Australia-listed Kina Securities slumps on customer fraud incident

Kina Securities

18/06/2024 06:04

** ASX-listed shares of Kina Securities  KSL.AX  slide 9% to
A$0.865, its lowest since March 25
    ** Stock posts biggest intraday drop since Sept. 14, 2021
    ** The financial services firm reports fraud incident that
impacted several customer accounts
    ** Expects resultant loss of 12-15 mln kina ($3-$3.8 mln)
    ** Sees FY24 net profit of 102.9-111.2 mln kina, 6-7% below
analyst consensus estimates
    ** About 1.8 mln shares change hands, compared with the
30-day average volume of around 324,000
    ** Stock cuts YTD gains to 9.4%, including session's moves
 
 ($1 = 3.9541 kinas)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))