Papua New Guinea's listed investment company, Kina Asset Management Limited, has reported a 5 per cent decline in its investment portfolio after five and a half months of operations.
The Post Courier newspaper reports that KAML's Chairman Sir Rabbie Namaliu attributes the decrease in the investment portfolio and loss mainly to the company's international investment portfolio.
In a statement released to the Port Moresby Stock Exchange, Sir Rabbie says the assets which were principally held in cash were significantly affected by the appreciation of the kina against the Australian dollar in the final quarter of last year.
During the five and a half month period, the international equity portfolio lost 1.8 per cent while the domestic portfolio gained 0.14 per cent.
Sir Rabbie says both sectors have outperformed their benchmarks - S&P/ASX 50 reported a 20.27 per cent fall and the Port Moresby Stock Exchange index fell by 36.15 per cent during the same period.