Kina Securities surges to all-time high

KINA Securities Index surged as better performances were recorded for Bank South Pacific, Oil Search and Ramu in yesterday’s trading, reaching an all-time high of 7,189.95 points on the Port Moresby Stock Exchange (POMSoX).
The index surged passed the 7,000 points mark on Monday, and gained further territory in yesterday’s trade to settle at 7,189.95 points.
Kina Finance said with only six months into the year and the Kina Securities Index (KSi) has surged into the 7,000 points mark, surpassing trend predictions made at the start of the year.
At the close of trade yesterday, KSi recorded an all time high of 7,189.95 points on POMSoX, driven by the share price movement of Bank South Pacific, Oil Search and Ramu Sugar.
BSP gained K0.02 to close at K1.15, Oil Search (OSH) gained K0.01 to close at K14.41 and, Ramu Sugar (RMU) gained K0.38 to close at K6.50.
New Britain Palm Oil (NBO) gained K2.90 to close at K29.00 on Monday, however, its performance yesterday was dismal, recording no trades.
The KSi yesterday recorded an increase of 27.02% or 1,529.43 points since trading started this year at 5660.52 on Jan 1.
The market capitalisation has also increased by 24.48% from over K36 billion to over K44.8 billion.
For four consecutive years now, the local bourse has delivered double digit returns, placing the Port Moresby Stock Exchange amongst the best performing markets in the world.
“With our buoyant economy, particularly spurred by the resources and construction industry, the KSi performance is a reflection of the confidence and growth in the locally listed stocks,” chief executive officer of Kina Securities Limited Syd Yates said.
He said he was particularly pleased to see that more and more Papua New Guineans were looking at additional ways of investing their money, and venturing into shares and investment properties apart from their superannuation investment.
“The recent initial public offering of both Airlines PNG and Kina Asset Management Limited has seen many new clients trying their hands at shares investment for the first time,” Mr Yates said.
Since BSP’s 10-for-one share split on June 3, its share price has increased by 12% with a market capitalisation of K5.103 billion.
Since NBO’s listing on the London Stock Exchange late last year, the share price has gained strength, closing at K29.00, which is an increase of over 262% to give the company a market capitalisation of K3.480 billion.
Since Oil Search signed and executed a gas agreement with the PNG Government last month to enter the next LNG phase (front end engineering and design), the share price has gained momentum each day.
Compared to the same period last year when OSH was trading at K8.03, OSH has gone up by K6.38 or close to 80% to give the company a market capitalisation of K17.18 billion.
Ramu Sugar Limited’s share price closed yesterday at K6.50 which is an increase of over 100% above the K3.24 price, which it was trading at 12 months ago.
The market capitalisation today for Ramu stands at K144 million.