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KSi Daily Report: Monday, 21 October 2013

POMSOX stocks opened higher amid modest activity with better than average trading volume. The Kina Securities main index, the KSi, gained 2.48 points or 0.06% to close at 3,905.05 points. The home index finished at 8,320.82 points, up 36.16 points or 0.44%.

Two stocks gained with no loss for the Monday’s session.

Financial holding stock, Credit Corporation Ltd (CCP) led the winners to complete 10 toea higher at K2.60 aided by the company’s ongoing share buyback plan while Kina Petroleum Ltd (KPL) followed with an additional 5 toea to 95 toea. Both stocks traded on moderate volumes on Monday.

Unmoved stocks for Monday were the miners, Oil search Ltd (OSH) and Marengo Mining Ltd (MMC) both closed flat at K16.06 and 20 Toea respectively.

Monday’s trades recorded a reasonable volume of 108,881 shares at K210,969.40.

In the overseas market, U.S stocks inched higher on Friday as shares of Google surged 13.8% after the company surpassed earnings expectations by 37 cents.

The Dow Jones Industrial Average rose 28 points or 0.18% closing the market at 15,399.70 points. Asian stocks advanced as the Nikkei index surged 132.03 points (0.91%) ending at 23,475.30 points after the governor of central Bank says the Bank of Japan will continue pumping cash into the economy to spur inflation.

Australian benchmark S&P/ASX 200 climbed 30.31 points or 0. 57% with 5,351.77 points, the highest point since June 2008 as investor confidence rallied for the fifth consecutive day.

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