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Johannesburg - The JSE remained decidedly weaker
in midday trade on Monday, with general mining counters leading the
downside.
The local bourse was down over 2% in line with the main global stocks on renewed concerns that Greece might default on debt obligations.
By 12:01 local time, the JSE All Share [JSE:J203] index was down 2.23% to 29 762.35 points. Platinum miners slumped 3.38%, and resources dropped 2.76%. Gold fell 0.94%.
Banks shed 1.27%, financials were also down 1.27%, and industrials fell 2.24%.
The rand weakened to 7.31, from 7.27 at the JSE's close on Friday. Gold was trading at $1 845.50 a troy ounce from $1 848.05 at the JSE's previous close, while platinum was at $1 823.50/oz, from $1 833.50/oz previously.
Graham Ledbitter, senior portfolio manager at BoE Private Clients, said: "The Greek ability to pay interest on the loans is declining if you look at the ratio of its debt to gross domestic product. That is causing lots of anxiety in the financial markets."
Meanwhile, Dow Jones Newswires reported that European stocks slumped on Monday amid concerns that Greece may have to default on its debt obligations, with the region's banking sector especially hard hit. The euro has also been deserted by investors, falling to a 10-year low against the yen.
"Over the next two-three weeks Greek's progress will be evaluated with a final report towards the end of September. If Greece does not pass the evaluation it is unlikely to receive the next EUR8 billion bailout payment from the [European Union, European Central Bank and International Monetary Fund] and a Greek default would then be a fact," said SEB. "Until then fear is likely to be driven yet higher with markets increasingly pricing in a Greek default until proven wrong."
Greece said on Sunday it would make EUR2 billion in new budget cuts to meet demands from the EU and the IMF, but that did little to assuage market concerns that the embattled Mediterranean country will not be able to afford its debt payments.
The London's FTSE 100 index was 1.97% lower at 5 112.04 points.
Asian stock markets ended sharply lower earlier, with some shares hitting multiyear lows, after renewed fears over Europe's sovereign-debt crisis led to steep selling in US and European markets at the end of last week.
Japan's Nikkei Stock Average ended the day with a 2.3% loss - its lowest close since 2009 - while Hong Kong's Hang Seng Index fell 4.2% lower.
The local bourse was down over 2% in line with the main global stocks on renewed concerns that Greece might default on debt obligations.
By 12:01 local time, the JSE All Share [JSE:J203] index was down 2.23% to 29 762.35 points. Platinum miners slumped 3.38%, and resources dropped 2.76%. Gold fell 0.94%.
Banks shed 1.27%, financials were also down 1.27%, and industrials fell 2.24%.
The rand weakened to 7.31, from 7.27 at the JSE's close on Friday. Gold was trading at $1 845.50 a troy ounce from $1 848.05 at the JSE's previous close, while platinum was at $1 823.50/oz, from $1 833.50/oz previously.
Graham Ledbitter, senior portfolio manager at BoE Private Clients, said: "The Greek ability to pay interest on the loans is declining if you look at the ratio of its debt to gross domestic product. That is causing lots of anxiety in the financial markets."
Meanwhile, Dow Jones Newswires reported that European stocks slumped on Monday amid concerns that Greece may have to default on its debt obligations, with the region's banking sector especially hard hit. The euro has also been deserted by investors, falling to a 10-year low against the yen.
"Over the next two-three weeks Greek's progress will be evaluated with a final report towards the end of September. If Greece does not pass the evaluation it is unlikely to receive the next EUR8 billion bailout payment from the [European Union, European Central Bank and International Monetary Fund] and a Greek default would then be a fact," said SEB. "Until then fear is likely to be driven yet higher with markets increasingly pricing in a Greek default until proven wrong."
Greece said on Sunday it would make EUR2 billion in new budget cuts to meet demands from the EU and the IMF, but that did little to assuage market concerns that the embattled Mediterranean country will not be able to afford its debt payments.
The London's FTSE 100 index was 1.97% lower at 5 112.04 points.
Asian stock markets ended sharply lower earlier, with some shares hitting multiyear lows, after renewed fears over Europe's sovereign-debt crisis led to steep selling in US and European markets at the end of last week.
Japan's Nikkei Stock Average ended the day with a 2.3% loss - its lowest close since 2009 - while Hong Kong's Hang Seng Index fell 4.2% lower.
