KSi barometer of economic market: Yates

By FRANK ASAELI
THE strength and vibrancy of the domestic economic market this year was again evident in the consistent rise of the Kina Securities Index (KSi), Kina Securities Ltd (KSL) chief executive officer Syd Yates said.
Mr Yates noted that the KSi, which reflected the growth and development of local companies listed on the Port Moresby Stock Exchange (POMSoX) during the year, continued to surge upwards, rising to new record highs, and breaking 5,000 points for the first time last August.
This strong performance was a clear reflection of the recent growth of local companies and the increasing levels of consumer confidence in the domestic economic market.
Mr Yates said that the majority of companies listed on the POMSoX had continued to perform above and beyond expectations, with many taking advantage of the nation’s burgeoning financial position to record strong returns.
The continued success of such local organisations will be a key driving force behind the ongoing development of Papua New Guinea in the years to come.
This year, the global spotlight continued to shine brightly on PNG as the nation embarked on its eighth national election.
Importantly, the election period was an overwhelming success story for the country, with the majority of residents demonstrating a firm commitment to a fair and democratic electoral process.
Elections were an important instrument of democracy in this country and provided all citizens with an invaluable opportunity to directly contribute to the future of PNG.
The success of the 2007 National Election clearly showed to the world PNG was a responsible nation, capable of staging a fair election for all involved.
This year was also a strong year for the domestic mining and natural resources industry.
Whilst it was disappointing to see the PNG gas pipeline project suspended earlier in the year, this decision had not adversely impacted the industry which continued to be driven by a number of high profile projects being carried out throughout the country.
Similarly, the Nation’s agriculture and fishing industries had also strengthened during the past 12 months and were now providing a stable platform for sustained economic growth.