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Johannesburg - South African stocks fell for the fourth straight session on Monday, as investors dumped Anglo American Platinum and Impala Platinum over concerns about labour unrest.
Shares in Amplats slipped 0.4% to R440.89 after the world's top producer of the precious metal warned its recovery was vulnerable to strikes, even as it swung back to full profits in 2013.
After several days of selling investors were starting to bet the market may see a turnaround soon.
"We can safely say that people are now looking at picking bottoms here, the rate of selloff is declining," said Owen Nkomo, executive partner at Inkunzi Investments.
The benchmark Top-40 index slipped 0.38% to 40 431.55.
The broader All-Share index declined 0.39% to 44 956.91.
Impala Platinum, which also faces labour strikes along with Amplats and Lonmin, fell 0.3% to R115.10.
The wage strike has entered its second week as around 80 000 workers downed tools seeking a doubling of wages, risking further job cuts in an industry already smarting from low metal prices.
Bucking the downturn of resource stocks, AngloGold Ashanti rose 1.6% to R165.30, its highest level in almost three months to become the biggest gainer among the blue-chips.
Retailers such as Africa's biggest grocer Shoprite and Woolworths recovered from a brief sell-off last week to gain 1.13% to R144.31 and 0.48% to R60.79, respectively.
Trade was relatively active with 180 million shares changing hands.
Shares in Amplats slipped 0.4% to R440.89 after the world's top producer of the precious metal warned its recovery was vulnerable to strikes, even as it swung back to full profits in 2013.
After several days of selling investors were starting to bet the market may see a turnaround soon.
"We can safely say that people are now looking at picking bottoms here, the rate of selloff is declining," said Owen Nkomo, executive partner at Inkunzi Investments.
The benchmark Top-40 index slipped 0.38% to 40 431.55.
The broader All-Share index declined 0.39% to 44 956.91.
Impala Platinum, which also faces labour strikes along with Amplats and Lonmin, fell 0.3% to R115.10.
The wage strike has entered its second week as around 80 000 workers downed tools seeking a doubling of wages, risking further job cuts in an industry already smarting from low metal prices.
Bucking the downturn of resource stocks, AngloGold Ashanti rose 1.6% to R165.30, its highest level in almost three months to become the biggest gainer among the blue-chips.
Retailers such as Africa's biggest grocer Shoprite and Woolworths recovered from a brief sell-off last week to gain 1.13% to R144.31 and 0.48% to R60.79, respectively.
Trade was relatively active with 180 million shares changing hands.
