Stock Roundup: Mixed outcomes for Kingdom's tech firms

via Khmer NZ

Monday, 26 July 2010 15:01 Jeremy Mullins

TECHNOLOGY firms active in the Kingdom saw mixed results on global markets last week as second-quarter results were released.

Nokia Corporation, which opened its first office in the Kingdom last week, rose 2.73 percent Friday, capping a strong week for the New York-listed handset manufacturer.

Its share price climbed nearly 8 percent during the week, ending at US$9.42 after its second-quarter results reported that its global market share for high-end smartphones had stabilised at 41 percent.

American software giant Microsoft Corporation dipped 0.12 percent to $25.81 Friday on the NASDAQ after issuing its results for the most recent quarter.

Microsoft operates a development programme in the Kingdom aimed at exploring the potential of the domestic market, its country manager, Pily Wong, has said.

Its share prices dropped despite a 22 percent increase in revenue to $16.04 billion in the second quarter, compared with last year, after some analysts predicted even higher earnings on the back of earlier results.

Competitor Apple Inc saw its shares rise 3.8 percent on New York’s NASDAQ during the past week, ending at $259.40 after releasing positive quarterly results on Wednesday. The firm has several licenced distributors operating in Cambodia, including iOne and iCenter.

IBM Corp saw its share price fall on the New York Stock Exchange after second-quarter results were released Tuesday, but it steadily increased in the second half of the week to end at $128.38, little changed from its open on Monday.

Meanwhile, reinsurer Munich RE climbed steadily on the Frankfurt exchange last week, closing Friday at €106.4 (US$135.95), up 1.5 percent during a week of low trading volumes.

Cambodia’s Infinity Insurance, part of the Royal Group, has secured Munich RE as its reinsurer, a vote of confidence in the strength of Infinity, according to some brokers.