The Cambodia Securities Exchange has extended its trading hours in a bid to boost trading volumes.
The movement, approved by the Securities and Exchange Commission of Cambodia earlier this month, was publically announced during a press conference on Tuesday.
The local stock market will now be open seven hours a day, from 8 am to 3 pm. Before the move, trading sessions were just 3.5 hours long
The new timetable will come into effect on Monday.
Hong Sok Hour, CSX CEO, said the move follows an increase in public awareness of the industry and remarkable hikes in the trading volume year after year.
On average, $500,000 worth of shares were traded every day during the second quarter of the year. The total number of trading accounts has risen from just 5,577 in 2013 to 21,471 now, Mr Sok Hour noted.
“With the new trading hours, CSX expects several positive outcomes as a result of longer access to the market,” Mr Sok Hour said
He said CSX will now offer an even more convenient trading environment to investors, adding that the longer trading sessions allow market participants to react faster to changes in the market.
Jong Weon Ha, CSX vice chairman, said trading hours have been changed multiple times to fit the stage of development of the stock market.
He said that, under the new schedule, an opening session will be held from 8 am to 9 am everyday, followed by uninterrupted trading until 2:50 pm. A closing session will be then held from 2:50 pm to 3 pm.
Mr Weon Ha said several factors have influenced the decision to change the trading hours.
“The new trading hours will provide a convenient trading environment for investors, encouraging more trading and increasing liquidity,” he said, adding the new timetable will facilitate access to the market for foreign investors living in different time zones.
“CSX believes that the change will open up more opportunities. Especially, it will attract more investors and help develop the market.
“We continue to improve and develop new products to serve the market and enhance access for our investors,” Mr Weon Ha said.