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POMSOX breaks through 7,000 barrier

MELBOURNE, Australia (Radio Australia, June 20, 2008) –In Papua New Guinea, the Port Moresby stock exchange has posted new record highs again this week, breaking through the 7,000 point barrier.

The new record means the Port Moresby exchange has gained 27 per cent this year, defying international trends, which have seen the world's big exchanges suffer heavy losses.

Syd Yates, managing director of the Kina Securities, has told Radio Australia's Pacific Beat program, PNG is going through a mini-boom at the moment, thanks to the high cost of oil.

"You know there's more money coming into the country," he said.

"We are experiencing a property boom - prices have probably doubled in the past 18 months.

"We've got more people coming in - we don't have enough hotel rooms to support them, so it’s probably just a general effect it's having on Papua New Guinea at the present."

Radio Australia:

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