Cambodian bourse in long-awaited first day of trade

The Cambodia Securities Exchange has finally began trading shares today. 

That's nine months after it officially opened, when a water monopoly became the first firm to list. 

Trading symbolically started at 09:09 am local time -- the number nine is considered lucky in Cambodia -- and will finish at noon. 

Normal trading hours will be from 08:00 am until 11:30 am. 

Cambodia launched the bourse to great fanfare in July 20-11, after numerous delays because of the global financial crisis and regulatory hurdles. 

But no firms were ready to list on the market -- a joint venture between the government and South Korea's stock exchange. 

Now the formerly state-owned Phnom Penh Water Supply Authority is floating 13 million shares, or 15 per cent of the company, starting at US$1.57 per share. 

The state will continue to own the remaining 85 per cent. 

Observers said the firm's IPO last month was 17 times oversubscribed, an indicator of strong investor appetite for the long-awaited exchange, 

Two more state-owned enterprises are expected to launch their IPOs later this year.