KSi Daily Report: Tuesday, 16 December 2014

The Kina Securities Main index retreated while the Home Index remained unchanged as one out of five stocks that traded fell after close of Tuesday’s POMSOX session. The Main index KSi shed sliced off 96.70 points or 2.69% to 3,496.97 points. Meanwhile the Home Index KSHi was steady at 9,556.85 points.

Unmoved stocks for the day included agricultural stock New Britain Palm Oil Ltd (NBO) and lender Credit Corporation Ltd (CCP) at K26.00 and K2.60 respectively. Financial Bank South Pacific Ltd (BSP) and Agmark NGP Ltd (NGP) closed ended trades at K26.00 and K2.60 flat respectively. NBO was crossed at K28.75 in a special negotiated trade close to 330,000 units in amount of K9.5 million.

On the downside, PNG’s leading oil and gas stock Oil Search Ltd (OSH) closed lower at K16.00, down K1.10, as global oil price continue to decline on the local market.

The day’s trading recorded 370,143 units of shares valued at K8,732,081.65.

In overseas markets, U. S stocks declined in overnight trading with the continued falling of oil prices. The Dow Jones Industrial Average closed 99.99 points lower or 0.58% to 17,180.84 points. Japan’s Nikkei share average dropped to more than one-month low on global growth concerns. The Nikkei share average slipped 322 points or 1.88% to 16,777 points. In Australia, the S&P/ASX 200 slumped 33.77 points or 0.65% to 5,152.30 points as ASX market continued its downward trend, weighed down by energy stocks and the miners.

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