The last business day of POMSOX trades for this week saw big gains for both Kina Securities indices attributed to three major stocks that closed high. The main index KSi surged 298.67 points or 9.05% to 3,593.67 points and likewise, the home index KSHi added 28.73 points or 0.30% to 9,556.85 points.
Three out of five stocks that traded gained with no other movements.
Oil Search Ltd (OSH) led the winners as the oil and gas company rose 10 toea at K17.10 with its ASX price also higher by 11 cents at $7.15 despite sliding oil prices. Following the upward trend were the financial Bank South Pacific Ltd (BSP) and Credit Corporation Ltd (CCP) up by 2 toea and 5 toea at K7.14 and K2.60 respectively.
Meanwhile, stocks that traded unchanged included exploration stock Marengo Mining Ltd (MMC) at 5 toea and portfolio management company, Kina Asset Management Ltd (KAM) at K1.03 flat.
Friday’s session registered a substantial volume of 69,426 units valued at K71,861.62.
In Overseas news, A rally in the U.S. stock market, sparked by a strong consumer spending data ended out by the end of the session as indexes pulled back from session highs, pressed by a renewed slide in oil prices. The Dow Jones Industrial Average rose as much as 216 points by mid-afternoon, but pulled back, ending the day with a gain of 63.19 points, or 0.4%, at 17,596.34 points. Likewise, Japanese stocks rose on Friday as Wall Street advanced on strong retail sales, raising hopes for resilience in the U.S. economy that could help offset slowing growth in other major economies. The Nikkei benchmark rose 114.18 points or 0.66% to 17,371.58 points on course to snap a three-day losing streak. However, The Australian benchmark S&P/ASX 200 index was lower by 11.40 points or 0.22% at 5,219.60 points despite an unexpected rally from energy stocks wasn’t enough in the end as shares slumped to a third day of losses, with miners and banks weighing on a uncertain market.