KSi Daily Report: Wednesday, 18 May 2016

There was no trade done on trade done on POMSOX today, and thus both Kina Securities stock indices stayed unchanged. The main index or KSi remained at 4,306.72 points and likewise, the Home index or KSHi was at 9,052.98 points.

In special announcements, Kina Securities Ltd (KSL) held its’ first AGM as a listed entity highlighting the Maybank acquisition making it the fourth largest bank in PNG. The company delivered its first profit result, exceeding the profit forecasts by achieving a pro-forma net profit of PGK47.5 million for the full year to 31 December, 2015 confirming positive outlook.

The Dow Jones Industrial Average slumped nearly 200 points and the broader market sank after the Federal Reserve officials implied that interest rates could be raised as early as June. The DJIA was down by 180.73 points or 1.02% to 17,529.98 points. Japanese stocks reversed course and fell in choppy early afternoon trade after the yen gained strength against the U.S dollar. The Nikkei share average fell 8.11 points or 0.05% to 16,644.69 points. The Australian share market traded lower, dragged down by weakness in banking, airline and retail stocks. The benchmark index S&P/ASX 200 continued to be in the red following a lower close on Wall Street on fears about the prospect of the Fed lifting its interest rate. The market declined by 39.67 points or 0.74% to 5,356.20 points.

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