THE KSi (Kina Securities Index) has increased by 7.32% since last Monday, Kina Securities Ltd (KSL), said.
The increase was led mostly by the miners and energy stocks in response to surge in metal and energy prices and investors anticipate solid global recovery.
KSL Shares manager Rick Tan said last Friday the surge on local stocks was on the back of the performances of Oil Search and Lihir Gold.
Oil Search, he said, is a major partner in the PNG LNG project, which is currently undergoing FEED.
A final decision on the project is expected to be made in December. Lihir’s increase he said was due to the record gold price internationally.
“The recent surges in the local market are mainly in the dual-listed stocks such as Oil Search, Lihir, Marengo, Highlands Pacific Ltd, and New Britain Palm Oil Ltd which mainly follow movements in their respective overseas listings.
“The positive market rally in the US, the rally in gold price to hit over US$1,000, and steady increase in the oil price have been a boost to these companies share prices,” Mr Tan said.