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KSi Daily Report: Monday, 01 December 2014

POMSOX stock trading was little changed despite oil stocks tumble overseas. Both Kina Securities indices remained flat after POMSoX closed today. The main index KSi stayed at 3,646.78 while the Home Index KSHi was steady at 9,839.63 points.

All four stocks that traded today ended unmoved.

Bank South Pacific Ltd (BSP) and Credit Corporation Ltd (CCP) both ended at K7.19 and K2.55 even respectively, followed by the miner exploration stock Marengo Mining Ltd (MMC) at 6 toea. Meanwhile, retail pharmacy stock City Pharmacy Ltd (CPL) closed at K1.44 unchanged.

Oil Search (OSH) , a dual-listed oil stock on ASX, dived almost 9% today as Brent oil crashed to below $69 per barrel today on Tokyo, a four-year low. The stock had no trade on POMSoX today.

Today’s trading session on recorded 101,333 units of shares valued at K92,624.51.

U.S stocks slowed as oil tumbled to a five-year low following Thanksgiving holiday spending data indicated weak sales on Black Friday. The Dow Jones Industrial Average added 0.49 points to 17,828.24 points. In Asia, stocks retreated broadly, except Japan, after release of official Purchasing Managers’ Index (PMI) of China eased to an eight-month low of 50.3. The Nikkei , with a strong corporate spending, added 130 points or 0.75% to 17,590 points. Australian shares drifted much lower, hurt by another sell-off in the oil sector following OPEC’s decision not to cut production. The benchmark S&P/ASX 200 slid 105.28 points or 1.98% to 5,207.72 points.

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