KSi Daily Report: Thursday, 10 July 2014

Kina Securities Home-stocks index KSHi enjoyed a huge jump as the main Index KSi also closed in positive territory amidst modest trade on POMSoX Thursday. The Home Index leaped 683.33 points or 8.69% to 8,547.07 aided by a heavy-cap agricultural stock while the main index added 36.71 points or 0.98% at 3,765.49 by close of market.

Despite a single stock that surged, three other stocks fell during the trading.

The heavily-weighted agricultural stock among the components of the indices, New Britain Palm Oil Ltd (NBO) made a massive gain of K4.70 to reach at K20.00, a rise of 30% in a single session inspired by bullish performance on London for the same stock. It had recorded a considerable volume of 65,000 units with value of K1,300,000.00.

On the down side, Bank South Pacific Ltd (BSP) moved further lower by 22 toea at K7.00, followed closely by Oil Search Ltd (OSH) which went down 3 toea to K19.07. Kina Asset Management Ltd (KAM) was weaker at K1.05, off 2 toea.

Credit Corporation Ltd (CCP) was the only stock that traded even at K2.70 despite high trading volume.

In total, the POMSOX session registered substantial volume of 329,087 units with monetary value of K2,028,071.86.

The U.S. stocks closed modestly higher in overnight trading, after the FOMC minutes revealed that policy-makers decided to end the Fed’s bond purchases by October if the economy stays on track. The Dow Jones Industrial Average closed 79 points, or 0.5%, higher at 16,985.61points . Japan’s Nikkei share average was flat on Thursday in choppy trade as worse-than-expected machinery data soured sentiment. The Nikkei fell 86.18 points or 0.56% at 15,305.46 points, its lowest closing level since June 30. Meanwhile, the Australian stock market is in positive territory despite higher than expected unemployment figures of six per cent in June – higher than the 5.9 per cent predicted by economists. By close of market today the benchmark S&P/ASX200 index had gained 11.90 points or 0.22% to 5,464.40 points.

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