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KSi Daily Report: Thursday, 15 May 2014

Both Kina Securities stock indices closed unchanged for a second straight session amid a modestly active trading session on POMSOX Thursday. The main index or KSi remained at 3,658.44 points and likewise, the home index or KSHi was steady at 8,089.79 points.

All four stocks that traded today were flat by close.

Oil Search Ltd (OSH) led the unchanged at K18.04 followed closely by Newcrest mining Ltd (NCM) and Marengo Mining Ltd (MMC) at K25.00 and 12toea respectively. Meanwhile Credit Corporation Ltd (CCP) closed stable at K2.70 aided by the company’s ongoing share buyback program.

Overnight the U.S. stock market closed broadly lower as investors turned cautious amid a selloff of small and high-growth companies. The Dow Jones Industrial Average broke its five-day winning streak and closed 101.47. points, or 0.6%, lower at 16,613.97. Similarly, Japan’s Nikkei share average dropped 103.14 points or 0.72% at 14,300.88 on Thursday after declines on Wall Street and a stronger yen hurt sentiment, while Sony Corp tumbled after it disappointed the market with a loss forecast. However, the Australian share market had a slightly weaker day, but is performing above expectations on gains in energy stocks and a record breaking Commonwealth Bank share price. The S&/ASX 200 managed to collect 4.70 points or 0.09% at 5,501.20 at the close of market today.

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