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KSi Daily Report: Friday, 10 October 2014

Both Kina Securities stock indices rose to close high for the week’s trading on sole listed agricultural stock. The Kina Securities Main index or KSi collected 87.33 points (+2.33%) to 3,751.71 and the Home index or KSHi rose 1,512.96 points, an 18% jump at 9,570.79 points, the highest in two years.

Friday’s session registered a gain with two that fell.

New Britain Palm Oil Ltd (NBO) the heavy weighted agricultural stock gained a massive K9.00 to K26.00. The huge increase aided both indices to close on a positive note, this was after New Britain Palm Oil (NBPOL) share price rocketed by 77% yesterday on the London stock exchange following the $1.7B offer by Sime Darby to purchase NBO shares from Kulim (Malaysia) Berhad, NBO’s largest shareholder. The acquisition of NBO will see Sime Darby becoming the sole shareholder and largest oil Palm Producer in PNG.

On the down side, Bank South Pacific Ltd (BSP) has closed 4 Toea lower at K7.15. Kina Asset Management Ltd (KAM) ended a toea off at K1.06.

Stocks traded however remained unchanged were Credit Corporation Ltd (CCP) and City Pharmacy Ltd (CPL) at K2.60 and K1.49 respectively.

The day’s session registered a total of 43,051 units at a monetary value of K402,839.81.

In overseas market, U.S stocks plunged in overnight trading as it suffered its worst selloff in more than a year. The Dow Jones Industrial average fell by 334.97 points or 1.97% to 16,659.25 points as Brent crude oil prices tumbled to their lowest since 2010, coupled with weak Germany export data. In Japan, Nikkei shares dropped to a 2 month low following Wall Street. The Index fell 178 points or 1.15% to 15,301 points. Likewise, the Australian stock market traded lower on Friday amid worries about weak global economic growth and commodity sectors. The benchmark index S&P/ASX 200 was lower by 108.43 points or 2.05% at 5,188.25 points today

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