Kina Securities Stocks Indices relinquished previous gains after two out of five stocks that traded fell during Thursday’s session on POMSoX. The Main Index or KSi dropped 20.99 points (-0.59%) at 3,557.80 points and likewise, the home index or KSHi declined 0.97 points (-0.01%) to 9,695.09 points.
Stock trading was modestly active registering two loss verses none that gained.
Oil Search Ltd (OSH) lost at toea to close at K15.99, followed by Kina Asset Management Ltd (KAM) also down by a toea to 97toea.
Kina Securities (KSL) was not traded and remained at K2.60. On ASX, the stocks closed at $1.10 (+0.05).
Stocks that traded however, remained unmoved were led by the two financial stocks, Bank South Pacific Ltd (BSP) & Credit Corporation Ltd (CCP) steady at K7.40 and K2.50 respectively. Newcrest Mining Ltd (NCM) traded but maintained strong hold at K25.00.
U.S. stocks closed sharply lower in overnight trading in a defensive note as worries about a potential interest-rate hike. The Dow Jones Industrial Average slumped 239.11 points, or 1.5%, to 16,253.57 points with all 30 of its components closing in negative territory. The Nikkei retreated 490.89 points or 2.51% at 18,299.62 points at close of market after Prime Minister Shinzo Abe pledged to lower the corporate tax rate by at least 3.3% after a huge one-day surge of 7.7% yesterday. Similarly, The Australian shares were sharply lower, giving back Wednesday’s gains on the back of downbeat US markets. At close of market Thursday, the benchmark S&P/ASX200 index was down 126.10 points, or 2.42% at 5,095.00 points.