Downward Drift – The Week at the CSX
This week the price of Phnom Penh Water Supply Authority Stock dropped continually from KHR 7,000 (US$1.72) on June 7 until it stopped and stayed at KHR 6,8oo (US$1.67) from June 11 to June 13. On June 13, the stock’s price at the market’s opening and close was KHR 6,8oo, with a volume of 18,299 shares. That was lower than the trading volume on June 12 of 25,900 shares. Sonatra Securities was the biggest seller while Acleda Securities was the major buyer. Local investors have mostly sold over the last several days, eager to exit the market because of the low share price, according to the Phnom Penh Securities daily report. Local investors’ eagerness to unload their stock would normally put pressure on the price since supply began to outpace demand. However, the PPWSA price remained relatively unchanged. This phenomenon is due to the sellers’ willingness to sell at a low of KHR 6,8oo, a level which buyers could apparently live with. Therefore, after the downward drift, the price stabilized. The stock price is likely to remain pretty much where it is for another month and fluctuations like were seen in the early weeks of the IPO are unlikely. …
