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Business Brief

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KT/Chor Sokunthea

Cambodia Securities Exchange:

The index again finished flat today slight rebounding 7 points (0.95 percent) to 744.67 following insider predictions of a steady hold as trading volume was greatly down to only 80,679 shares valued at 1,438,057,280 riels (just under $350,00).

However, trading volume still remained higher than the pre-ABC initial public offering days when averages where around 50,000,000 riels a day, which is good for investors who traditionally prefer higher volumes to help identify momentum in a stock and confirm a trend.

Commodities:

Cambodia’s retail gasoline price has gradually increased since record lows three months ago caused mass oversupply in the market. With regular unleaded selling at 2,700 riels ($0.67) per litre and diesel at 2,500 riels per litre – up around 8 percent over the last two weeks from 2,500 reil and 2,300 riel respectively.

However, the record low prices should continue as international oil supply remains high and consumption, while slowly rebounding, remains low. The sudden and unexpected price drop causing major profitability concerns for Cambodia’s first off-shore oil field, with its future viability now in serious doubt.

Exports:

Agriculture Minister Veng Sakhon said Cambodia exported about 1.4 million tonnes of agriculture produce in the first five months of the year.

Official exports included dry cassava 996,290 tonnes, cassava powder 10,272 tonnes, cashew nuts 190,141 tonnes, corn 35,636 tonnes (down 29.6 percent because of seasonal conditions), bananas 121,415 tonnes, mangoes 44,099 tonnes and peppers 2,527 tonnes.

Cambodia also exported 356,097 tonnes of milled rice to foreign markets during the first five months of this year.

Business brief notes that many more agricultural products are also exported “unofficially” across the neighbouring border to Vietnam to avoid tax and other requirements.

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