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KSi Daily Report: Tuesday, 18 February 2014

Both Kina Securities stock indices were in the red after POMSoX closed on Tuesday as three out of four stocks that traded today retreated. The main index, the KSi, fell 5.15 points (-0.14%) to 3,610.19 points, and similarly the home index or the KSHi dropped 80.37 points (-2.55%) to finish at 8,010.70 points.

Today’s trading recorded three stocks that lost against none that gained.

The decline was caused by the weak performances of Bank South Pacific Ltd (BSP) which dipped 15 toea to K7.80, and Kina Asset Management Ltd (KAM) and Highlands Pacific Ltd (HIG) were down by a toea each at K1.09 and 20toea respectively.

Meanwhile PNG’s largest oil and gas producer Oil Search ltd (OSH) was the only traded stock that remained at K17.53 flat after it reached an intraday high of K17.54 today.

Tuesday’s trading registered a total of 25,373 shares at a value of K264,240.81.

In overseas news, US markets were closed on Monday to observe the Presidents Day. Meanwhile, in Asia the Japanese Nikkei share Average soared 3.1% higher at 14,843.24 points led by the banking sector after the Bank of Japan said it would extend loan facilities by a year during its policy meeting. Likewise, The Australian share market closed 9.90 points or 0.18% higher at 5,392.80 points as gains from mining giant BHP Billiton’s strong profit results were dragged down by a disappointing result from Coca-Cola Amatil.

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