POMSoX session was quiet on Wednesday with only one stock transacted, but good enough to add gain to Kina Securities indices. The main index or KSi was up by a small 0.31 points or 0.01% to 3,747.07 points and similarly the home index or the KSHi rose 5.33 points or 0.07% at 8,148.42 points at the close.
Bank South Pacific (BSP) recouped yesterday’s loss of 1toea to K7.20 today as the largest banking stock in terms of market capitalization in PNG was the only stock traded for the whole session recording a total of 3,784 units valued at K27,244.80.
In market abroad, U.S. stocks declined for the third straight session on Tuesday as fears over global growth and escalating war in the Middle East sent investors scrambling for havens like U.S. Treasury’s. The Dow Jones Industrial Average DJIA shed 116.68 points, or 0.7%, to 17,056.00. Japanese shares also stepped back on Wednesday despite the yen’s fall – the main driver of the market’s rally in the past several weeks. Returning from a market holiday on Tuesday, the Nikkei average fell 44.59 points or 0.28% at to 16,161.31 points. Meanwhile, further falls in the iron ore price and weak leads from Wall Street are weighing on the Australian share market. At close of Wednesday’s session, The Australian benchmark S&P/ASX200 index was down 44.70 points, or 0.83% at 5,371.00 points.