The Kina Securities stock indices opened the week in mixed trading as two major POMSoX stocks headed in opposite directions. The Kina Securities Main Index or the KSi closed 93.04 points (-2.58%) lower at 3,507.28 points, However, the Home Index or KSHi managed to collect 5.30 points or 0.05% to 9,744.14 points.
One stock gained compared to an equal number of loss, while others ended unchanged.
Bank South Pacific Ltd (BSP), the largest banking and financial stock in PNG in terms of market capitalization, had gained a toea to close at K7.35.
On the down side, Oil Search Ltd (OSH) fell 99 toea to K15.51 despite improving prices on ASX.
Kina Asset Management Ltd (KAM) traded unchanged, maintaining its steady price a K1.00. Credit Corporation Ltd (CCP) and Marengo Mining Ltd (MMC) ended at K2.60 and 4 toea respectively.
Monday’s trading session recorded a total of 173,422 units with a monetary value of K179,123.45
U.S. stocks finished higher Friday, rebounding from the prior session’s drop and scoring big gains for the week, helped by Federal Reserve comments that the central bank will raise interest rates more slowly than planned just a few months ago. The Dow Jones Industrial Average was up 168.36 points, or 0.9%, on Friday and 2.1% for the week, closing at 18,127.39 points. In Asia Monday, the Japanese Nikkei share average rose to a fresh 15-year high, tracking gains in U.S. shares. By close of market today, the Nikkei was up 194.14 points or 1.1% to 19,754.36 points its highest intraday level since April 2000. Meanwhile, the Australian shares got to within five points of the 6,000 points mark on Monday, with no major corporate or economic news to maintain momentum. By close of market today the benchmark S&P/ASX200 index went down 19.4 points, or 0.32% to 5,956.10 points.