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‘Sharing common dream in building securities market’

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CSX CEO Hong Sok Hour. SUPPLIED

‘Sharing common dream in building securities market’

For more than a decade since the establishment of the Cambodia Securities Exchange (CSX) in 2012, we have been actively engaged in strengthening the much-needed capital market in the Kingdom.

During this period, CSX has emerged an important institution in the domestic financial sector as we assist companies in raising funds to expand their operations that contribute to the national economy, while also promoting an investment culture among the public.

It is indeed a historic event today as we host the National Conference on the Cambodia Securities Exchange, themed: “A Decade of Market Emergence and Ways Forward” – as we mark the 10th anniversary of CSX.

Moving forward, we should create a common dream – and that common dream is to build a stock market with trading volume of $50 million a day within the next six to seven years.

I am sure this figure is achievable if there is a concerted effort from all stakeholders to reach this ambitious goal set by CSX – and I am confident we can do it collectively as we are already on the right path. Our numbers are growing steadily.

Although our market is still small compared to neighbouring countries, the trading volume has increased significantly since 2019.

In 2017 and 2018, the daily trading volume was over 100 million riel ($20,000) or less but rose to around 630 million riel (nearly $160,000) in 2019.

But there was a slight dip to about 470 million riel (around $110,000) in 2020 due to Covid-19 outbreak.

With the quick proactive measures taken by the government to curb the spread of the pandemic, we returned to positive growth last year with trading volume increasing to more than one billion riel ($270,000).

In the first quarter of this year, trading value touched four billion riel per day due to the large trading activity of ACLEDA Bank Plc shares.

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The listing of ACLEDA Bank in May 2020 added a strong impetus to CSX’s trading environment.

In terms of market participation, between 200 and 500 trading accounts were opened every month, even during the Covid-19 lockdown.

These achievements would not have been made possible without the strong support and guidance of the government, the Securities and Exchange Regulator of Cambodia and other related stakeholders.

Today, CSX has 16 listed companies – nine on the stock and seven on the bond – and they have raised about 1.122 billion riel ($281 million) on the securities market.

This remarkable transformation would not have materialised if we did not have the support of our top leaders and all stakeholders.

I wish to thank Minister of Economy and Finance, and chairman of the Non-Bank Financial Services Authority, HE Aun Porn Moniroth.

I would also like to take this opportunity to express my deepest gratitude to Prime Minister Hun Sen for his efforts in promoting the securities market, and also former Minister of Economy and Finance HE Dr Keat Chhon for his astute leadership.

It has been an eventful journey for CSX thus far, and I am optimistic we will reach greater heights in the coming years.

CEO Hong Sok Hour’s message marking the 10th anniversary of CSX.

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