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Johannesburg - The JSE share market edged lower at the start
of trade on Thursday‚ weighed by general mining shares amid signs of
consolidation following a strong run over the last few days.
At 9.43pm local time‚ the JSE All Share [JSE:J203] index was
down 0.12% to 36‚418.20 points‚ with resources losing 1.25%‚ and the platinum
index shedding 0.42%.
“The resources sector has had a dramatic run-up in recent
days‚ boosted by stimulus measures from Europe and the US‚” said Ferdi Heyneke‚
portfolio manager at Afrifocus Securities. “Simply put: It is profit taking.”
Leading European and Asian equities tracked lower after the
release of the HSBC flash Chinese September PMI.
The data came in 47.8‚ better than Augusts’ 47.6 but still
at a level indicative of an economic slowdown.
“With data disappointing month after month‚ the market is starting to worry about a prolonged Chinese slowdown or even a hard-landing‚” RMB said in a note.
