Official denies delay of opening Cambodian stock market

January 13, 2009 at 6:52 am Leave a comment

PHNOM PENH, Jan. 13 (Xinhua) — A Cambodian official denied media reports that the opening of stock exchange market has been delayed indefinitely due to the worsening global economic slowdown, English-language newspaper the Cambodia Daily said Tuesday.

“We didn’t declare postponement of the stock exchange. I am sure it will open in 2009,” Mey Vann, director of the Department of Finance Industry of the Ministry of Finance and Economy, was quoted as saying.

“We are working on it and there is no delay,” he said, but decline to discuss the exact date.

On Monday, another English-language daily The Phnom Penh Post quoted Mey Vann as saying that “Cambodia has been affected by the global financial crisis, especially in terms of real estate and garment exports. Therefore, the plan to open our own stock market has been postponed, and no specific schedule is set for it.”

The launch of the stock exchange market was originally scheduled for last September, with the South Korean Exchange providing funds and technical support.

As Cambodia’s economy, one of the region’s most vibrant, slowed to single-digit growth last year, the exchange’s future was put in doubt, said The Phnom Penh Post.

Cambodia enjoyed consistent double-digit economic growth rate from 2005 to 2007, which fueled the government’s ambition to upgrade its financial and capital market, and the establishment of a stock exchange market was just one of its major plans in this regard.

 
Editor: Lu Yanan

Entry filed under: Economy and Trade. Tags: .

Four arrested in Cambodian bomb plot Cambodian PM makes first Middle East visit

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Subscribe to the comments via RSS Feed


January 2009
M T W T F S S
« Dec   Mar »
 1234
567891011
12131415161718
19202122232425
262728293031  

Current visitors

counter

Blog Stats

  • 92,484 hits

%d bloggers like this: