KSi Daily Report: Wednesday, 16 October 2013

Kina Securities stock indices were mixed after an active session on POMSoX stocks Wednesday. The main index, the KSi, extended losses, down 48.83 points or 1.24% today. Closed at 3,902.87points, the index has been down for the second consecutive session. However, the Kina Securities Home index (KSHi) managed to recoup 36.15 points (+0.44%) to complete at 8,289.98 points.

There was a single gain against two stocks that lost on Wednesday.

Credit Corporation Ltd (CCP) gained 10toea at K2.50. During the Extraordinary General meeting held at Port Moresby today, the shareholders have resolved to reject the offer by Bank South Ltd (BSP) to purchase the finance business of the company. The news did not affect the movement of the shares today despite the advance landed the home index in green.
Stocks on the negative zone were led by Marengo Mining Ltd (MMC) which slid 1toea to 0.20 toea, followed by Newcrest Mining Ltd (NCM) giving away K1.00 to K33.00, the lowest level since the listing on POMSoX.

Stocks that traded even were Oil Search Ltd (OSH) and City Pharmacy Ltd (CPL), both closed at K15.06 and K1.90 respectively. The financial holding company, Bank South Pacific Ltd (BSP) completed at K8.03 unmoved and Cue Energy Ltd (CUE) registering its first trade for the year at 21Toea.

Today’s session recored a combined volume of 24,593 shares valued at K87,088.09.

The U. S. stockmarkets suffered overnight as the congressional leaders remain deadlock on a deal to raise the debt ceiling in time to meet deadlines. The Dow Jones Industrial Average fell 133.25 points or 0.87% closing at 15,168.00 points. Asian stock markets broadly mixed on cautious optimism US politicians will agree on a temporary deal to raise its debt ceiling. Japan’s Nikkei climbed 25.60 points (0.18%) ending 14,467.10 points. The S&P/ASX 200 edged 3.76 points, while Hong Kong down 0.62%.

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