KSi Daily Report: Tuesday, 4 February 2014

The Kina Securities indices fell slightly following an active trading session on POMSoX today. The main index, the KSi, gave in 1.59 points, or 0.04%, to close low at 3,871.40 points. Meanwhile the home index also lost strength on BSP weakness by dipping 5.32 points, or 0.06% at 8,205.06 points.

Tuesday’s session recorded two losses with no gain.

The setback in the indices was attributable to Bank south Pacific Ltd (BSP) and Marengo Mining Ltd (MMC) which lost a toea each at K7.97 and 14 toea respectively. Both stocks traded with substantial volumes during today’s session.

Unmoved stocks were Credit Corporation Ltd (CCP) at K2.60, followed by New Britain Palm Oil Ltd (NBO) at K15.00 flat and Oil Search Ltd (OSH) still strong at K17.53.

At the close of POMSoX today, there was a considerable volume of 393,825 shares recorded with a total value of K303,170.77.

The U.S. stock market closed with sharp losses in overnight trading, after a much weaker-than-expected reading on manufacturing data as well as concerns over a slowdown in China, triggered the worst sell-off in several months. The Dow Jones Industrial Average dropped 326.05 points, or 2.1%, to 15,372.80 points. In Asia today, stocks fell across most bourses. Japan’s Nikkei stock average slumped 610.66 points or 4.18% at 14,008.47 points hitting the lowest level in almost three months, raising fears of technical correction. The Australian sharemarket followed the downward trend finishing lower as investors reacted to overseas sell-off. At the close on Tuesday, the benchmark S&P/ASX200 index was down 90.8 points, or 1.75 % at 5,097.10 points.

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