Logo of Phnom Penh Post newspaper Phnom Penh Post - Stocks Roundup: Samart suffers on Thaksin tit for tat

Stocks Roundup: Samart suffers on Thaksin tit for tat

Stocks Roundup: Samart suffers on Thaksin tit for tat

Stocks Roundup

SAMART Corporation saw its stock slide on the Bangkok Stock Exchange on Friday following the news its Thai staff had been banned from the offices of its wholly owned Cambodia Air Traffic Services amid the continuing deterioration in relations between Phnom Penh and Bangkok.

The stock fell 1.64 percent to 6 baht (US$0.18) by the close of Bangkok trading Friday. The Cambodian government said Thursday it was temporarily suspending the activities of the firm’s staff in Phnom Penh over allegations an employee stole the flight schedule of fugitive former prime minister Thaksin Shinawatra, who visited the Kingdom earlier this month. The Cambodian government has stated publicly that the firm’s finances would not be affected.

Vimpelcom saw its recent strong rally come to an end last week despite recording a 0.54 percent increase in its stock price Friday in New York to finish at $20.66. The Nasdaq-listed stock fell 1.01 percent over the past five days after hitting a year-high the previous week.

The Moscow-based firm is due to announce group results for the third quarter Tuesday, including financial data for its mobile-phone operation in Cambodia for a period in which it has faced legal action from the Kingdom’s largest operator, Mobitel, over alleged price-dumping and illegal use of prefixes.

JSM stock still in decline
JSM Indochina continued its recent slump last week as it prepared to hold a meeting Thursday in London in a bid to solve an internal dispute over its investment strategy for Cambodia and Vietnam – a situation labelled a “distraction” by under-fire Chief Executive Craig Jones.

The stock lost a further 6.67 percent last week after closing down 1.56 percent Friday to £0.63 ($1.04) on the London Stock Exchange.

China-ASEAN Resources Co Ltd also continued to slide, losing 5.71 percent in the past five days trading on the Hong Kong Stock Exchange following a 5.04 percent fall Friday to HK$0.134 (US$0.017).

The company announced this month that its 10,000-hectare logging concession in Kratie province had lay dormant this year due to what it termed overzealous enforcement of logging legislation by the Cambodian authorities.

OZ Minerals, which was scheduled to restart drilling this month at its gold and minerals concessions in eastern Cambodia, recorded a 2.01 percent gain on the Australian Stock Exchange last week despite dropping 1.55 percent Friday to A$1.27 (US$1.16).

MOST VIEWED

  • Kingdom may hire Turkish power ship

    Cambodia is considering negotiating with Turkey to hire a 200MW-capacity power ship to meet electricity demands as the country faces an ongoing electrical shortage, according to the prime minister. Speaking to garment workers in Pursat province on Wednesday, Prime Minister Hun Sen said Electricite du

  • ‘Kingdom lacks up to 400MW in available electricity’

    Prime Minister Hun Sen has called on the general public, hoteliers and businesspeople with generators to use them as back-up as the Electricity Authority of Cambodia cannot generate enough electricity to meet needs due to low water levels in power station reservoirs. On Saturday evening

  • EDC tackles power shortfall

    Electrcite Du Cambodge (EDC) on Monday issued a statement updating the public on its efforts to tackle insufficient electricity supplies during the ongoing dry season. Reductions in electricity prices have resulted in a steady increase in consumers in the Kingdom, while local and international investors

  • African swine fever spreads to VN-Cambodia border

    African swine fever has spread to parts of Vietnam that border Cambodia’s Ratanakkiri and Kratie provinces, a Ministry of Agriculture, Forestry and Fisheries official said on Friday. Tan Phannara, the General Directorate of Animal Health and Production director-general, told a Phnom Penh workshop that