POMSOX opened the week on a quiet note with both Kina Securities indices headed in opposite directions. The main index or KSi was down 99.82 points or 2.56% to 4,316.43 points. Meanwhile the home index or KSHi collected 39.98 points or 0.43% to 9,339.22 points.
One stock gained to compared to another that lost.
The gain to the main index was attributed by the positive movement of banking and financial stock Credit Corporation Ltd (CCP), which added 6toea to close at K1.66.
On the downside, PNG’s leading oil and gas dual-listed stock Oil Search Ltd (OSH) shed K1.00 to end lower at K16.00. 00.
Meanwhile, Bank South Pacific Ltd (BSP) was traded even at K7.75.
The day’s trading registered a total volume of 4,358 units valued at K14,234.72.
In off-shore markets, U.S stocks closed higher in overnight trading as investors brushed aside Fed’s Chairwoman’s comments on a rate increase. The Dow Jones Industrial Average added 44.93 points (0.25%) to 17,873.22 points. Japan’s Nikkei share average rose to more than a month high as the dollar rose against the yen after a near-term interest rate hike. The Nikkei share average advanced 189.04 points (1.12%) to 17,023.88 points. The Australian share market closed flat as weakness among the banks and major miners offset modest gains from retail, health and insurance stocks. The benchmark S&P/ASX 200 was essentially unchanged at 0.01 points flat, closing at 5,405.90 points.