Both Kina Securities stock indices were in the negative territory Thursday despite gains in markets abroad on the U.S. Federal Reserve’s move to pare back its bond-buying program last night. The Kina Securities main index or the KSi sliced off 0.31 points to 3,871.54 points. Similarly the Home index or KSHi fell 5.33 points or 0.07% to close at 8,174.22 points.
One stock lost with no other stocks that gained on POMSoX today.
Bank South Pacific Ltd (BSP), the largest banking and financial stock in terms of market capitalisation in PNG, closed at K7.98, down by a toea. The decrease caused both indices to retreat.
Oil Search Ltd (OSH) and Marengo Mining Ltd (MMC) finished at K17.53 and 16 toea respectively as both stocks closed unchanged.
The session registered a low volume of 14,564 shares valued at K49,496.07.
In overseas news, the Dow Jones Industrial Average soared in overnight trading to close at all-time highs, adding 292.97 points or 1.8%, to 16,167.97, as investors cheered as the scale-back bond-purchase a sign of improvement in U. S. economy. Likewise, Japan’s Nikkei share average jumped 271.42 points or 1.74% at 15,859.22 on Thursday as Tokyo stocks were bolstered by a surge in the dollar/yen to over five-year highs in the wake of the Fed decision, adding the benefits of a weak currency for Japan’s export-reliant economy. Australian stocks followed the upward trend as the benchmark ASX200 advanced 106.13 points or 2.08 per cent to 5,202.23 points at close of market today.