For the third consecutive session, both Kina Securities stock indices closed higher as a total of five stocks traded today, two gained with one that retreated on POMSoX . The main index KSi ended 29.83 points higher (+0.79%) at 3,792.89 points and the home index KSHi jumped 304.91 points or 3.62% to 8,716.46 points.
New Britain Palm Oil Ltd (NBO) made the biggest impact on the indices finishing K2.00 higher as the Agricultural stock ended at K20.00 despite low trading volume. Followed by Oil Search Ltd (OSH) that advanced 14 toea to close strong at K19.30.
Meanwhile, Credit Corporation Ltd (CCP) declined by 10 toea at K2.60.
Stocks that traded unchanged for the day were financials Bank South Pacific Ltd (BSP) and Kina Asset Management Ltd (KAM) ending at K7.40 and K1.07 respectively.
POMSoX registered a total of 8,788 units traded worth K54,297.28.
In overseas, U.S. stocks rallied in an overnight session, recouping some of the heavy losses from last week’s rout but investors remained cautious over the timing of the Federal Reserve’s interest-rate hikes. The Dow Jones Industrial Average added 75.91 points, or 0.5%, higher at 16,569. Japan’s Nikkei share average edged down in choppy trade by 154.19 points or 1% to 15,320.31 points on Tuesday, extending its declines into a fourth day as the weak yen trend paused while the market awaited for clues from Japanese corporate earnings. The Australian shares retreated as investors remain cautious ahead of the release of corporate earnings reports. The RBA reported it continues to hold rates at record low today. The benchmark S&P/ASX200 index was 22.3 points, or 0.40%, lower at 5,518.60 points.