Both Kina Securities stock indices gave up yesterday’s gains after two home stocks retreated on POMSoX Wednesday. The Main Index KSi declined 21.72 points (-0.57%) to 3,757.93 points while the home index KSHi dropped 377.22 points (-4.30%) to 8,396.37 points.
Trading was modestly active recording two losses verses nil gains.
Credit Corporation Ltd (CCP) led the losses, closing at K2.60 down by 10 toea. New Britain Palm Oil Ltd (NBO), the heavy weighted agricultural company in PNG shed K2.00 at K18.00. The company has announced the proposed divestment by its major shareholder, Kulim (Malaysia) Berhad of its 48.97% stake in NBPOL and has preferred Sime Darby’s Bid, another Malaysian giant diversified company, to purchase.
Stock traded however remained unchanged included City Pharmacy Ltd (CPL) at K1.70, Oil Search Ltd (OSH) ended the day K19.12 even and Bank South Pacific Ltd (BSP) closed strong at K7.45 flat.
Wednesday’s trading session registered a total volume of 53,953 units with a monetary value of K299,501.21.
U.S stocks ended an overnight choppy session slightly lower with The Dow Jones Industrial Average slipping 9.44 points, or 0.06%, to 16,560.54 points as investors remained worried over tension between Ukraine and Russia. Tokyo stocks gained for the third consecutive session on Wednesday on hopes of more buying by the country’s giant public pension fund despite conflict in Ukraine and soft Chinese loans data. The Nikkei rose 52.32 points or 0.35% to 15,213.63 points. The Australian benchmark S&P/ASX200 index was 15.60 points, or 0.28% lower at 5,514.70 points today despite a record profit by market heavyweight the Commonwealth Bank of Australia.