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Johannesburg - South African stocks fell sharply on Monday, led by media and e-commerce group Naspers [JSE:NPN], which was hit by a sell-off in Chinese Internet giant Tencent Holdings, of which it owns more than a third.
Naspers' shares shed 5.8% to R1 041.30, making it the biggest decliner on the Top-40 index. Tencent shares lost 4.5% after a recent sell-off in Internet-related stocks on Wall Street.
But charts suggest Naspers has strayed into oversold territory and so could be in for a rebound, according to its 14-day RSI, a momentum indicator tracked by some analysts.
The market was also pulled down as some blue chips traded ex-dividend, or without the right to their latest dividend.
These included South Africa's largest insurer, Sanlam, which fell 3.25% to R54.99, and coal producer Exxaro, which lost 3.2%.
Petrochemicals giant Sasol also traded ex-dividend, stumbling 1.7 percent.
The Top-40 index ended the day 1.19% lower at 43 020.25. The wider All-share index lost 1.01% to 47 857.95.
Decliners outnumbered advancers 197 to 113, according to preliminary bourse data, while trade was relatively brisk with around 210 million shares changing hands.
Naspers' shares shed 5.8% to R1 041.30, making it the biggest decliner on the Top-40 index. Tencent shares lost 4.5% after a recent sell-off in Internet-related stocks on Wall Street.
But charts suggest Naspers has strayed into oversold territory and so could be in for a rebound, according to its 14-day RSI, a momentum indicator tracked by some analysts.
The market was also pulled down as some blue chips traded ex-dividend, or without the right to their latest dividend.
These included South Africa's largest insurer, Sanlam, which fell 3.25% to R54.99, and coal producer Exxaro, which lost 3.2%.
Petrochemicals giant Sasol also traded ex-dividend, stumbling 1.7 percent.
The Top-40 index ended the day 1.19% lower at 43 020.25. The wider All-share index lost 1.01% to 47 857.95.
Decliners outnumbered advancers 197 to 113, according to preliminary bourse data, while trade was relatively brisk with around 210 million shares changing hands.
