Both Kina Securities stock indices were in the negative territory Wednesday despite surges in overseas burses. The Kina Securities main index or the KSi sliced off 1.23 points to 3,612.75 points. Similarly the Home index or KSHi dropped 51.82 points or 1.43% to close at 8,024.59 points.
Two stocks gained with one loss on POMSoX today.
Oil Search Ltd (OSH) led the gains as the dual listed company collected 2 toea to K17.55 while closing up 6 cents on the ASX at $8.92 with an intraday high of $8.96. Meanwhile, the sole pharmaceutical-listed stock, City Pharmacy Ltd (CPL) ended at K1.96 up a toea.
On the down side, Bank South Pacific Ltd (BSP), the largest banking and financial stock in terms of market capitalisation on POMSoX, closed at K7.80, down 10 toea. The decrease caused both indices to retreat despite The companies positive group results of an 11.3% increase on the consolidated 2013 operating profit amid slowdown in the PNG mining economy during the same year.
Kina Asset Management Ltd (KAM) and Kina Petroleum Ltd (KPL) finished at K1.10 and 90 toea respectively as both stocks closed unchanged.
The session registered a low volume of 14,631 shares valued at K52,250.80.
The U.S. stock market finished Tuesday with the best gains this year as The Dow Jones Industrial Average recovered 227.85 points, or 1.4%, to 16,395.88 points, with all 30 components closing higher. The market reacted positively after comments by Russian President eased worries about military confrontation in Ukraine. Japanese stocks jumped on Wednesday, sparking short covering in battered shares like property developers after the news. The Nikkei share average was up 1.7% at 14,974.18 points. The Australian sharemarket also rallied to close at a five and a half year high on renewed hopes of peace in Ukraine and the promise of strong Chinese growth. The benchmark S&P/ASX200 index was up 46.0 points, or 0.85 per cent, at 5,446.2 points today led by banks and resources.