Johannesburg - South African stocks fall more than 1% as a
resurgent eurozone debt crisis set up the benchmark JSE Top 40 - (Tradeable)
[JSE:J200] index for its biggest weekly percentage decline in more than seven
months.
The index is down 1.05% at 29 270.76, extending this week’s
losses to 2.67% and the biggest percentage decline since November 6. The
broader All Share [JSE:J203] index is down 1.03% at 33 189.22.
“This drop is being sparked by Europe, but the rand is
providing a bit support for the market and local institutions are also coming
in at these levels,” says Bruno van Eck, a trader at Thebe Securities.
The rand, which when weak supports miners and exporters, hit a fresh five-month low against the dollar on Friday, falling in line with other emerging market currencies hit by another bout of risk aversion stemming from a frail global growth outlook and concerns about Europe’s banks.