Money SA economy
The JSE remained mired in the red in midday trade on Wednesday on profit taking in line with lower global equity markets.
Local dealers said the worse-than-expected US existing home sales data was still weighing on the sentiment. Another trader noted that the market pullback was to be expected given that the local bourse was positive for nine days out of 11 trading days.
At 12pm local time the JSE all share index had lost 0.76% and resources fell 1.21%. Platinum miners shed 2.31% and gold miners dropped 0.34%. Banks moved 1.61% lower, financials edged down 0.73% and industrials were 0.35% weaker. Gold was quoted at $1 243.26/oz from $1 242.32/oz at the JSE's previous close, while platinum was at $1 582.00/oz from $1 594.00/oz at the JSE's last close.
One local trader said: "The JSE is tracking its global counterparts lower due to poor existing home sales data out of the US which filtered through to the Asian and European stocks today."
Globally, European stocks were in the red but off earlier lows Wednesday, as banking shares reversed losses, helping to offset weakness in the basic resources and construction sectors. Frankfurt's DAX fell by 0.1% to 6260.83 and Paris's CAC-40 was down 0.5% at 3686.43.
Asian stocks closed lower. Australia's S&P/ASX 200 ended 1.6% lower, Japan's Nikkei Stock Average fell 1.9%, South Korea's Kospi Composite declined 0.3%. China's Shanghai Composite Index fell 1.1% and Hong Kong's Hang Seng Index was 0.2% lower, reported Dow Jones Newswires.
On the JSE, Anglo gave up R3.31 or 1.10% to R297.39, and BHP Billiton lost R2.45 or 1.10% to R220.10. Sasol declined R4.50 or 1.55% to R286.00.
