KSi Daily Report: Friday, 11 March 2016

The week ended on a quiet note for Friday’s POMSOX trading session as both Kina Securities Indices were unmoved. The Kina Securities main index, KSi remained at 3,373.05 points while the Kina Securities Home Index or KSHi was steady at 9,120.58 points.

Leading financial stock in PNG in terms of market capitalization, Bank South Pacific Ltd (BSP) was the only stock traded today. The stock closed unchanged at K7.50 unchanged registering 83,000 shares valued at K622,500.00

U. S. stocks closed mostly lower in overnight trading, under pressure from low oil prices and concerns about the effectiveness of monetary policy following the morning’s announcements from the European Central Bank. The Dow Jones Industrial Average ended down 5.23 points at 16,995.13, after trading within a 308-point range, and overcoming an earlier deficit of 178 points. Meanwhile, Japanese stocks rose into positive territory during early afternoon trading on Friday as a weaker yen boosted the profit outlook for exporters while a bounce in global oil prices improved risk appetite. The Nikkei share average gained to 87.20 points or 0.52% at 16,939.55 points at close of market. Similarly the Australian shares rose for a second consecutive week, bookended on Monday by a record-breaking 19% in the iron ore price and on Friday by the European Central Bank once again managing to disappoint global investors. At the close on Friday, the benchmark S&P/ASX200 index was up 16.3 points, or 0.32% at 5,166.40 points.

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