PNG stocks suffer for another week

WEAKER economic data out of China and growing concerns over the Greek debt crisis have triggered selling in international markets, with PNG-focused stocks mostly a sea of red again this week.

China's growth over the past years has been a boon to mining and energy commodities and players but the HSBC purchasing managers index has fallen to an 11-month low, leading to media reports that China's manufacturing sector is close to stalling.

In a sign of weak sentiment, the London Metals Exchange cash official price for copper was last at $8955.75 a tonne, down almost 1.5% for the week.

Spot gold is trading around $US1522.24 an ounce, down 1% for the week.

Singapore Tapis crude, the Asia Pacific benchmark, closed at $119.91 a barrel overnight, down 2% from a week ago.

However, LME cash official nickel is fetching $22,099/t, up 2% for the week.

Shares of PNG miner Allied Gold are expected to resume trading on the Australian Securities Exchange on Tuesday following its recent moves to list on the main market of the London Stock Exchange.

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