KSi Daily Report: Thursday, 23 January 2014

Both Kina Securities stock indices were in the red by Thursday’s close on POMSoX as two stocks closed lower. The main index, the KSi, slipped 0.49 points (-0.01%) to 3,869.89 points, and similarly the home index or the KSHi closed 1.41 points (-0.02%) lower to finish at 8,210.38 points.

Today’s trading recorded two stocks that lost against none that gained.

The decline was attributable to the weak performances of Kina Petroleum Ltd (KPL) and City Pharmacy Ltd (CPL) at the close. KPL registered its first trade for 2014 on a low of 90 toea down by 5 toea likewise, CPL lost 1toea to close at K1.95.

Stocks that traded unchanged for the day were Credit Corporation Ltd (CCP) which closed K2.60, and PNG’s largest oil and gas producer Oil Search ltd (OSH) remained strong at K17.53.

Thursday’s trading registered a total of 34,357 shares at a value of K103,097.83.

U.S stocks mostly closed lower as the Dow Jones Industrial Average declined by 41.10 points, 0.25%, closing the day at 16,373.34, falling for a second day in a row. Asian stock markets were weaker, after China’s manufacturing unexpectedly contracted to six-month’s low with the Japanese Nikkei down 125 points or 0.79% at 15,696.00 points . In Australia, the share market declined as well with the benchmark S&P/ASX 200 shed 56.78 points, 1.07% lower at 5,262.99 points on the back of disappointing Chinese economic data and weak leads from overseas markets.

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