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Johannesburg - The JSE opened in the red on Wednesday, tracking current global sentiment as investors awaited news out of the eurozone on its debt issues, with Greece a particular focus.
By 09:15 local time, the JSE All Share [JSE:J203] index dropped 0.24%, led by resources off 0.52%, while platinum miners shed 0.30%. Gold however, gained 1.39%.
Banks were flat, financials weakened 0.17%, and industrials fell moderately, by 0.7%.
The rand traded at R7.39, from R7.33 at the JSE's close on Tuesday. Gold was trading at $1 821.90 a troy ounce from $1 822.05 at the JSE's previous close, while platinum was at $1 806/oz, from $1 806.50/oz previously.
A local trader said that early weakness on the JSE was largely expected, in line with US futures and softer markets in Asia. She cautioned continued volatility as investors continued to keep an eye on the eurozone.
Dow Jones Newswires reported that European stocks were expected to open lower on Wednesday, with the eurozone debt crisis firmly in focus once again amid concerns China may not be stepping in any time soon to buy European debt.
Investors were waiting on news from the conference call later on Wednesday between Greek Prime Minister George Papandreou, German Chancellor Angela Merkel and French President Nicolas Sarkozy to discuss the ongoing debt crisis, amid pessimism that this would result in anything concrete as speculation grew that Greece would have to default.
Also of note, were comments from Chinese Premier Wen Jiabao that China was willing to expand its investment in Europe, but that European leaders must take certain "bold steps", particularly recognising China's status as a market economy.
Speaking before an audience of global business leaders at a meeting of the World Economic Forum in Dalian, China, Wen said he believed Europe would overcome its current economic difficulties. But he declined to give any indication of what specific support or investments China is prepared to undertake for the region.
Market participants had been hoping China could use some of its foreign-exchange reserves to boost investment in European assets, including the sovereign debt of the so-called peripheral nations.
"With Premier Wen starting to place his demands on the table, once again there's a solid reminder that navigating successfully out of the current crisis is very much a marathon, not a sprint," said Chris Weston of IG Markets.
In Asia on Wednesday, shares lost ground as the dour comments from Chinese Premier Wen Jiabao and unease about Europe's debt crisis sapped confidence.
Most markets, which opened modestly higher, turned down sharply. Japan's Nikkei Stock Average closed 1.1% lower, at a new 29-month low, Australia's S&P/ASX 200 slipped 1.6%, China's Shanghai Composite Index fell 0.8%, and Hong Kong's Hang Seng Index lost 1.2%. South Korea's Kospi Composite slid 3.5% as investors played catch-up after public holidays on Monday and Tuesday.
By 09:15 local time, the JSE All Share [JSE:J203] index dropped 0.24%, led by resources off 0.52%, while platinum miners shed 0.30%. Gold however, gained 1.39%.
Banks were flat, financials weakened 0.17%, and industrials fell moderately, by 0.7%.
The rand traded at R7.39, from R7.33 at the JSE's close on Tuesday. Gold was trading at $1 821.90 a troy ounce from $1 822.05 at the JSE's previous close, while platinum was at $1 806/oz, from $1 806.50/oz previously.
A local trader said that early weakness on the JSE was largely expected, in line with US futures and softer markets in Asia. She cautioned continued volatility as investors continued to keep an eye on the eurozone.
Dow Jones Newswires reported that European stocks were expected to open lower on Wednesday, with the eurozone debt crisis firmly in focus once again amid concerns China may not be stepping in any time soon to buy European debt.
Investors were waiting on news from the conference call later on Wednesday between Greek Prime Minister George Papandreou, German Chancellor Angela Merkel and French President Nicolas Sarkozy to discuss the ongoing debt crisis, amid pessimism that this would result in anything concrete as speculation grew that Greece would have to default.
Also of note, were comments from Chinese Premier Wen Jiabao that China was willing to expand its investment in Europe, but that European leaders must take certain "bold steps", particularly recognising China's status as a market economy.
Speaking before an audience of global business leaders at a meeting of the World Economic Forum in Dalian, China, Wen said he believed Europe would overcome its current economic difficulties. But he declined to give any indication of what specific support or investments China is prepared to undertake for the region.
Market participants had been hoping China could use some of its foreign-exchange reserves to boost investment in European assets, including the sovereign debt of the so-called peripheral nations.
"With Premier Wen starting to place his demands on the table, once again there's a solid reminder that navigating successfully out of the current crisis is very much a marathon, not a sprint," said Chris Weston of IG Markets.
In Asia on Wednesday, shares lost ground as the dour comments from Chinese Premier Wen Jiabao and unease about Europe's debt crisis sapped confidence.
Most markets, which opened modestly higher, turned down sharply. Japan's Nikkei Stock Average closed 1.1% lower, at a new 29-month low, Australia's S&P/ASX 200 slipped 1.6%, China's Shanghai Composite Index fell 0.8%, and Hong Kong's Hang Seng Index lost 1.2%. South Korea's Kospi Composite slid 3.5% as investors played catch-up after public holidays on Monday and Tuesday.
