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KSi Daily Report: Thursday, 05 November 2015

Kina Securities main stock Index, the KSi, advanced helped by one heavily-component-weighted mining stock that gained. Newcrest Mining Ltd (NCM) gained K1.00 to close at K26.00, adding 50.89 points or 1.43% to 3,621.26 points for the Index. However, the home stock index or the KHSi remained flat at 9,655.42 points.

No other movements for the rest of stocks.

Despite its gain, NCM, a dual listed miner stock, was down more than 3% on the ASX by 41 cents at $11.89.

Bank South Pacific Ltd (BSP) traded unchanged at K7.44 even. Kina Securities Ltd (KSL) remained untraded. In ASX, the stock closed 4c lower at $1.21.

Thursday’s trading recorded a mere volume of 302 shares worth K3,174.88.

In a corporate announcement, Airlines of Papua New Guinea Limited says as from 5 November 2015 it will cease operating under the Airlines PNG name and will operate under its new trading name PNG Air. The company also replaces the brand new ATR 72-600 aircrafts to its fleet under a rebranding campaign.

In off-shore news, U.S. stocks ended the overnight session slightly lower, as the Fed hinted that a 25 basis point rate hike in December would not upset the economy or the housing market. The Dow Jones Industrial Average fell 50.57 points, or 0.3%, to 17,867.58 points. The Nikkei rose 189.50 points or 1% to 19,034.02 points on Thursday as Japanese stocks rose on the strengthening U.S. and continuous strong demand by three Japan Post shares. The Australian shares sunk more than 1% with all sectors down. With the major banks leading the falls, and commodity prices weighed on the miners. On Thursday’s close the benchmark S&P/ASX200 index was down 40.30 points or 0.94% at 5,193.00 points.

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