KSi Daily Report: Monday, 06 March 2017
The Kina Securities Main index retreated while the Home Index remained unchanged as two out of three stocks that traded fell after close of Monday’s POMSOX session. The Main index KSi shed 1.02 points or 0.02% to 5,053.93 points. Meanwhile the Home Index KSHi was steady at 10,694.79 points.
PNG’s leading oil and gas stock Oil Search Ltd (OSH) closed lower at K17.81 down 2 toea followed by Kina Securities Ltd (KSL) at K2.70 down a toea.
Meanwhile, Bank South Pacific Ltd (BSP) maintained a strong hold at K9.02 flat.
The day’s trading recorded 13,059 units of shares valued at K118,289.42.
In overseas news, US stocks finished the week higher on Friday, extending multi-week winning streaks, as the Dow Jones Industrial Average rose 2.74 points or 0.01% at 21,005.71 points. The health of the market depends on the belief that President Donald Trump will push through his agenda of lower taxes, deregulation and infrastructure spending in a timely manner, along with continued stable economic growth. Japanese shares fell on Monday as the yen firmed and as global geopolitical tensions rose after North Korea fired four missiles, three of which landed in Japan’s exclusive economic zone. The Nikkei share average fell 90.03 points or 0.46% to 19,370.07 points. The Australian share market has edged higher following modest leads from Wall Street ahead of a likely rise in US interest rates later this month. The benchmark S&P/ASX200 index was up 16.90 points or 0.29% to close at 5,746.50 points at after a flat opening, with strong gains from the miners and telecommunication stocks offset by losses from energy, retail, healthcare and utility stocks.