Johannesburg - The JSE failed to capitalise on the previous
day's strength, opening lower on Wednesday as investors struggled to find
reasons to bid up prices.
"I think the rally was overdone yesterday," said a
trader, referring to when the JSE all-share index jumped 1.12%.
By 09:25 local time on Wednesday, the JSE All Share
[JSE:J203] index was down 0.29%, with resources falling 0.52%. Platinum miners
and gold miners were both flat. Industrials shed 0.20%, banks dropped 0.14% and
financials were 0.10% lower.
The rand was last bid at R6.69 to the dollar from R6.73 at
the JSE's close on Tuesday. Gold was quoted at $1 546.60 a troy ounce from $1
546.25/oz at the JSE's previous close, while platinum was at $1 750.00/oz, from
$1 745.70/oz previously.
The trader said there was no reason to support continued
strength, with the rand stronger and the gold price little changed.
Dow Jones Newswires reported that Asian stock markets were
mostly higher on Wednesday, with the Sydney market hitting a five-session high
amid global investor optimism that a resolution to Greece's debt crisis was
near at hand.
Japan's Nikkei Stock Average rose 1.8%, South Korea's Kospi
Composite was 0.8% higher and Hong Kong's Hang Seng Index gained 0.5%. But the
Shanghai Composite Index was down 0.1%.
Dow Jones Industrial Average futures were down 10 points in
screen trade.
Wall Street's sharp rise on Tuesday and news that Greek
Prime Minister George Papandreou had survived a crucial confidence vote in
Parliament supported regional sentiment.
The positive result for Papandreou raised expectations that
the Greek parliament would pass fresh budget cuts by the end of the month,
which European Union officials are insisting as a condition of granting further
aid to the debt-stricken country.