KSi Daily Report: Wednesday, 13 May 2015

Both Kina Securities stock indices were in the red after POMSoX closed on Wednesday, pulled down by a key bank stock. The main index, the KSi, slipped a mere 0.32 points to 3,606.27 points likewise, the home index or the KSHi closed 9.85 points (-0.10%) lower to finish at 9,753.28 points.

The indices’ decline was attributable to the weak performance of Bank South Pacific Ltd (BSP) which lost a toea to end at K7.40. The financial stock was the only stock transacted today with a total of 997 shares valued at K7,377.80.

In off-shore markets, U.S. stocks declined for a second straight session in overnight trading, though losses were modest after indexes recovered from a bout of selling linked to fluctuations in Treasury yields and Energy stocks posting modest gains thanks to a jump in oil prices. The Dow Jones Industrial Average dropped as much 141 points, but ended 36.94 points, or 0.2%, lower at 18,068.23 points by close of market. However, in Asia, Japanese stocks turned higher and hit 1-1/2-week highs in Wednesday’s afternoon trade, bouncing from morning losses helped by investors buying Nikkei futures and on expectations the Bank Of Japan would buy equities. The Nikkei rose 139.88 points or 0.71% to 19,764.72 points in afternoon trading, after trading in negative territory earlier. Likewise, The Australian stock market has shrugged off a negative lead from Wall Street as retail stocks got a boost from the federal budget. The benchmark S&P/ASX200 index was 37.40 points higher at 5,712.10 points by close of market today.

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