The Cambodian Stock Exchange (CSX) - why is it not working ?
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
For information:
GFX ANTI-MONEY LAUNDERING ("AML") POLICY
GoldFX Investment Co., Ltd#255 Street 51 Sangkat Boeung Keng Kang 1 Phnom Penh 12000 Cambodia
https://gfx-i.com/wp-content/uploads/20 ... Policy.pdf
GFX ANTI-MONEY LAUNDERING ("AML") POLICY
GoldFX Investment Co., Ltd#255 Street 51 Sangkat Boeung Keng Kang 1 Phnom Penh 12000 Cambodia
https://gfx-i.com/wp-content/uploads/20 ... Policy.pdf
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
Long read from the SEA-Globe magazine.
Inside Cambodia’s CSX, one of the world’s smallest stock exchanges
Until last year, Cambodia’s stock exchange was the second smallest globally, behind only Myanmar. While a mega-listing in 2020 gave the bourse a much-needed boost, the success or stagnation of this tiny market hangs in the balance as firms remain hesitant to list
Written By: Kiana Duncan
April 14, 2021
The markets aren’t moving much today, like most days in this faux neoclassical structure with Khmer flourishes in Phnom Penh’s Wat Phnom area.
“Visitors? It’s not much,” the receptionist said from her eagle eye watch at the front desk, interacting with a trickle of visitors. That much is self-evident standing in the empty lobby of the Cambodia Securities Exchange (CSX), especially during a pandemic.
While the New Yorks and Hong Kongs of the exchange world receive constant monitoring, researching those at the other end of the spectrum leaves you with a few niche articles and videos that are already dated within a year or two. As people stay glued to NASDAQ’s ebbs and flows, African islands and Southeast Asian countries populate the lesser-covered markets as the world’s smallest exchanges.
Among them is the CSX. Launched in 2012, it raised high hopes for the Kingdom’s developing finance sector and boasted a coming-of-age milestone for Cambodia. But almost a decade later, the exchange remains one of the smallest globally. As recently as early 2020, it was regarded as the world’s second-smallest behind only Myanmar with a market capitalisation, or total value of listed shares, of a little more than $440 million.
This was before the listing of bank ACLEDA in May last year, which alone significantly increased the exchange’s total value to a pretty $2.4 billion.
Despite fierce government support and incentives to lure in homegrown blue-chip companies like Cambodian conglomerates Chip Mong and ISI Group, only a small number of listings prop up the otherwise vacant exchange. Regardless, advocates remain enthusiastic about an imminent influx of capital to echo growth in neighbouring Vietnam.
“We are very small, but we are growing, we are growing,” stressed Hong Sok Hour, the exchange’s CEO, speaking with the Globe. There’s reason to think so, with the recent listing of mega-bank ACLEDA, as well as an unnamed small enterprise, rumoured to be in construction, that is set to be following its lead by this summer.
Full article: https://southeastasiaglobe.com/cambodia-stock-exchange/
Inside Cambodia’s CSX, one of the world’s smallest stock exchanges
Until last year, Cambodia’s stock exchange was the second smallest globally, behind only Myanmar. While a mega-listing in 2020 gave the bourse a much-needed boost, the success or stagnation of this tiny market hangs in the balance as firms remain hesitant to list
Written By: Kiana Duncan
April 14, 2021
The markets aren’t moving much today, like most days in this faux neoclassical structure with Khmer flourishes in Phnom Penh’s Wat Phnom area.
“Visitors? It’s not much,” the receptionist said from her eagle eye watch at the front desk, interacting with a trickle of visitors. That much is self-evident standing in the empty lobby of the Cambodia Securities Exchange (CSX), especially during a pandemic.
While the New Yorks and Hong Kongs of the exchange world receive constant monitoring, researching those at the other end of the spectrum leaves you with a few niche articles and videos that are already dated within a year or two. As people stay glued to NASDAQ’s ebbs and flows, African islands and Southeast Asian countries populate the lesser-covered markets as the world’s smallest exchanges.
Among them is the CSX. Launched in 2012, it raised high hopes for the Kingdom’s developing finance sector and boasted a coming-of-age milestone for Cambodia. But almost a decade later, the exchange remains one of the smallest globally. As recently as early 2020, it was regarded as the world’s second-smallest behind only Myanmar with a market capitalisation, or total value of listed shares, of a little more than $440 million.
This was before the listing of bank ACLEDA in May last year, which alone significantly increased the exchange’s total value to a pretty $2.4 billion.
Despite fierce government support and incentives to lure in homegrown blue-chip companies like Cambodian conglomerates Chip Mong and ISI Group, only a small number of listings prop up the otherwise vacant exchange. Regardless, advocates remain enthusiastic about an imminent influx of capital to echo growth in neighbouring Vietnam.
