KSi Daily Report: Wednesday, 01 October 2014

POMSoX stocks weakened sharply on the first trading day of October as three out of five stocks that traded during the session retreated. The main index, the KSi, eased 28.93 points (-0.77%) to 3,725.55 points and similarly, the Kina Securities Home index or the KSHi slumped 462.48 points (-5.65%) to 7,720.68 points.

Three stocks had begged down with no winner for the session.

The falls by both indices were attributed to the frail performance of the New Britain Palm Ltd (NBO) as the heavy weighted agricultural stock retreated by a massive K2.50 to K15.00 following news that Sime Darby has decided not to pursue the NBO share acquisition from Kulim, the largest shareholder of NBO. Likewise, Marengo Mining Ltd (MMC) declined 3 toea to 5toea and Credit corporation Ltd (CCP) gave away 10 toea at K2.10.

Meanwhile, Bank South Pacific Ltd (BSP) closed K7.20 flat followed closely by Oil Search Ltd (OSH) still strong at K19.22 even.

Wednesday trading registered a total of 12,774 units valued at K36,764.60.

In overseas news, U.S. stocks finished an overnight choppy trading session lower as investors found little support from a mixed economic reports on housing, manufacturing and consumer confidence. The Dow Jones Industrial Average dropped 28.23 points, or 0.2%, to 17,042.90 points. Likewise Japan’s Nikkei share average fell 91.27 points or 0.56% to 16,082.25 points on Wednesday in choppy trade as civil unrest in Hong Kong curbed risk appetite, while mixed data from the Bank Of Japan’s survey provided little aid. However, the Australian share market has closed higher, with banks underpinning the broader market for a second straight session as the benchmark S&P/ASX200 index rose 41.30 points or 0.78% at 5,334.10 points by close of market today.

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