KSi Daily Report: Thursday, 5 December 2013

Kina Securities indices closed mixed as stocks traded in opposite direction on POMSoX today. The Main index or KSi advanced 15.27 points (0.40%) to 3,916.73 while the home index or KSHi declined 16.87 points (-0.21%) to 8,197.63.

Two out of six stocks traded during the session gained while the remaining four lost.

The main index advance was mainly attributed to strong performances of a key stock, Oil Search Ltd (OSH), the PNG’s largest oil and gas producer stock made yet another impressive gain by 19 toea to end at K17.50. City Pharmacy Ltd (CPL) recovered 5 toea at K1.95.

On the down side, Bank South Pacific Ltd (BSP) and NGIP Agmark Ltd (MGP) both lost a toea at K7.99 and 82 toea. Marengo Mining Ltd (MMC) declined by 2toea at 18 toea and Credit Corporation Ltd (CCP) completed low K2.55 down 5 toea.

Thursday’s POMSOX session registered a total volume of 10,684 units with a monetary value of K28,283.50.

U.S. stocks finished mostly lower overnight after a choppy session, with the Dow Jones Industrial Average fell 24.85 points, or 0.2%, to end at 15,889.77 points, stretching its losing streaks to four sessions. Upbeat economic reports appeared to reinforce worries that later this month the Federal Reserve could start to taper its bond-buying program that has supported equities. Japan’s Nikkei fell on Thursday, adding to the previous session’s worst one-day drop in six weeks, as investors stayed cautious ahead of Friday’s U.S. jobs report. The Index slipped 218.25 points or 1.42% to 15,189.69 points. On ASX, the Australian sharemarket followed the downward trend as the benchmark S&P/ASX200 index fell 75.8 points, or 1.44%, to 5,198 mainly on Qantas which announced big financial losses and job cuts.

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