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KSi Daily Report; Thursday, 16 October 2014

Thursday Trading on POMSoX was moderate and both Kina indices were unchanged. The main index KSi remained at 3,804.66 points while the home index KSHi closed at 9,052.46 points.

All stocks traded ended unchanged.

Junior mining exploration stock, Marengo Mining Ltd (MMC) closed even at 8toea. Meanwhile financial stock Bank South Pacific Ltd (BSP) registered trades at K7.14 flat while Oil Search Ltd (OSH) ended at K19.22 today.

In a corporate news release, Kina Asset Management Ltd(KAM) announced the company’s largest shareholder, Monian Ltd, who holds 19.99% of ordinary paid shares has proposed to increase to 25.0%, a level the company says trigger a partial takeover offer in accordance with the Takeovers Code 1998 of Papua New Guinea. However, there was no trade done on the KAM shares today.

Total volume recorded today was a substantial 168,663 at a value of K264,541.46.

In overseas markets, U.S stocks fell on Wednesday on continued worries about weak global demand, as the Dow Jones Industrial Average declined 173.45 points (-1.06%) to 16,141.74 points, from intraday low of more than 300 points.. Asian shares also slid, led by sharp drop by the Nikkei index extended into Asia with stocks in Japan slumping over 2%. The Nikkei share average dropped 335 points (-2.22%) to 14,738 points. However, the benchmark S&P/ASX 200 added 9.28%(0.18%) to 5,254.89 points, as Australian stocks finished the day slightly higher with mixed performances from sectors.

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