Both Kina Securities stock indices were in the red after POMSoX closed on Thursday. The main index, the KSi slipped 6.18 points or 0.18% to 3,474.18 points and the home index, the KSHi, dropped 196.03 points or 2.02% to finish at 9,514.13 points.
One stock gained compared to an equal number of loss.
Kina Asset Management Ltd (KAM) was the sole winner for the session. At K1.00, up a toea from yesterday’s session, the stock however was not enough to push the indices to positive territory.
Instead, Bank South Pacific Ltd (BSP), a PNG’s leading financial stock in terms of market capitalisation weighed heavily on the decline of both indices. The stock retreated 20 Toea to K7.20.
Meanwhile, financials Credit Corporation Ltd (CCP) and Kina Securities Ltd (KSL) closed unchanged for today’s session at K2.50 and K2.80 respectively, followed by Oil Search Ltd (OSH) at K15.00 flat.
A total of 42,865 units were traded worth of K277,344.30 for Thursday’s session.
In New York, the Dow Jones Industrial Average was virtually flat, closing down 0.33 points to 17,402.51 points recovering from opening loss. Japanese shares rose with gains in some heavyweights despite investors booked profits in large cap shares in banks and telecom companies. The Nikkei share average rose 202 points or 0.99% to 20,595.55 points. Similarly, the Australian stock market was higher boosted by rebound in commodity prices. The S&P/ASX 200 collected 12.72 points or 0.24% to 5,394.80 points.