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JSE slips on profit taking

Dec 21 2012 10:51 I-Net Bridge


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The JSE has slipped‚ pulled down by banking and resource shares amid profit taking.

Johannesburg – The JSE slipped on Friday morning‚ pulled down by banking and resource shares amid profit taking.

At 09:41‚ the All Share [JSE:J203] index was down 0.30% to 39 102.94‚ with the Top 40 - (Tradeable) [JSE: J200] index losing 0.35% to 34 677.17 points. Banks and resources gave up 0.49% and 0.51% respectively.

“The market looks overstretched in the short term. Many areas sit in overbought territory‚” said Ferdi Heyneke‚ portfolio manager at Afrifocus Securities.

For this month‚ platinum and banks are up 11% and 9% respectively while the All Share index is up 2.59%.

Leading Asian stocks were mostly weaker amid fresh worries over the US fiscal cliff‚ with Japan’s Nikkei 225 shedding 0.99% while Hong Kong’s Hang Seng index had dropped 0.77% by 09:25.

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