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KSi Daily Report: Monday, 22 December 2014

POMSOX trading opened the week on a quiet note on Monday session. Both Kina Securities Indices remained steady as the main index KSi ended at 3,450.75 flat while the Home Index closed at 9,517.71 points unchanged.

Bank South Pacific Ltd (BSP) the leading financial stock in PNG in terms of market capitalization was the only stock traded today, at K7.14 even with a total of 1,072 units valued at K7,654.08.

In overseas news, U.S stocks closed higher on Friday as the Dow Jones Industrial Average gained 26.65 points or 0.15% to 17,804.80 points following last week’s big boost from a dovish Federal Reserve. Asian stocks were mostly higher Monday, taking their cues from greater stability in crude oil prices along with the Federal Reserve’s indication it will take a slow approach to raising interest rates. The Nikkei briefly hit a two-week high however erased earlier gains to close 17,635.14 points up by 13.74 points (0.08%) led by oil-related shares surged over 25%. The Australian share market followed the upward trend, as the benchmark index S&P/ASX 200 surged 103.35 points or 1.94% to 5,442 points today with a rebound in commodity prices lifting investor sentiment.

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