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Johannesburg - The JSE rebounded in the morning session on Friday, making modest gains after the all share index dropped
526.61 points yesterday, leaving room for bargain-hunting this morning.
Leading the recovery were retail shares, which have been taking a beating in the past few sessions.
By 09:20 local time, the JSE all share index was up 0.32%, with resources 0.36% higher, gold miners rising 0.53%. Financials added 0.30%, banks gained 0.51% and industrials were up 0.36%. Only platinum miners bucked the trend, falling 0.50%.
The rand was trading at R7.05 to the dollar from R7.06 at the JSE's close on Thursday. Gold was quoted at $1 347.28 a troy ounce from $1 345.70/oz at the JSE's previous close, while platinum was at $1 809.50/oz from $1 801.50/oz before.
"This morning we have seen a bounce. There is bargain-hunting," a trader said. "The market will get more direction when London opens."
The market is keeping an eye on the weaker rand, she said, adding that US futures were slightly weaker, while Asian stocks were also generally softer.
Dow Jones Newswires reports that Asian stock markets were mostly lower on Friday on concerns of an imminent tightening move by China after a report suggesting that an interest rate hike may be only weeks away.
While growth-sensitive stocks dropped in many markets, Shanghai rebounded in tentative trade after Thursday's fall.
Japan's Nikkei Stock Average was down 0.9% while South Korea's Kospi Index was 1.2% lower and Australia's S&P/ASX slipped 0.5%. Hong Kong's Hang Seng Index fell 0.1% and China's Shanghai Composite rose 1.9%.
Dow Jones Industrial Average futures were down four points in screen trade.
European stock markets are likely to rebound slightly at the outset on Friday, but momentum could slow should Wall Street futures continue in their current weak mode while China's overheated growth conjures up fears of slowing demand.
526.61 points yesterday, leaving room for bargain-hunting this morning.
Leading the recovery were retail shares, which have been taking a beating in the past few sessions.
By 09:20 local time, the JSE all share index was up 0.32%, with resources 0.36% higher, gold miners rising 0.53%. Financials added 0.30%, banks gained 0.51% and industrials were up 0.36%. Only platinum miners bucked the trend, falling 0.50%.
The rand was trading at R7.05 to the dollar from R7.06 at the JSE's close on Thursday. Gold was quoted at $1 347.28 a troy ounce from $1 345.70/oz at the JSE's previous close, while platinum was at $1 809.50/oz from $1 801.50/oz before.
"This morning we have seen a bounce. There is bargain-hunting," a trader said. "The market will get more direction when London opens."
The market is keeping an eye on the weaker rand, she said, adding that US futures were slightly weaker, while Asian stocks were also generally softer.
Dow Jones Newswires reports that Asian stock markets were mostly lower on Friday on concerns of an imminent tightening move by China after a report suggesting that an interest rate hike may be only weeks away.
While growth-sensitive stocks dropped in many markets, Shanghai rebounded in tentative trade after Thursday's fall.
Japan's Nikkei Stock Average was down 0.9% while South Korea's Kospi Index was 1.2% lower and Australia's S&P/ASX slipped 0.5%. Hong Kong's Hang Seng Index fell 0.1% and China's Shanghai Composite rose 1.9%.
Dow Jones Industrial Average futures were down four points in screen trade.
European stock markets are likely to rebound slightly at the outset on Friday, but momentum could slow should Wall Street futures continue in their current weak mode while China's overheated growth conjures up fears of slowing demand.
