KSi Daily Report: Wednesday, 13 April 2016

Wednesday’s POMSOX session was quiet amid light trading as both Kina Securities stock indices remained unchanged. The Kina Securities main index or KSi was maintained at 4,105.20 points and likewise the Kina Securities Home Index KSHi was steady at 9,187.21 points.

Leading banking and finance stock in PNG in terms of market capitalization Bank South Pacific Ltd (BSP) was the only stock traded today. The stock recorded a volume of 3,348 shares valued at K25,110.00

In offshore news, U.S markets closed in positive territory for the year and the Dow Jones Industrial Average had its best day in a month as oil futures rallied to settle at their highest levels in 2016. The Dow Jones Industrial Average surged 164.84 points or 0.94% to 17,721.25 points. Japanese stocks rose to a new 1-1/2 week high after gains in Wall Street boosted sentiment, while a weaker yen triggered bargain-hunting on recently battered stocks as automakers and bank shares. The Nikkei Share average was up 447.21 pints or 2.81% to 16,376 points. The Australian share market closed higher, led by resource and banking stocks on the back of strong gains in commodity prices. Benchmark index S&P/ASX 200 added 79.05 points or 1.59% to 5,054.70 points.

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