“We are very small, but we are growing, we are growing,” stressed Hong Sok Hour, the exchange’s CEO, speaking with the Globe. There’s reason to think so, with the recent listing of mega-bank ACLEDA, as well as an unnamed small enterprise, rumoured to be in construction, that is set to be following its lead by this summer.
Full article: https://southeastasiaglobe.com/cambodia-stock-exchange/
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
Lockdown sparks CSX trading
May Kunmakara | Publication date 04 May 2021 | 12:18 ICT
The local bourse has logged a sharp increase in trading even as the lockdown enters a third week, according to a senior official at the Cambodia Securities Exchange (CSX).
With a dramatic upsurge in number of new Covid-19 cases reported in connection to the February 20 community transmission, the government on April 14 announced a full lockdown in the capital and neighbouring Takmao town in Kandal province from April 15 to May 5 to control the risk of spreading the novel coronavirus.
CSX Market Operations Department director Kim Sophanita told The Post that the stock market has been operating smoothly since the lockdown began, adding that some 99 per cent of orders are received via Mobile Trading System (MTS).
“The CSX and our brokers are mostly working from home and remotely connect to the office's computers for daily operations. All our cash settlement banks remain operational without interruption,” she said.
“There has been a remarkable increase in trading volume during the weeks of lockdown compared to the prior weeks, mainly in the low price stocks,” Sophanita said, adding that some 36,000 stock shares on average were traded daily compared to 28,000 in previous weeks.
https://www.phnompenhpost.com/business/ ... sx-trading
May Kunmakara | Publication date 04 May 2021 | 12:18 ICT
The local bourse has logged a sharp increase in trading even as the lockdown enters a third week, according to a senior official at the Cambodia Securities Exchange (CSX).
With a dramatic upsurge in number of new Covid-19 cases reported in connection to the February 20 community transmission, the government on April 14 announced a full lockdown in the capital and neighbouring Takmao town in Kandal province from April 15 to May 5 to control the risk of spreading the novel coronavirus.
CSX Market Operations Department director Kim Sophanita told The Post that the stock market has been operating smoothly since the lockdown began, adding that some 99 per cent of orders are received via Mobile Trading System (MTS).
“The CSX and our brokers are mostly working from home and remotely connect to the office's computers for daily operations. All our cash settlement banks remain operational without interruption,” she said.
“There has been a remarkable increase in trading volume during the weeks of lockdown compared to the prior weeks, mainly in the low price stocks,” Sophanita said, adding that some 36,000 stock shares on average were traded daily compared to 28,000 in previous weeks.
https://www.phnompenhpost.com/business/ ... sx-trading
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
CEOCambodiaNews wrote: ↑Tue Apr 13, 2021 3:02 am For information:
GFX ANTI-MONEY LAUNDERING ("AML") POLICY
GoldFX Investment Co., Ltd#255 Street 51 Sangkat Boeung Keng Kang 1 Phnom Penh 12000 Cambodia
https://gfx-i.com/wp-content/uploads/20 ... Policy.pdf
UPDATE: GFX Scandal
![Image](https://i.imgur.com/DF9IRFa.jpg)
Cambodia News, (Phnom Penh): Around 100 angry customers of GFX INVESTMENT CO., LTD demonstrated in front of the company building to demand the company's responsibility in a loss of 28 million dollars. This occurred at around 9: 30 am on May 31, 2021 by about 100 men and women arrived at the company branch on the 216th street in Boeng Kok district, Phnom Penh.
![Image](https://i.imgur.com/5W46neO.jpg)
According to the sources, many customers have been doing business with GOLDFX INVESTMENT CO., LTD) in trading international capital for years, and each one has invested thousands of dollars.
![Image](https://i.imgur.com/0BoLJNP.jpg)
![Image](https://i.imgur.com/Lox9gjB.jpg)
However, since March 23, 2021, the company, accused of embezzlement, has 'lost' the US$ 28M that belonged to the investors, and according to reports, there is no representative of the company available for discussion as to the possible payout to those who lost their money.
More to come on this.
Previous: post482501.html#p482501
Also: https://www.khmertimeskh.com/50840914/m ... reach-27m/
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- newkidontheblock
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
One big problem is lack of transparency. GFX claimed to have liquidity from international banks, a lie. There is no requirement to tell the truth. In fact, quite the opposite is encouraged. Just many other firms are doing what GFX has done, just not yet caught in the act. A single consultant could only speak the truth on condition of anonymity, for fear of being blocklisted.
Caveat Empor.
Caveat Empor.
