Both Kina Securities stock indices closed higher with two key stocks gaining ground on POMSoX Monday. The Main index KSi ended up 45.23 points or 1.22% to 3,758.72 points. Likewise, the home index KSHi added 7.09 points or 0.02% to 8,300.59 points amid modest volume session.
Two stocks gained against none that lost for the day.
The co-partner to the largest LNG-project in PNG operated by Exxon-Mobile Ltd, Oil Search (OSH) advanced 49 toea to end at K19.00 despite weak price on the ASX which closed lower by 9 cents at $8.10. Bank South Pacific Ltd (CPL) also closed higher by 7 toea at K7.19.
Credit Corporation Ltd (CCP) led the unchanged stocks at K2.60, followed by Kina Asset Management Ltd (KAM) and City Pharmacy Ltd at K1.00 and K1.44 respectively.
Today’s session recorded substantial volume of 1,076,429 units valued at K7, 565,604.26.
In overseas, U.S. stocks ended Friday’s uneven trading session fractionally higher, but still managed to post a fourth-straight weekly gain. The Dow industrial Average slipped 18.05 points, or 0.1%, to close at 17,634.74 points despite investor reaction to upbeat economic data, namely retail sales and consumer confidence. In Japan today, the Nikkei Average tumbled 517.03 points or 2.96% to 16,973.80 points to a one-week low after Japan’s economy unexpectedly slipped into recession. The news prompted investors to take profits after recent gains stemming from expectations Prime Minister Shinzo Abe will postpone a planned sales tax hike. Likewise, Australian shares fell 14.80 points or 0.77% at 5,412.50 points as financial stocks were sold as unexpected recession in Japanese economy hit investor confidence and heightened concerns about slowing global growth.