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KSi Daily Report: Wednesday, 06 August 2014

Kina Securities stock indices broke a four day winning streak after four stock retreated on Wednesday’s POMSoX trading session. The main index KSi was lower by 16.38 points or 0.43% at 3,776.51 points similarly the home index KSHi declined 119,16 points or 1.37% at 8,597.30 points.

All four stocks transacted today closed in red.

Bank South Pacific Ltd (BSP) led the losses giving away 20 toea at K7.20 despite the company’s ongoing share buyback program while City Pharmacy Ltd (CPL) dropped 9 toea at K1.65 with a better than expected trading average of 2,424,242 shares traded. Following on were miners Oil Search ltd (OSH) retreating 10 toea at K19.20 and Marengo Mining Ltd down a toea at 8toea. The negative movements on these four stocks had weighted down on both indices at the close.

Wednesday’s session recorded significant volume 2,446,407 units with a monetary value of K4,020,596.34.

In overseas news, the Dow DJIA fell 139.81 points (-0.84%) to 16,429.47 as U.S stocks closed sharply lower following fears of Russian military presence in Ukraine and the Federal Reserve to raise interest rates sooner than expected as the economy gains strength. Japanese shares dropped to a six-week low as tensions over Ukraine hit global equities. The Nikkei share average fell 161 points or 1.05% to end at 15,160 points. Australian share market also closed lower today following the lead of Wall Street. The benchmark S&P/ASX 200 shed 6.56 points or 0.12% to close at 5,512 points

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