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
June 28, 2021
The Ly Hour Group threatens GFX victims with legal action
Ly Hour Group is threatening to take legal action against social media users who try to draw a link between the firm and embattled derivatives brokerage firm GoldFX Investment Co Ltd (GFX).
In a statement issued by its legal team, the firm accused victims of unfairly associating the company with GFX and maligning its reputation by identifying GFX as a subsidiary of Ly Hour Group.
“It has been reported recently some individuals have created fake Facebook accounts with polluting information and making it public,” the statement read. “The company is currently filing complaints to relevant authorities to take legal action against the individuals. False information confuses the public, spreads false information, incites unrest and smears the honour and reputation of Okhna Ly Hour and Ly Hour Group.”
GFX is currently seeking to settle with more than 6,000 victims who reported earlier this year that their trading accounts had been drained of some $27 million.
It has offered up to 30 percent of the principal amount invested in compensation, terms that have been rejected by most victims.
A GFX victim speaking under the condition of anonymity said some investors had been writing disparaging comments about Ly Hour Group because of perceived personal relationships between executives at both companies.
“So many of us [victims] were told that we can trust GFX because Ly Hour was behind it and such a big company would not scam us,” said the victim.
“We are not creating fake accounts because we are spreading fake information. We are scared of repercussions for speaking the truth because we will be punished. Everyone knows that they leased their offices from Ly Hour and after the gathering [on May 31] they removed Ly Hour’s sign from the front of the office,” the victim alleged.
An individual who once applied for a job with GFX shared a chat log with Khmer Times showing that an employee at the firm referred to Ly Hour as its “parent company”.
“What is your relation with [the] Ly Hour company?” the applicant asked.
“Ly Hour Group is our parent company,” the official GFX Facebook page responds.
“If I apply, do I work at GFX or Ly Hour?”
“Both companies are hiring,” the company responded before inviting the individual to submit their resume to Ly Hour Leasing.
Ly Hour Group was unavailable to provide a comment before publication.
https://www.khmertimeskh.com/50882541/t ... al-action/
The Ly Hour Group threatens GFX victims with legal action
Ly Hour Group is threatening to take legal action against social media users who try to draw a link between the firm and embattled derivatives brokerage firm GoldFX Investment Co Ltd (GFX).
In a statement issued by its legal team, the firm accused victims of unfairly associating the company with GFX and maligning its reputation by identifying GFX as a subsidiary of Ly Hour Group.
“It has been reported recently some individuals have created fake Facebook accounts with polluting information and making it public,” the statement read. “The company is currently filing complaints to relevant authorities to take legal action against the individuals. False information confuses the public, spreads false information, incites unrest and smears the honour and reputation of Okhna Ly Hour and Ly Hour Group.”
GFX is currently seeking to settle with more than 6,000 victims who reported earlier this year that their trading accounts had been drained of some $27 million.
It has offered up to 30 percent of the principal amount invested in compensation, terms that have been rejected by most victims.
A GFX victim speaking under the condition of anonymity said some investors had been writing disparaging comments about Ly Hour Group because of perceived personal relationships between executives at both companies.
“So many of us [victims] were told that we can trust GFX because Ly Hour was behind it and such a big company would not scam us,” said the victim.
“We are not creating fake accounts because we are spreading fake information. We are scared of repercussions for speaking the truth because we will be punished. Everyone knows that they leased their offices from Ly Hour and after the gathering [on May 31] they removed Ly Hour’s sign from the front of the office,” the victim alleged.
An individual who once applied for a job with GFX shared a chat log with Khmer Times showing that an employee at the firm referred to Ly Hour as its “parent company”.
“What is your relation with [the] Ly Hour company?” the applicant asked.
“Ly Hour Group is our parent company,” the official GFX Facebook page responds.
“If I apply, do I work at GFX or Ly Hour?”
“Both companies are hiring,” the company responded before inviting the individual to submit their resume to Ly Hour Leasing.
Ly Hour Group was unavailable to provide a comment before publication.
https://www.khmertimeskh.com/50882541/t ... al-action/
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
Update on the CSX Index this week:
June 28, 2021
MARKET WATCH
CSX index starts week up after slight bounce back on Friday
After settling into a new reality decidedly lower than it had been for weeks, the CSX index managed to end last week with a gain in trading. The market was up 4.62 points to close at 561.57 on the exchange of 225,772 shares at a value of 2,492,625,490 riels.
PAS led gainers, up 160 riels to settle at 15,080 riels per share. PWSA rose 80 riels to close at 7,160 riels a share.
GTI was off 40 riels to finish at 4.140 riels per share. PPAP and PEPC were both down 20 riels to land at 15,080 and 3,170 riels a share respectively.
