Both Kina Securities indices recovered from previous losses after a few stocks gained grounds on POMSoX Wednesday. The main index, the KSi, posed positive after gathering 49.49 points, or 1.37%, at 3,650.73 points. Similarly, the home index, the KSHi, added 54.48 points or 0.56 % to conclude at 9,798.62 points.
There were three advances versus one that fell on POMSoX today.
Newcrest Mining Ltd (NCM) led the gainers as the stock collected K1.00 at K25.00 despite the dual-listed miner closed $14.04 down by 8 cents on the ASX. Bank South Pacific Ltd (BSP) gained 10toea at K7.45 and followed closely by City Pharmacy Ltd (CPL) at K1.40, up a toea.
On the down side, Oil Search Ltd (OSH) was down 1 toea at K17.00 as the oil and gas stock also lost by 21 cents to close at $8.00 on the ASX.
Stocks traded however remained unchanged were Credit Corporation Ltd (CCP) and New Guinea Energy Ltd (NGE) at K2.60 and 10 toea respectively.
Wednesday trading session recorded a combined volume of 31,642 units with a monetary value of K112,699.00
In separate company announcement today, Oil Search (OSH) advises the market that the International Court of Arbitration of the International Chamber of Commerce (ICC) has declined to issue pre-emptive rights over the transfer of a 40.1% participating interest in PRL 15 from an InterOil subsidiary to a subsidiary of the Total SA Group. However, the ICC decision also declared that Total is a party to the Elk/Antelope Joint Venture Operating Agreement (JOA). Airlines PNG (CGA) will lift from suspension starting tomorrow Thursday, 12 Feb following the capital restructuring since it is suspended on late June.
US Stocks rose in late trade last night, buoyed by hopes for a deal between Greece and its international creditors. The Dow Jones Industrial Average added 139.55 points or 0.79% to 17,868.76 points. In other Asian markets today, Japan’s Nikkei share average declined amid lingering about Greece debt problems as the Index fell 59.25 points or 0.33% to 17,652.68 points. In Australia, shares closed weaker for a third day straight as resources stocks fell after a fresh slump in oil prices. At the close, the ASX/S&P200 index shed 31.48 points or 0.54% to 5,769.08 points.