Cambodia enters global marketplace, stock trading begins

After a string of false starts, Cambodia’s stock market finally started trading on Wednesday, marking a significant step forward for an impoverished country blighted by corruption and scarred by decades of civil war. … But on Wednesday, traders were reaping fast gains as the price of the sole listed firm, the Phnom Penh Water Supply Authority (PPWSA), jumped 50 percent in the inaugural session. “Today marks the birthday of Cambodia’s securities market, the day that we moved forward in a big important step in Cambodia’s financial sector and a historic day for Cambodia,” Finance Minister Keat Chhon said at the opening ceremony of the Cambodia Securities Exchange (CSX). Keat Chhon said two more IPOs would take place later this year for state-owned Telecom Cambodia and Sihanoukville Autonomous Port. Several private companies had also shown interest in listing, he said. Brokers and would-be investors say CSX can overcome its one-company launch and help to boost transparency in state enterprises, spurring more growth in one of Asia’s smallest economies. …

http://www.reuters.com/article/2012/04/18/cambodia-bourse-idUSL3E8FH30X20120418