Johannesburg - The JSE tracked global markets lower on Thursday, and was down more
than 1% in the first half hour of trade as concerns lingered over the Greek
debt crisis and possible contagion.
Dow Jones industrial average was down 58.6 points and this morning Asian
markets were lower too.
the JSE all share index was off 1.08%, led by a 1.55% loss for resources, with
gold miners 1.02% softer and platinum miners 1.78% weaker. Banks
were off 0.98%, financials shed 1.04% and industrials were 0.71% lower.
was bid at R7.64 to the dollar from R7.61 at the JSE's close on Wednesday. Gold
was quoted at $1 174.49 a troy ounce from $1 172.29/oz at the JSE's last
close. Platinum was at $1 663.00/oz from $1 650/oz at the JSE's last close.
Jones Newswires reported most Asian markets were sharply lower on Thursday on
increasing concerns over the spreading debt crisis in Europe, with Japanese
exporters with high exposure to Europe taking a hit from the euro's weakness.
to safety is the name of the game and anything that smells remotely of risk
including Asian currencies is being sold off whilst safe havens such as US
Treasuries and the USD are being bought," said Credit Agricole Corporate
& Investment Bank in a note to clients. "It is admittedly
difficult to see what will reverse this trend and more pain and contagion is
spooked by riots in Greece in protests against austerity measures, and a
warning by Moody's Investors Service on Wednesday that it could cut Portugal's
Aa2 sovereign rating by up to two notches further heightened fears about
contagion to the rest of Europe.
Japan's Nikkei 225 dropped 3.27% on
reopening after a three-day holiday, while China's Shanghai Composite Index
fell 1.7 and Hong Kong's Hang Seng Index slipped 1.8%.
- I-Net Bridge