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Johannesburg - The JSE opened weaker in line with Asian
shares which fell on the back of growth concerns in China.
At 09:15 local time, the JSE All Share [JSE:J203] index was
off 0.46%, at 34,029.72 points. Gold miners fell 1.09%, platinum miners lost
0.99%, and resources gave up 0.85%.
Banks shed 0.48%, while industrials lost 0.28%, and
financials were down 0.27%.
The rand was at R7.55 to the US dollar, from R7.52 at the
JSE's close on Friday. Gold was quoted at $1 709.58 a troy ounce from $1
708.05/oz at the JSE's previous close, while platinum was at $1 686/oz, from $1
695.50/oz.
A local trader said while the JSE was tracking Asian
markets, there was also some consolidation and profit taking following last
week's "all time highs". The trader added that it was still too early
to "try to work out what might happen but we will probably remain on a
downside and under pressure".
Asian stock markets were mostly lower on Monday with
exporters falling in Seoul and Tokyo as investors returned their focus to
China's slowing growth, while energy plays succumbed to selling pressure after
a sharp pullback in crude-oil prices on Friday, Dow Jones Newswires reported.
Investors took note of comments from Chinese Premier Wen
Jiabao who said earlier on Monday that China aimed to deliver economic growth
of 7.5% in 2012, after eight straight years of keeping the symbolic target at
8.0%.
Although a slowdown in Chinese economic growth is largely
expected, the comments led investors to further weigh the potential policy
implications and knock-on effects of slower growth in the world's second
largest economy.
The Nikkei falls 0.8%, the S&P/ASX slides 0.2%, the HSI is off 1.3%, the Kospi loses 0.9%, the Taiex drops 1.4%, the Sensex slips 1.0%, the Shanghai Composite falls 0.2%, the STI is down 0.2%, and the NZX-50 adds 0.4%.
