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Johannesburg - The JSE fell at
the start of trade on Wednesday with general mining shares leading the
downside on the combination of Chinese economic growth worries and
lingering eurozone debt woes.
At 09:27 local time the JSE All Share
[JSE:J203] index was down 0.52% to 33 266.29 points with resources sliding
1.32% platinums losing 1.11% and gold counters shedding 1.68%.
Financials slipped 0.17% banking
stocks edged down 0.29% and industrials were 0.12% softer
The rand weakened to R8.36 to the US dollar from R8.30 at the JSE's close on Tuesday while gold was quoted at
$1 550.32 a troy ounce from $1 576.90/oz at the JSE's previous close
and platinum was at $1 415.50/oz from $1 443.70/oz at the
previous session.
"Market concerns that the Chinese
stimulus measures being bandied around might not be as aggressive are hurting
commodity stocks" said Paul Hansen portfolio manager at
Stanlib. "We still have concerns about eurozone
problems which continue to weigh on market sentiment."
Asian shares fell on Wednesday as hopes for a large Chinese
stimulus package were dashed following a report in the state-run news media and
as concerns about Spanish banks resurfaced according
to Dow Jones Newswires.
Xinhua News Agency analysis said the government would not
launch anything on the scale of its 2008 stimulus plan.
Japan's Nikkei was down 2.13% and Hong Kong's Hang Seng
Index lost 0.28%.
Investor concerns rose over Spain after its credit rating
was downgraded by Egan-Jones Ratings.
European markets were similarly on the back foot at the open? with the UK's FTSE shedding 1.04% by 09:12 local time.