PPSP and ABC both held steady, with the former closing at 2,200 riels per share and ABC landing at 13,220 riels a share.
https://www.khmertimeskh.com/50882518/market-watch-243/
June 28, 2021
MARKET WATCH
CSX index starts week up after slight bounce back on Friday
After settling into a new reality decidedly lower than it had been for weeks, the CSX index managed to end last week with a gain in trading. The market was up 4.62 points to close at 561.57 on the exchange of 225,772 shares at a value of 2,492,625,490 riels.
PAS led gainers, up 160 riels to settle at 15,080 riels per share. PWSA rose 80 riels to close at 7,160 riels a share.
GTI was off 40 riels to finish at 4.140 riels per share. PPAP and PEPC were both down 20 riels to land at 15,080 and 3,170 riels a share respectively.
PPSP and ABC both held steady, with the former closing at 2,200 riels per share and ABC landing at 13,220 riels a share.
https://www.khmertimeskh.com/50882518/market-watch-243/
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
July 7, 2021
Ly Hour reiterates lack of links to GFX
There is no direct connection between Ly Hour Group and beleaguered derivatives brokerage GoldFX Investment (GFX) Co Ltd, a statement issued by the conglomerate’s legal team said.
GFX investors claim they were swindled out of $27 million in March.
They have subsequently launched an online spamming campaign accusing Ly Hour Group of backing the firm.
“Some [victims] have claimed publicly that [GFX] belongs to Okhna Ly Hour and is a subsidiary of Ly Hour Group,” read a Khmer-language statement issued by the firm’s legal team.
“As Ly Hour’s legal representatives, we would like to make it clear to the public that the group has no affiliation with [GFX] and it is not a subsidiary of the company,” read a statement from the legal team.
https://www.khmertimeskh.com/50888883/l ... ks-to-gfx/
Ly Hour reiterates lack of links to GFX
There is no direct connection between Ly Hour Group and beleaguered derivatives brokerage GoldFX Investment (GFX) Co Ltd, a statement issued by the conglomerate’s legal team said.
GFX investors claim they were swindled out of $27 million in March.
They have subsequently launched an online spamming campaign accusing Ly Hour Group of backing the firm.
“Some [victims] have claimed publicly that [GFX] belongs to Okhna Ly Hour and is a subsidiary of Ly Hour Group,” read a Khmer-language statement issued by the firm’s legal team.
“As Ly Hour’s legal representatives, we would like to make it clear to the public that the group has no affiliation with [GFX] and it is not a subsidiary of the company,” read a statement from the legal team.
https://www.khmertimeskh.com/50888883/l ... ks-to-gfx/
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
More on the GFX scandal:
![Image](https://i.imgur.com/lZKmEua.jpg)
Cambodia News (Phnom Penh): On July 9, 2021, on Street 516, Sangkat Boeung Kok 1, Khan Toul Kork, around 60 GFX investors protested in front of the company to demand resolutions for their money investment losses, as they refused to join the company to sue the other investors who ran away with the money, but insisted that the company take full responsibility to fully refund the invested money, not just 20 to 30 percent of the investment as offered.
![Image](https://i.imgur.com/2gntZuP.jpg)
![Image](https://i.imgur.com/KsEGPGf.jpg)
According to the protestors, some of the victims who invested less amount of money accepted the 20 to 30 percents refund to avoid further loss. Despite the protest, the founder of GFX still remained abroad and out of the office, leaving the lawyer to be the representative; he issued a statement that the company will work with the court to come to a resolution.
![Image](https://i.imgur.com/7zZsxA1.jpg)
![Image](https://i.imgur.com/lZKmEua.jpg)
Cambodia News (Phnom Penh): On July 9, 2021, on Street 516, Sangkat Boeung Kok 1, Khan Toul Kork, around 60 GFX investors protested in front of the company to demand resolutions for their money investment losses, as they refused to join the company to sue the other investors who ran away with the money, but insisted that the company take full responsibility to fully refund the invested money, not just 20 to 30 percent of the investment as offered.
![Image](https://i.imgur.com/2gntZuP.jpg)
![Image](https://i.imgur.com/KsEGPGf.jpg)
According to the protestors, some of the victims who invested less amount of money accepted the 20 to 30 percents refund to avoid further loss. Despite the protest, the founder of GFX still remained abroad and out of the office, leaving the lawyer to be the representative; he issued a statement that the company will work with the court to come to a resolution.
![Image](https://i.imgur.com/7zZsxA1.jpg)
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Re: The Cambodian Stock Exchange (CSX) - why is it not working ?
And this is why the CSX will never work for the ordinary Khmer and hence will never really take off. All the ‘investors’ are corporations and insider entities. Rife with behind the scene deals. CSX needs clean house and force GFX to be transparent. But it won’t happen. It can’t happen.
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