KSi Daily Report: Thursday, 03 September 2015

Both Kina Securities stock indices were in the red after POMSoX closed on Thursday. The main index, the KSi, moved lower by 2.54 points or 0.07% to 3,452.60 points. Similarly, the home index or the KSHi fell 80.56 points 0.84% at 9,539.36 points.

One stock gained while another fell.

Sole listed pharmaceutical stock, City Pharmacy Ltd (CPL) recovered 5toea to close at K1.40

On the downside, Bank South Pacific Ltd (BSP) the largest banking and financial stock in terms of market capitalisation, gave away 10 toea at K7.30. The stock’s negative movement weighed on both indices.

The day’s trading recorded a total volume of 118,602 shares valued at K527,718.70

U.S. stocks rallied in overnight trading, as a Federal Reserve report painted a more optimistic economic picture, soothing worries about the possible impact of the slowdown in China on the U.S. The Dow Jones Industrial Average gained 293.03 points or 1.82%, to end at 16,351.38 points. In Asia, Japanese rose for the first time in four days on Thursday as gains on Wall Street boosted sentiment and bargain hunters flocked to recently battered stocks. The Nikkei benchmark rose 86.99 points or 0.48% to 18,182.39 points. However, The Australian share market’s early momentum has fallen away as banks give up their gains and retailers fall. A positive lead from Wall Street contributed to an early rise for the market, due primarily to strength in the banking sector, but that quickly gave way to selling. Three of the four big banks were lower by while, the mining and energy sectors were relatively flat. The benchmark S&P/ASX200 index was down 59.50 points or 1.17% at 5,042.00 points by close of market Thursday.

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