Is Cambodia ready for its own stock market?
KhmerNews
Posted By: The Asia File at Oct 20, 2008 at 09:30:23 [General]
Capital markets can be vital tools of development, helping the better
companies in poorer countries to get access to the money they need to
grow, creating wealth and employment in the process.
However, given the fragile nature of stock markets, it is important that
countries don't run before they can walk. Which is why Cambodia's
decision to press ahead with the launch of its own stock exchange next
year is slightly concerning.
After all, this is a country where business and personal disputes are
still routinely settled with a late night shoot-out in the capital,
Phnom Penh. Is Cambodia really ready for the wild fluctuations, the
speculators and the scams that typically dominate new equity markets in
developing economies?
Whatever you think, you have to commend the Cambodian government's
resilience in sticking to its plans for a 2009 launch, despite the
ongoing global turbulence.
Hang Chuon Naron, secretary general of Cambodia's Ministry of Economy
and Finance, told the Phnom Penh Post that he hopes a stock market will
provide a more long-term source of finance than the foreign aid (around
$600m annually) that the country is currently reliant upon.
"We hope the stock exchange will provide longer-term finance compared to
what we have relied on in the past, such as banks, national budgets,
foreign aid and foreign investment," he said. "I think in five or ten
years, the stock exchange will play a key role in strengthening
Cambodia's financial sector, but we must proceed carefully to build
trust from our people and investors."
But while he's right about the long-term benefits of a stock market as a
cheap place to raise capital, the problem across the developing markets
of Southeast Asia is the pre-dominance of short-term speculators,
chancers and crooks.
This article in today's Bangkok Post sums up the dodgy share trading
scene over the disputed border in Thailand rather nicely.
"On any given day, investor cliques can join hands, even sometimes with
company management and major shareholders, to push share prices one way
or the other," the article notes. "For these investors, fundamentals are
meaningless - indeed, the larger and more prominent the company, the
less attractive it is for speculators, due to the greater difficulty in
manipulating prices for large-cap stocks." While Southeast Asia's
comparatively inexperienced and poorly funded regulators do their best
to get on top of these types of market abuse, they are generally
fighting a losing battle against the better-funded and more powerful crooks.
But trading scams on illiquid markets are not just the preserve of Asia.
When I covered London's Aim market for The Telegraph, I would get a
complaint at least once a week from an investor concerned about alleged
insider trading or ramping/deramping. And, on more than one occasion, I
shared lunch or a drink with small-cap executives and brokers who showed
a well-hardened disdain for market rules and minority shareholders.
BoangThom បងធំ
លុយបានមកពីការកេងប្រវ័ញ្ធយកដីរដ្ឋលក់អោយក្រុមហ៊ុនបរទេស ដោយយកលេសថាជាការ អភិវឌ្ឍ ។ល។ ដូច្នេះ
ហើយ ពួកអ្នកមានធំៗមន្រ្តីធំៗ ដែលរកលុយបាន ដោយគេចវេសពីការបង់ព័ន្ធដា ពួកគេចាំបាច់គឺ ធ្វើយ៉ាងណា គឺយកលុយ ដែល គេប្រមូលបានទាំងនោះ អោយក្លាយជាលុយស្របច្បាប់ ជាពិសេស ត្រូវធ្វើមុនច្បាប់ប្រឆាំងអំពើ
ពុករលួយ ដែលនឹងចេញជាធរមាននៅពេលខាងមុខនេះ ។ ដោយសាថា បច្ចុប្បន្ននេះ បើពួកគេយកលុយដែល
កេងប្រវ័ញ្ធបានដោយ ខុសច្បាប់នេះ ទៅផ្ញើទុកនៅឯបរទេស គឺវាអាចជូបនៅវិបត្តិមួយចំនួន ដូចជាការញញើត
ខ្លាចក្រុម អ្នកស៊ើបការណ៍រាវរកបណ្ដាញភេរវះកម្មអន្តរជាតិ លាតត្រដាងបើកមុខ ។
មែនទេនទៅការដែលបើកទីផ្សាភាគហ៊ុននៅ ប្រទេសកម្ពុជាយើង គឺដូចការបើកឧកាសមួយដល់ជន ដែលបាន
ប្រព្រិត្តអំពើទុច្ចរិតក្នុងប្រទេស ជាពិសេសសម្រាប់ក្រុម ម៉ាហ្វ៊ីយ៉ា ដែលគ្រប់គ្រោងក្នុងតំបន់អាស៊ីអាគ្នេយ៍ អោយពួក
គេអាចមាន លទ្ធភាពគ្រប់គ្រាន់ដើម្បីលាងលុយក្រក្វក់ទាំងឡាយ អោយក្លាយទៅជាលុយស្របច្បាប់ ដើម្បីងាយ
នឹងយកលុយទាំងនោះ ទៅធ្វើ ចរាចរនៅ លើទីផ្សាអន្តរជាតិ នៅថ្ងៃអានាគត ។
បងធំ
Cambodia Watch
Capital markets can be vital tools of development, helping the better companies in poorer countries to get access to the money they need to grow, creating wealth and employment in the process.