Water Supply Stock Falls Back to Initial Value
The share price of the Phnom Penh Water Supply Authority (PPWSA), the only stock so far to trade on Cambodia’s recently launched bourse, fell yesterday to the lowest price since its first day of trading nearly three months ago. At the day’s close, stock in PPWSA had fallen 0.78 percent to 6,300 riel ($1.57), the same price that was set for the firm’s initial public offering on April 18. Investors said that the company’s share price had risen so quickly in the opening days of trading because of speculative buyers looking to make a quick profit. They also said that the initial public offering (IPO) for the stock was probably overvalued and that the price could continue its downward trend. …
