Even as recently as 1993, deliberate massacres of ethnic Vietnamese were reported, the presence of the United Nations peacekeeping operation notwithstanding. A combination of anti-Khmer sentiment and low Khmer capital would be nitro and glycerin mixed in the barrel of a stock market. Cambodia does not share the situation of other Southeast Asian countries, where an ethnically Chinese majority controls a majority of the capital. However, it is quite likely that the majority of capital initially injected into a Phnom Penh Stock Exchange would come from outsiders, and those outsiders would very likely be the hated ethnic Chinese, former colonial masters like France, or the United States, whose bombing raids did not endear. Furthermore, allowing foreign investors to expatriate all the profits will only exacerbate ethnic tensions.
Some redistribution is necessary, and probably beneficial.
In a country where capital itself is scarce, a capitalist market is extremely difficult to start. Even more difficult is raising capital in countries where capital has been abolished. The rampant poverty of Cambodia, especially its ruralities, suggests that a large sector of society will be shut out of the market, followed by the inevitable perception that their national market is being exploited for the benefit of others, usually foreigners. This problem will only feed the nationalistic and ethnic tensions discussed above. Even in the wealthiest countries, the majority of citizens do not have extensive interaction with their stock markets, and the poorest quintile of even a rich society are generally not active investors.