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Johannesburg - South African stocks slid lower on Monday, led by heavyweight resource companies such as Kumba Iron Ore, as lower than expected Chinese trade data rattled investors and raised concerns about slowing demand for commodities.
Kumba, a unit of Anglo American, was the biggest decliner among large mining companies, falling almost 8.5% to R390 after the weak data from China added to fears of a slowdown in Kumba's biggest market.
Data on Saturday showed that China's exports unexpectedly tumbled, swinging the trade balance into a deficit and increasing concerns that the world's second-largest economy was cooling. China accounted for 62 percent of Kumba's 2012 revenue, meaning the company could be hit hard by slowing growth in the Asian nation.
Anglo American shares in Johannesburg ended over 4% lower at R255.60.
"The resources sector is down on the back of the very negative economic trade data from China. We saw a massive sell-off across all commodities on that," said Martin Lentsoane, a trader at Lehumo Capital.
South African stocks put in a second straight session of losses after hitting record peaks on Thursday. They remain within easy striking distance of life highs.
The Top-40 index closed 1.09% lower at 42 735.38, while the All-share index shed 0.97% to 47 322.46.
Decliners outnumbered advancers 181 to 117 while around 150 million shares changed hands, according to preliminary bourse data.
Kumba, a unit of Anglo American, was the biggest decliner among large mining companies, falling almost 8.5% to R390 after the weak data from China added to fears of a slowdown in Kumba's biggest market.
Data on Saturday showed that China's exports unexpectedly tumbled, swinging the trade balance into a deficit and increasing concerns that the world's second-largest economy was cooling. China accounted for 62 percent of Kumba's 2012 revenue, meaning the company could be hit hard by slowing growth in the Asian nation.
Anglo American shares in Johannesburg ended over 4% lower at R255.60.
"The resources sector is down on the back of the very negative economic trade data from China. We saw a massive sell-off across all commodities on that," said Martin Lentsoane, a trader at Lehumo Capital.
South African stocks put in a second straight session of losses after hitting record peaks on Thursday. They remain within easy striking distance of life highs.
The Top-40 index closed 1.09% lower at 42 735.38, while the All-share index shed 0.97% to 47 322.46.
Decliners outnumbered advancers 181 to 117 while around 150 million shares changed hands, according to preliminary bourse data.
