PNG opens stock exchange

PNG opens stock exchange

PORT MORESBY (AFP): Papua New Guinea finally opened a stock exchange Wednesday after two decades of discussion, with the government promising a hands-off approach.

The Port Moresby Stock Exchange, or POMSX as it will be known, will operate on a trial basis for about a month with full trading getting under way when its systems have been put through their paces.

At the official launch, Prime Minister Bill Skate said it would be of great benefit to the people of PNG.

"When it is open for business, the Port Moresby stock exchange will open doors to increased foreign investments, and it will create job opportunities for our people," he said.

He assured investors his government would not interfere in its operations after last year attempting to appoint its own chairman.