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KSi Daily Report: Tuesday, 15 October 2013

Both Kina Securities stock indices retreated on Tuesday as key financial stock moved further lower on POMSoX. The main index, or the KSi, declined 1.20 points to 3,951.70 points. Likewise the Kina Securities Home index or the KSHi also closed lower by 36.15 points (-0.44%) to 8,253.83 points.

Today’s trading recorded one gain versus the same number of loss.

Credit corporation Ltd (CCP) fell 10Toea to K2.40 despite the company’s share buyback plan. The decline had weighed on both indices.

The only stock that advanced today was Oil Search Limited (OSH) at K16.06, at a gain of 1toea.

Stocks that traded unmoved for the day were Bank South Pacific Ltd (BSP) at K8.03 and City Pharmacy Limited (CPL) at K1.90. Newcrest Mining (NCM) and New Guinea Products (NGP Agmark) also remained strong at K34.00 and 85 toea respectively.

The session registered a total volume of 30,137 shares at a value of K145,092.87.

In New York, U.S stocks continued its recovery overnight as long as the Treasury default is contained in a timely notice. The Dow Jones Industrial Average moved 64.15 points higher or 0.42% closing the market at 15,301.30 points. Asian stocks headed for the highest close since May while the U.S. Senate leaders made progress on debt deal. Japan’s Nikkei rose 36.80 points (+0.26%) ending at 14,441.50 points. The Australian S&P/ASX 200 benchmark surged 51.28 points or 0.98% to 5,259.15 points, after the central bank minutes signaled no imminent interest rate cuts as options for loosening policy furthers to spur growth.

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