KSi Daily Report: Thursday, 15 January 2014

The Kina Securities main stock index, the KSi, closed lower for the second consecutive session with one large cap miner setting in the red. The index ended 47.46 points or 1.36% lower to 3,449.85 points. Meanwhile, the home index or the KSHi remained steady at the same level of 9,378.43 points.

The stock that lost for the session was Newcrest Mining Ltd (NCM). Down K1.00, the Lihir gold miner ended at K24.00.

Stocks traded however remained unchanged were among the financials Bank South Pacific Ltd (BSP),Credit Corporation Ltd (CCP) and Kina Asset Management Ltd (KAM) at K7.13, K2.60 and K1.00 respectively. Oil and gas company Oil Search Ltd (OSH) remained at K15.61.

A total of 7,459 units were traded worth K48,351.36 for Thursday’s trading session

In off-shore markets, a late-afternoon rally, triggered by a rebound in beaten-down oil prices, was not enough to lift U.S. stocks out of negative territory during the overnight trading session. The key benchmarks closed with losses for the fourth straight session. The Dow Jones Industrial Average closed down 186.59 points, or 1.1%, lower at 17,427.09, having dropped as much as 300 points during the day. In Asia, the Japan’s Nikkei posted its biggest daily gain in four weeks on Thursday after rebounding oil prices and the rising yen lifted exporters. The Nikkei rose 312.74 points or 1.86% to 17,108.70 points. Meanwhile, Australian Shares recovered after a very poor start, thanks to strong jobs data and a rebound in Asian markets, but still finished lower for the fourth day in a row. The ASX200 dropped 22.20 points or 0.41% to 5,331.40 following rising US bond yields on the back of tumbling commodity prices.

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