KSi Daily Report: Tuesday, 25 August 2015

Kina Securities Main Index closed higher despite global sell-offs in major bourses today. The main index KSi collected advanced 80.84 points or 2.39% to 3,456.22 points while the home index stayed flat at 9,645.21 points.

One stock gained verses none that fell in POMSoX trading.

Oil Search Ltd (OSH) was the sole gainer for the session. Closed at K14.80, the Oil and gas stock gained 80toea despite renewed drop in world oil prices. However, The dual-listed stock also gained on the ASX, up 9c to end at $5.90 after a 25c drop in early ASX session.

The pharmaceutical stock City Pharmacy Ltd (CPL) ended flat at 1.35, while Bank South Pacific Ltd (BSP) completed at K7.40 even, as the largest stock in terms of market cap has been trading at K7.20 – K7.40 range for a week. Followed closely were the other two financials, Credit Corporation Ltd (CCP) and Kina Securities Ltd (KSL) touching at K2.45 and K2.60 respectively.

Tuesday’s trading recorded a total of 87,235 shares valued at K420,220.30. The POMSOX market will be closed tomorrow in observance of National Covenant Day.

Overnight, U.S. stocks saw their highest trading volume in about four years on Monday as stocks posted their worst declines of the year in a fifth straight day of brutal declines for the market sparked by China growth fears. More than 13.9 billion shares changed hands on exchanges linked to the Nasdaq and the New York Stock Exchange marking the highest level of activity since Aug 2011, according to Dow Jones data. The Dow Jones Industrial Average ended down 588.40 points, or 3.57%, at 15,871.28 points after staging a stunning 1,000-point drop at the open of Monday’s trading session. Likewise, Japan’s Nikkei share average dropped sharply in extremely volatile conditions. The Nikkei fell 733.98 points or 3.965 to 17,806.70 point. In Australia, the ASX shares ended differently. The S&P/ASX200 index was up 133 points, or 2.72% at 5,137.30 points at close after plunging 1.5% in early trade but quickly recovered led by big banks.

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