KSi Daily Report: Monday, 7 October 2013

POMSoX stocks opened the week’s trading in a positive note. At the close, the Kina Securities main index or KSi added 35.61 points (0.91%) to 3,944.08 . Likewise the home index or KSHi rose 100.62 points to close the day at 8,327.85 points.

There were two stocks that gained against no loss for Monday’s session on POMSoX.

New Britain Palm Oil Ltd (NBO) recouped 59 toea to close at K15.59, while Oil Search Ltd (OSH) jumped 34 toea to K16.05. The company reported that ESSO Highlands Limited, a subsidiary of ExxonMobil Corporation and operator of the PNG LNG Project, has secured an additional US$1.5 billion (K3.97bn) to finance its US$19 billion (K50.27bn) gas project in PNG. The upward movements by the heavily-weighted agricultural stock and PNG’s largest oil & gas stock took both indices higher.

Bank South Pacific Ltd (BSP) and Credit Corporation Ltd (CCP) closed flat at K8.03 and K2.60 respectively. Newcrest Mining Ltd (NCM) completed at K34.00 even while Marengo Mining Ltd (MMC) recorded few trades at 21 toea unchanged.

POMSoX registered a combined volume of 31,281 shares at a value of K75,089.83 today.

In overseas market, U.S stocks advanced despite the lack of progress in the Capitol Hill stalemate with the Dow Jones Industrial Average advancing 76.10 points or 0.51% closing the market to 15,072.60 points on Friday. Asian stocks dropped as investors weighed the U.S debt limit with the Nikkei index falling 170.99 points (-1.22%) ending at 13,853.30 points. The benchmark S&P/ASX 200 in ASX also declined , down 46.91 points or 0.90% closing at 5,161.11 points following ongoing uncertainty over the US debt situation.

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