KSi Daily Report: Tuesday, 24 May 2016

POMSoX closed Tuesday’s trading session on a quiet note as only one stock was traded. The Kina Securities Main Index or the KSi was undisturbed at 4,311.38 points while the Home index, the KSHi, remained stable at 9,200.74 points.

Oil Search Limited (OSH) PNG’s leading oil and gas company was the only stock traded today still strong at K17.00 flat. The stock traded a total of 2,088 shares valued at K35,496.00.

In off-shore news, U.S. stocks finished lower in overnight trading giving up early gains as the prospect that interest rates might rise as soon as next month weighed on utilities shares. The Dow industrials shed 8.01 points, or 0.1%, to 17,492.93 points. Similarly, Japanese stocks fell in thin trade on Tuesday as the yen’s gains on the dollar overnight and indications Tokyo is reluctant to intervene to weaken the currency soured the mood, taking a toll on exporters and other currency-sensitive shares. The Nikkei share average slid 155.84 points or 0.94% to 16,498.76 points. The Australian share market is fractionally lower, with falls in energy giant Woodside Petroleum and retailers Wesfarmers and Woolworths offsetting gains in financial stocks. The benchmark S&P/ASX 200 was down 23.30 points or 0.44% after iron ore and oil prices fell.

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