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Johannesburg - The JSE was flat at noon in thin trade on Wednesday after pulling back as it tracks global markets.
All the major global indices have pulled back as well, a dealer said. "I don't think there is a lot of steam."
By 12:03 local time the JSE all share index was flat (-0.04%), with financials dropping 0.17% and industrials shedding 0.22%. Banks were flat (-0.05%). But gold miners picked up 0.70%, resources rose 0.22% and platinum miners gained 0.24%.
The rand was bid at 6.65 to the dollar, unchanged from the JSE's close on Tuesday. Gold was quoted at US$1 404.82 a troy ounce from US$1 400.83/oz at the JSE's previous close, while platinum was at $1 752.50/oz from $1 750.00/oz before.
"We came off a bit, tracking global equities," the dealer said. Despite the pullback, he said he still expected the local bourse to close slightly firmer.
Dow Jones Newswires reported that European stock markets edged a little higher in thin holiday trade on Wednesday, with modestly upbeat sessions in the US and Asia helping support confidence in the region.
Although volumes were thin, market participants continued to push prices higher, hopeful that 2011 will be a year with bullish prospects for equity markets, said Angus Campbell, head of sales at Capital Spreads.
In London, FTSE 100 was last 0.11% lower.
But Asian stock markets were mostly up in holiday-thinned trade Wednesday with Tower Australia powering higher on a takeover bid from Dai-ichi Life.
In Sydney, the Chinese interest rate hikes on Saturday hurt resources stocks, with Rio Tinto down 1.3% and BHP Billiton down 1.5%. But those moves don't "seem to be very convincing on the downside," said Ben Potter from IG Markets, as the declines haven't hurt the broader market.
Given that the London Metals Exchange has been closed since China announced the hikes, it was unclear how the metals market would react to the news. "It will be interesting to see what happens when that reopens," Potter said.
Japan's Nikkei Stock Average was up 0.50%, and in Hong Kong, the Hang Seng was 1.54% firmer.
