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KSi Daily Report: Friday, 16 May 2014

Both Kina Securities stock indices closed soft after POMSoX trading ended on Friday, pulled down by a key bank stock. The main index, the KSi, slipped a mere 0.31 points to 3,658.13 points. Likewise, the home index or the KSHi closed 5.33 points (-0.07%) lower to finish at 8,084.46 points.

The indices’ decline was attributable to the weak performance of Bank South Pacific Ltd (BSP) which lost a toea to end at K7.69.

Unchanged stocks for the session were led by the junior cap miners Marengo Mining Ltd (MMC) and Highlands Pacific Ltd (HIG) at 12 toea and 20 toea respectively. Credit corporation Ltd (CCP) was steady at K2.70, ending with sole-listed pharmaceutical stock, City Pharmacy (CPL) at K1.95 flat.

Friday’s trading session recorded a total of 30,038 units valued at K63,356.73.
In overseas news, U.S. stocks fell a second day, with the Dow Jones Industrial Average sinking the most in a month, as investors continued to sell small-cap shares and Wal-Mart Stores Inc. forecast profit that missed estimates. The Index fell 167.16 points (-1.01%) at 16,446.81. Likewise, Japanese shares stumbled on Friday, posting their third weekly loss in the past month, hit by a stronger yen and weak Wall Street. The Nikkei share average fell 201.62 points or 1.4% on the day to 14,096.59. The Australian ASX also closed lower, with the big banks and major miners all in the red. At the close on Friday, the benchmark S&P/ASX200 index was 31.8 points, or 0.58% lower at 5,479.00 points

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