KSi Daily Report: Tuesday, 14 January 2014

Both Kina Securities indices remained unchanged with active trading on POMSOX for second consecutive session on Tuesday. The main index or KSi completed at 3,872.39 points while the Home index or KSHi was steady at 8,217.11 points.

All seven stock traded for today’s session ended flat.

City Pharmacy Ltd (CPL) led the unchanged at K1.96 while Kina Asset Management Ltd (KAM) closed K1.10 toea flat.  The main oil-palm producer in PNG New Britain Palm Oil Ltd (NBO) and an oil and gas producer Oil Search Ltd (OSH) were steady at K15.00 & K17.52 respectively. Newcrest Mining Ltd (NCM) & Marengo Mining Ltd (MMC) also recorded trade at K30.00 and 15 toea respectively as both mining companies maintained stable prices amid thinly trade. Bank South Pacific Ltd (BSP) also traded unchanged at K7.99.

Tuesday’s trading registered a moderate volume of 46,333 units valued at K63,005.52.

U.S. stocks sold off sharply overnight resulting in the worst losses for benchmark indexes in several months, on concerns about the weak December jobs report and comments from a Federal Reserve official about a further reduction in stimulus. The Dow Jones Industrial Average lost 179.11 points or 1.09% to close down at 16,257.94 points. Japan’s Nikkei average tumbled 489.66 points or 3.08% to 15,422.40 points low on Tuesday, posting the biggest one-day drop in five months after the yen rose sharply following a weaker-than-expected U.S. payrolls report. Meanwhile, the Australian stock market fell 80.10 points or  1.51% at 5,212.00 points today on weak Wall Street lead.

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