Both Kina Securities stock indices recovered on Wednesday after POMSoX ended in modest trading. The main index KSi collected 4.82 points, or 0.13% at 3,757.83 points, while the Kina Securities home index KSHi regained 53.15 points, or 0.64% to finish at 8,348.84 points.
One stock gained compared to an equal number of loss.
Bank South Pacific Ltd (BSP), the largest banking and financial stock in terms of market capitalisation in PNG, closed at K7.45, recouping 26 toea. The stock had recorded an intraday low of K7.10 however managed to close high at K7.45 supported by the company’s share buyback plan causing both indices to recover previous losses.
Meanwhile, New Britain Palm Oil Ltd (NBO) was lower by 50 toea at K17.50.
Unmoved stocks for the day were Credit Corporation Ltd (CCP) and Kina Petroleum Ltd (KPL) at K2.70 and 90 toea respectively.
Wednesday’s trading registered a total of 43,805 shares with a monetary value of K152,243.40.
In U.S. markets, The Dow Jones industrial average rose 80.85 points or 0.48%, to end at 16,919.59 points after stocks climbed in overnight trading amid a better-than-expected jump in July housing stats and upbeat earnings reports. Likewise, Japan’s Nikkei share average rose for an eighth day on Wednesday as the yen weakened but trading volume has been low ahead of the annual Fed meeting of top central bankers and economists. The Nikkei advanced 4.66 points or 0.03% to 15,454.45 points marking its longest winning streak since last December. Similarly, the Australian benchmark S&P/ASX200 index was up by 10.8 points or 0.19% at 5,635.80 points despite large fall by BHP shares. The company confirmed plans to offload its aluminium, manganese, nickel and silver assets into a new company and the shares fell heavily, dropping $1.55, or 3.9% to $38.13.