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KSi Daily Report: Thursday, 20 February 2014

Kina securities Indices extended gains for the second consecutive session on Thursday after an active POMSoX session with better than average trading volumes. The Kina Securities main index or KSi nudged up 5.74 points (0.16%) at 3,620.37 points, likewise, the home index or KSHi rose 99.76 points or 2.76% to close the day at 8,187.51 points.

There were two stocks that gained against one that lost for the session.

New Britain Palm Oil Ltd (NBO) closed at K15.00, up 50 toea. The upward movement by the heavy weighted agricultural stock lift both indices higher. Credit Corporation Ltd (CCP) followed closely closing strong by 10toea at K2.60 in active trade.

On the down side, Kina Asset Management Ltd (KAM) fell 2 toea to K1.07 as the financial holding companies traded a substantial volume of 1 million shares today.

Bank South Pacific Ltd (BSP) led the unchanged stocks at K7.94 followed by Oil Search Ltd (OSH) at K17.53 flat and Marengo Mining Ltd (MMC) remained at 15toea.

At the close, there was a considerable volume of 1,430,547 shares worth the value of K2,845,096.20.

U.S. stocks closed lower in overnight trading after the Federal Reserve’s policy setting meeting revealed uncertainty about short-term rates would begin to rise and drop in home construction in January also weighed on sentiment. The Dow Jones Industrial Average ended 81.84 points, or 0.56%, lower at 16,040.56. On Thursday Japan’s Nikkei share average fell for a second day after declines on Wall Street. The Nikkei slumped 317.35 points or 2.15% at 14,449.18 points today. However, the Australian sharemarket closed flat despite lowest key Chinese manufacturing data in seven months. At the close, the benchmark S&P/ASX200 index was 4.1 points, or 0.08%, higher at 5,412.30 points.

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