POMSoX trading was quiet as polling for the general elections commenced in Port Moresby. The Index KSi fell 5.38 points or 0.11% to 4,825.79 points. Meanwhile the Home Index KSHi remained at 11,097.18 points.
Friday’s session ended with a loss against none that gained.
Oil Search Ltd (OSH), the dual-listed company on both ASX and POMSoX, finished lower at K17.50, off 5 toea.
Bank South Pacific Ltd (BSP), the financial stock, led the unmoved stocks at K9.54 with Credit Corp Ltd (CCP) ending at K1.78 even. Friday’s trading registered a light volume of 10,132 shares at value of K43,628.72.
U.S. stocks tumbled in overnight trading, with Dow industrials logging its worst one-day declines since May as the technology sector resumed its selloff, overshadowing advances in financials. The Dow Jones Industrial Average fell 167.58 points, or 0.8%, to 21,287.03 points, its biggest percentage decline since May 17. Japan’s Nikkei share average stumbled to two-week lows on Friday after investors turned risk-averse as major central banks signalled that the era of cheap money was coming to an end, which hurt both U.S. and European markets overnight. The Nikkei dropped 186.87 points or 0.92% to 20,033.43 points, its lowest level since June 16. The Australian stock market has shed around $20 billion in value as local investors join global markets in a retreat from risky assets. At close the benchmark ASX200 had fallen 89.90 points or 1.55% to 5,728.20 points, given up all the gains made in the previous two days of solid trade. The selling was across all sectors with the big banks all down around 1% and the miners also losing ground despite the iron ore price continuing to rally.