The Kina Securities stock indices opened the week’s trading mixed after two major POMSoX stocks headed in opposite directions. The Main Index KSi closed 17.69 points (-0.05%) lower at 3,536.15 points. However, the Home Index KSHi managed to move a further 21.23 points or 0.05% higher from Friday’s close to 9,772.09 points.
One stock gained versus another stock that fell for the session.
Bank South Pacific Ltd (BSP), the largest banking and financial stock in PNG in terms of market capitalization, gained 4 toea to K7.40.
On the down side Oil Search Ltd (OSH) fell 20 toea at K15.80 following tumbling ASX prices, as mining and energy stocks were heavily hit by sliding commodity prices today .
Stocks traded unchanged were led by City Pharmacy Ltd (CPL) at K1.40, followed by Credit Corporation Ltd (CCP) and Marengo Mining Ltd (MMC) evened at K2.60 and 4 toea respectively.
Monday’s trading session registered a combined volume of 198,777 units valued at K372,548.60.
In overseas news, U.S. stocks broke a four-day losing streak by closing slightly higher on Friday, but still posted the biggest weekly loss since the end of January. The Dow Jones Industrial Average ended up 34.43 points, or 0.2% at 17,712.66 points. However, Japan’s Nikkei share average rose in choppy trade on Monday as investors bought back stocks on dips after the index tumbled last week. The Nikkei benchmark rose 125.77 points or 0.65% at 19,411.40 points. Meanwhile, the Australian share market tumbled more than one per cent as the energy sector were hit by fresh falls in the oil price and mining stocks also suffering as iron ore prices plunged four per cent to their lowest point in more than seven years on Friday. At the close on Monday, the benchmark S&P/ASX200 index was down 73.8 points or 1.25% at 5,846.10 points.