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Market Watch

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Cambodian Securities Exchange:

The index will start the trading week at 706.89 points after finishing the week flat again on Friday recording a minimal rise of 1.22 points (0.17 percent), while trading volume fell below a half-billion riels to 412,713,760 riels ($101,528) with only 28,446 individual shares exchanged.

PPAP and PPSP saw price increases 11,700 riels and 2,520 riels, rising by 100 riels and 220 riels respectively. Meanwhile, PWSA, PAS and ABC remained static, by closing at 5,540 riels, 16,180 riels and 18,460 riels.

The market is expected to remain flat this week with the index predicted to remain at approximately 700 points, as daily trading volume remains below the 1 billion mark.

 

International Stocks:

Wall Street stocks sank on Friday as surging Coronavirus cases prompted large US states to impose new public health restrictions, threatening the economic recovery following widespread business shutdowns.

The Dow Jones Industrial Average plunged 2.8 percent, (730 points) to 25,015.55.

The broad-based S&P 500 tumbled 2.4 percent to 3,009.05, while the tech-rich Nasdaq Composite Index shed 2.6 percent to 9,757.22.

Texas and Florida, which together are home to 50 million people, ordered bars to stop serving alcohol on site, along with other measures following huge jumps in virus cases.

“We are facing a serious problem in certain areas,” top infectious disease expert Anthony Fauci said Friday as the Trump administration’s coronavirus task force held its first public briefing in two months.

The actions by Texas and Florida will weigh on economic activity in the states, and also raised fears that business reopenings will be paused elsewhere, jeopardising the US economy’s already wobbly state.

But there were other significant factors in Friday’s rout, which pushed all three major indices into the red for the week.

Large banks including Bank of America and Goldman Sachs fell more than 6 percent after the Federal Reserve late Thursday ordered the industry to suspend buybacks and limit dividend payments amid uncertainty over Coronavirus.

Facebook dived 8.3 percent as it faced a widening boycott from major advertisers after criticism it has not done enough to crack down on hate speech and incitements to violence.

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