POMSoX growing

Business, Normal

The National – Monday, January 31, 2011

THE Port Moresby Stock Exchange Ltd (POMSoX) recorded another good trading year due to strong economic growth driven by the multibillion kina LNG project, which is creating genuine opportunities for most businesses across all sectors of the economy.
According to its year-end market performance market report, the market was expected to rally this year in connection with forecast strong economic growth and countrywide boom in the resource sector.
POMsox recorded a 118% rise in its total market capitalisation to close at K109.5 billion as of Dec 31, from K50.1 billion at the beginning of last year.
The significant increase in market capitalisation was a result of Newcrest Mining listing last September which contributed K76 billion in capitalisation.
However, the total number of market transactions recorded throughout the year dropped 5.4% to 5,846 from 6,182 in 2009.
The home-listed stocks led the way with higher volume of market activity.
During the year, the Kina Securities Index (Ksi) reached a high of 7,562.29 points and closed the year at 7,430.43, up 9% from 6,816.26 points posted during the same period in 2009.
Meanwhile, the exchange’s investment awareness and education programme continued to play a key role in educating our Papua New Guinean investors.