KFM Weekly Investment Update Summary - 24th March, 2016
Kina Funds Management (KFM) Weekly Investment Update Summary
Latest: Thursday 24th March
— By Kina Funds Management
- PNG’s financial institutions have over K44.0bn in banked assets according to the Bank of Papua New Guinea (BPNG). Majority of this is held by commercial banks, accounting for 70.0 % whilst super funds and other non-bank financial institutions hold the remainder
- Organizations will have to adapt to the change in the business environment or risk being left behind, according to KPMG-PNG’s Audit Partner Mr Zabaks, who commented that PNG was not immune to the effects of global market volatility; increased competition, regulation and budgetary constraints, created a challenging operating environment which required adjustment to “survive”
- BSP Finance released their Key Disclosure Statement for the year ended 31 December 2015, announcing a net loss of K2.4m after completing their first year (13 months) of operations
- Finance Corporation Limited announced its Net Income after Tax of K20.0m, up K10.6m from the previous year. The growth in Profit underpinned by increased investment and lending income and a significant reduction in the non-interest expenses
- This week’s BPNG auctions in Central Banks Bills were only offered for 28 days with an oversubscription of K649.0m out of a total of K445.0m on offer. The weighted average yield was 1.16%. KFM expects short term rates to remain flat around current levels
- This week’s BPNG auctions in Treasury Bills were oversubscribed by K316.9m out of K268.6m on offer indicating strong appetite for the short term securities. Weighted average yields were 2.8% for 91 days, 4.8% for 182 days and 7.7% for 364 days from this week’s auctions
- The KSi Index ended the week up by 6.7% to close at 4,033.78 points, supported by an increase in share price of Newcrest Mining (+15.2%) while the KSi Home Index was down by 0.2%, reflecting decline in Credit Corporation (-0.6%), to end at 9,097.40 points
Read the full summary from KFM
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