WTO upgrades 2025 global trade growth forecast to 2.4%

/ October 10, 2025


News Highlights

Economy and Industry

WTO upgrades 2025 global trade growth forecast to 2.4% On Tuesday, the World Trade Organization (WTO) increased its global merchandise trade growth forecast for 2025 to 2.4%, up from 0.9%, while lowering the forecast for 2026 to 0.5% from 1.8%. Global GDP is expected to grow by 2.7% in 2025 and 2.6% in 2026. The volume of world merchandise trade rose by 4.9% year-on-year in the first half of this year, attributed to various factors such as frontloading imports in North America, solid growth in emerging markets, and a surge in AI-related goods. South-South trade increased by 8%, exceeding the global trade value growth of 6%, with AI goods, including semiconductors and telecommunications equipment, accounting for nearly half of total trade growth. WTO Director-General Ngozi Okonjo-Iweala noted the resilience of trade despite significant challenges, warning that rising import prices and trade-restrictive measures pose risks to the outlook. Trade performance is expected to vary, with Asia and Africa experiencing the fastest export growth in 2025, while Europe will likely see slower growth and North America may face declining exports. (Source: Khmer Times)

Investment capital on CSX expected to exceed $700 million by year-end The Cambodia stock exchange has a market capitalization of approximately $2.75 billion, or 5.73% of the country's GDP. Sou Socheat, Director General of the Securities Exchange Regulator of Cambodia (SERC), announced that investment capital has surpassed $550 million, with expectations to reach $700 million by year-end, aided by a new firm planning to invest $100 million. Currently, there are 25 listed companies, 11 with equity securities and 14 with bonds, including green bonds. Socheat emphasized the importance of collaborative regulatory efforts and highlighted that over 60,000 investors are now registered, with aspirations to double this figure. The recent Annual Securities Conference 2025 provided a platform for discussions on market development, sustainable finance, and regulatory frameworks, involving diverse stakeholders from various sectors. (Source: Khmer Times)

Kampong Thom accounts for nearly 30% of Cambodia's total cashew production The Kampong Thom province of Cambodia produces approximately 30% of the country's raw cashew nuts, with over 147,000 hectares of plantations. This region, recognized as the largest center for cashew production in Cambodia, is set to enhance its output through the upcoming Cashew Agricultural Industrial Park, which aims to improve processing and job creation. Currently, Kampong Thom yields about 1.5 tonnes per hectare annually, translating to over 220,000 tonnes. Cambodia exports substantial amounts of raw cashew nuts, mainly to Vietnam, generating around $1.4 billion in revenue in early 2025. The country has around 700,000 hectares of cashew land, with 52 processing enterprises playing a role in the industry, including 6 medium-sized factories. The industrial park's development, supported by Prime Minister Hun Manet, aspires to boost production and enhance the export market for processed cashew nuts. (Source: The Phnom Penh Post)

Corporate News

Nearly 5,000 participants benefit from LOLC's financial literacy training By the third quarter of 2025, LOLC Microfinance Institution has provided financial literacy training to 4,822 participants, demonstrating its commitment to enhancing financial knowledge in communities. With over 31 years of service in Cambodia, LOLC has established a strong reputation for meeting the financial needs of families and entrepreneurs. In 2023 and 2024, LOLC conducted 241 and 318 training sessions, respectively, reaching 4,428 and 6,264 participants, including a significant number of women. The training covers essential topics like personal finance, cash management, and loan management, aiming to improve financial decision-making among customers and villagers, particularly in rural areas, in line with the National Bank of Cambodia's strategies. (Source: The Phnom Penh Post)

Stock Market

CSX index rises 0.16% on gains in PWSA and ABC On 10 October 2025, the CSX Index rose 0.16% to close at 405.6 points. On the Main Board, PWSA (+0.65%) and ABC (+0.58%) posted gains, while PPSP (-0.49%), PPAP (-0.29%), and PAS (-0.17%) recorded losses. GTI, PEPC, MJQE, and CGSM remained unchanged. On the Growth Board, DBDE was up 0.49%, whereas JSL declined 2.14%. Total trading volume reached 33,794 shares, with a turnover of KHR 166 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
405.55 0.16 33,794 10,877

Stock Performance

Stock Close (KHR) 1D chg (%) MTD chg (%) YTD chg (%) 1M high (KHR) 1M low (KHR) MTD vol (shr) Mkt cap (KHR'bn)
PWSA 6,180 0.65 0.32 -2.83 6,220 6,140 28,111 537
GTI 7,080 0.00 -0.28 39.37 7,140 6,900 7,841 283
PPAP 13,520 -0.29 -0.44 -2.31 13,600 13,520 2,581 280
PPSP 2,050 -0.49 -0.49 -5.53 2,070 2,050 36,104 147
PAS 12,080 -0.17 -0.66 4.50 12,200 12,060 3,059 1,036
ABC 6,880 0.58 1.47 -8.75 6,880 6,740 197,162 2,980
PEPC 2,550 0.00 -2.30 6.69 2,680 2,540 1,886 191
MJQE 1,980 0.00 0.00 -4.81 1,990 1,970 64,020 642
CGSM 2,440 0.00 0.41 0.41 2,440 2,420 25,856 4,781
DBDE 2,040 0.49 0.00 -0.97 2,050 2,020 9,219 38
JSL 2,740 -2.14 -0.72 -19.88 2,800 2,720 51,760 70
1D = 1 Day; 1M= 1 Month; MTD = Month-To-Date; YTD = Year-To-Date; Chg = Change; Vol = Volume; shr = share; Mkt cap = Market capitalization


Valuation Ratios

  EPS BPS* P/E P/B P/S EV/EBITDA
  ttm,mrq (ttm,KHR) KHR (ttm,x) (mrq,x) (ttm,x) (ttm,x)
PPWSA 2Q25 827 11,622 7.47 0.53 1.69 14.87
GTI 2Q25 29 7,023 242.97 1.01 0.86 39.85
PPAP 1Q25 2,951 22,115 4.58 0.61 1.57 3.95
PPSP 2Q25 735 4,376 2.79 0.47 0.94 2.07
PAS 1Q25 1,212 8,224 9.97 1.47 2.17 7.66
ABC 2Q25 1,460 14,410 4.71 0.48 0.82 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.05 NA
MJQE 2Q25 45 340 43.83 5.82 3.87 12.70
CGSM 2Q25 25 618 99.32 3.95 6.97 19.35
JSL 2Q25 -82 492 NA 5.56 20.28 34.07
DBDE 2Q25 147 1,933 13.92 1.06 0.31 7.22
NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares

Corporate Bonds

Trading Summary


Bond Symbol Trading Vol (Units) Trading Val (KHR'mn) Latest Yield Credit Rating Bond Feature Coupon Rate (%) Days to Maturity
ABC32A 0 0.0 - - khAA Subordinated Bond 8.50% 2,296
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,338
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,529
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,958
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,162
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,609
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 787
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,349
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,557
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 804
RRGT32B 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (take which one is higher) 2,631
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,283
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,283
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 227.3 18.0 0.0
Outstanding (KHR'bn) 58.0 208.0 227.3 18.0 0.0
Issuance ('K units, Latest) 34.0 0.0 40.0 8.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.34% 4.60%
Successful yield (Latest) 3.25% - 4.30% 5.00% -
Latest bidding 23-Apr-25 21-May-25 17-Sep-25 45,861 45,889
*Total issuance is the accumulated issuance since September 2022; **Outstanding is aggregate principal value of government that remain outstanding; ***Successful yield: mid yields are shown if multiple price auction method was adopted.


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