Cambodian Stock Exchange:
The index closed down yesterday finishing at 715.31 points, falling 12.13 points (1.67 percent). The index has continued on a downward trend since peaking at 800 points earlier this month with some insider’s now predicting a gradual correction back below 700 points as decreasing ABC shares dominate volume.
That said, market volume made a surprising rebound in yesterday’s trade, pushing well over the 1 billion riels figure to 1,570,676,880 ($377,714) with 88,625 shares exchanged.
The overwhelming market mover ABC continued to decrease in price to 18,860 riels. PAS, on the other hand, continued increasing to 15,940 riels. While PPSP remained steady, PWSA and PPAP dropped to 5,500 riels and 11,600 riels. There was no trade on GTI today.
According to the government’s strategic plan 2021-2023 unveiled last week, the inflation rate is projected to be controllable this year, at a rate of 2.8 percent. However, next year, the inflation rate is projected to increase to 3.1 attributed to an increased demand for food and other products on the market.
The riel to USD exchange rate is also expected to remain stable this year, but it will be changed next year, rising to 4,100 riel for $1. This is because of to an increase of public confidence in the local currency, which it has been promoted by National Bank of Cambodia dedollarisation plan. However, many vendors and shops will continue to peg the dollar at the traditional 4,000 riels exchange for ease