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FINANCE Thursday 16th JUNE

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PHNOM PENH: The CSX Index is currently at 489.07 Points down 1.92 points or 0.39%

National bank of Cambodia Daily Exchange Rate is: 4,067 KHR to the USD$

NBC PROJECTS 5 PERCENT ECONOMIC GROWTH THIS YEAR.

Phnom Penh June 22. The economy is likely to grow at around 5 percent this year, primarily supported by agricultural exports, transport, telecommunications and improved investment flows and remittances from overseas workers.

The National Bank of Cambodia made the economic projection in its Financial Stability Review 2021, released recently.

In terms of trade and investment, the country is expected to benefit from the Regional Comprehensive Economic Partnership (RCEP) agreement, bilateral free trade agreements and the introduction of new investment law, read the report.

The source also highlighted threats caused by the Russia-Ukraine war, interest rate hikes in developed countries, China's economic slowdown due to its strict COVID-19 strategy, the tightening of the global financial conditions, and Omicron variant.

The NBC also mentioned about climate change posing a significant risk to the country's agricultural production, which is vulnerable to extreme weather events as threats to the country's economic growth.

Last year, Cambodia's economic growth was estimated at 3 percent from a contraction growth of 3.1 percent in 2020.

ASIA SHARES STRUGGLE, OIL FALLS AS RECESSION FEARS LINGER.

BEIJING/HONG KONG, June 23 - Asian shares wobbled while commodity prices fell on Thursday as mounting worries about the risks of a global recession amid aggressive rate hikes by the Federal Reserve kept broad investor sentiment fragile.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) reversed earlier gains to be mostly flat in Asia trade. Stocks in South Korea were off, while Japan's Nikkei (.N225) was broadly unchanged.

Hong Kong's Hang Seng Index (.HSI) climbed 0.6%, following the news that Chinese President Xi Jinping chaired a top-level meeting on Wednesday that approved a plan for the healthy development of China's large payment firms and fintech sector.

U.S. stocks reversed earlier gains and ended the session slightly down. The Dow Jones Industrial Average (.DJI) fell 0.15%, the S&P 500 (.SPX) lost 0.13%, and the Nasdaq Composite (.IXIC) dropped 0.15%.

Brent crude was down 2% to $109.49 per barrel and U.S. crude declined 2.3% to $103.75 a barrel.

Gold was slightly lower, with spot prices traded at $1835.19 per ounce.

Bitcoin price is $20,378.55, a change of -0.02% over the past 24 hours


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