POMSoX stocks weakened on the last trading day of the week as three out of five stocks that traded during the session retreated. The main index, the KSi, eased 8.79 points (-0.22%) to 3,946.29 points, similarly, the Kina Securities Home index or the KSHi dropped 152.75 points (-1.83%) to 8,175.10 points.
Three stocks had begged down on active trade with no winner for the session.
The falls by both indices was attributed to the frail performance of the New Britain Palm Ltd (NBO) as the heavy weighted agricultural stock retreated by 59 toea to K15.00. Likewise, Bank South Pacific Ltd (BSP) declined 3 toea to K8.00 and Credit corporation Ltd (CCP) gave away 10 toea at K2.50 on a substantial trading volume.
Meanwhile, Marengo Mining Ltd (MGO), the copper-gold-molybdenum mining stock in PNG closed 21toea flat followed closely by City Pharmacy Limited (CPL) still strong at K1.90.
Friday’s trading registered an active volume of 252,791 shares at a value of K582,041.70.
In New York, stocks broadly jumped overnight as U.S lawmakers agreed to talks on raising the nation’s debt limit to avoid a default. Dow Jones Industrial Average surged 323.09 points higher or 2.18% closing the market at 15,126.10 points, the largest increase since January. Asian stocks reacted in positive as the Nikkei of Japan advanced 210.03 points (1.48%) ending at 14,404.70 points and the S&P/ASX200 of Australian Stock Exchange climbed 83.73 points or 1.63% ending at 5,230.87 points in response to the U.S. stocks overnight’s advances.