Post
CSX vice-chairman Ha Jong-weon said the bourse’s share prices had remained rather stable with no significant fluctuations in the three trading days since the start of the ‘February 20 Community Event’. Heng Chivoan

Stock market unruffled by ‘Feb 20 Event’: CSX official

The emergence of the Kingdom’s third community transmission, dubbed the “February 20 Community Event”, has not had a discernible impact on stock prices, according to Cambodia Securities Exchange (CSX) vice-chairman Ha Jong-weon.

Prime Minister Hun Sen on February 20 announced the Kingdom’s third outbreak of Covid-19 community transmissions after 32 people tested positive in just over 10 hours.

The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. This brings the total cases of Cambodia’s third local transmission to 137 in just four days, most of whom are Chinese.

CSX’s Ha said the bourse’s share prices had remained rather stable with no significant fluctuations in the three trading days since the prime minister’s announcement.

The CSX Index rose 2.60 points or 0.41 per cent to close at 641.88 on February 24 with 55,268 shares traded worth 139,793,300 riel ($34,230). This was the largest percentage increase since January 29’s 2.15 per cent rise to 654.70 points.

Ha said: “We will have to wait and see [how things develop over] the coming days. The [newly] found positive cases so far don’t seem to have [had] a great impact on the stock market yet.

“However, if this trend continues and become uncontrollable, the impacts are bound to happen as the stock market reflect[s] the economy of a country as a whole and no country [is] immune from the impact during such pandemic.”

He also pointed out that the bourse had seen minimal slowdown in stock trading amid fears of Covid-19 spread within the community.

“We still haven’t seen any major drop [in] activity, at least for now. Moreover, we’re also organising [a] ‘stock trading competition’ intending to raise public awareness [of the] stock market and encourage the public to learn about stock investment as well,” Ha said.

The Kingdom’s 13 listed firms – seven stock-listed and six corporate bond-listed – have raised a combined $253 million as of September 30, while the stock index increased by 58.37 per cent in 2019 over 2018, only to dip 14.93 per cent in 2020, CSX data show.

Last year, two companies listed stocks and three listed bonds. The five firms raised a combined $92 million in January-September, the data show.

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’

  • Debt restructuring over, time to tackle rising NPL ratio

    The Cambodian banking system has just completed a 26-month debt restructuring exercise where scores of loan accounts were revised, classified and provisioned as the rate of non-performing loans inched up, sparking a slight credit risk unease Implemented in April 2020, the Covid-19 debt restructuring measures came

  • Koh Slaket studio resort brings culture with style

    Davitra (Cambodia) Co Ltd’s multi-million-dollar 13ha Koh Slaket studio-cum-resort just east of the capital was inaugurated in the first phase on August 6, providing national and international tourists with a new travel option and job opportunities for locals. The man-made cultural and scenic lakefront getaway