PNG LNG news fails to boost OSL shares

Business, Normal

ALL the news about the financial close clearing the final hurdle for the PNG LNG project to go ahead might have excited the market, but it did little for the falling stocks of Oil Search Ltd on the local bourse.
Oil Search lost  19toea  to end at K13.80 despite the announcement in New York last Friday.
On the local market this week, the Kina Securities Index (KSi) recovered slightly after declining for the past three weeks, Kina Securities said in its bulletin on Tuesday.
It increased by 37.29 points or 0.60%  to close at 6,231.60.
The Kina Securities Home Index (KSHi) also gained strongly, gaining 217.88 points or 2.80%   to close the week at 8,033.91.
Bank South Pacific gained 1 toea, to end higher at K0.72.
The company has released its annual financial report of 2009 which showed it has earned a net profit of K255.5 million for the year ending 31 Dec 31, 2009, up 11% from K228.3 million recorded  in  2008.
New Britain Oil surged 99t to close higher at 19.50, and Lihir Gold Limited closed 10t higher at K7.10. Another mining stock, HIG, was able to gain 10t to consolidate at 90t level.
CCP was the remaining stock that fell, down 2t to close at K1.62. Other stocks remained unchanged.