Communist Laos launched its first stock exchange on Tuesday, with securities officials reporting a smooth start to the latest step by the impoverished nation to spur development with free-market reforms. Turnover was higher than expected on the Lao Securities Exchange (LSX), so far home to just two listed companies, said Hinphet Chanthalangsy, deputy managing director of local brokerage firm BCEL-KT Securities.
An excited Hinphet, who has a master's degree in business administration from Japan, pronounced it "quite a good start for me", but said he is still adjusting to the world of buying and selling equities. It's "very new for us," he said after the ceremony led by Laos's Deputy Prime Minister Somsavat Lengsavat, who is also chairman of the Securities Exchange Commission.
Around 314,500 shares - worth 2.14 billion kip (about $250,000) - were traded in the two firms: EDL-Generation Public Company and Banque Pour Le Commerce Exterieur Lao (BCEL). Usual trading hours at the LSX are from 8:30 am to 11:30 am. EDL-Generation closed at 4,700 kip, against its issue price of 4,300 kip. BCEL closed at 8,000 kip, up from an issue price of 5,000 kip, according to an LSX official who preferred not to be named.
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