Myanmar's stock exchange, the newest frontier market on the block, has been greeted with caution but it could very well succeed where its neighbors have failed.
Myanmar launched the Yangon Stock Exchange (YSX) on Wednesday—the country's first official bourse—in the government's latest move to convince the world that the once-sanctioned nation is open for business.
As the local Myanmar Times noted, the launch was largely symbolic as the country lacks underwriters and only a handful of local firms are expected to join initially. First Myanmar Investment, chaired by local tycoon Serge Pun is reportedly one of the top names bandied about as a float candidate. For now, the exchange remains closed off to foreign investors.
But despite a lack of necessary regulations and legislation, factors widely cited as key obstacles to greater participation, the fundamentals for a healthy bourse seem intact.