JSE struggles after Dow Jones drop

Johannesburg - The JSE opened flat on Friday, struggling to find direction after the Dow Jones Industrial Average in the US closed below the 10 000 level on Thursday on the back of persistent worries about global economic recovery.
   
On Thursday, the Dow dropped 0.7% to 9985.81, its lowest close since July 6.
   
By 09:25 local time the JSE all share index had fallen 0.15%, with resources 0.44% weaker, platinum miners losing 0.38% and gold miners dropping 0.16%. Banks edged up 0.08%, and financials added 0.06%, but industrials were flat.
   
The rand was bid at 7.28 to the dollar from 7.30 at the JSE's close on Thursday.

Gold was quoted at $1 235.05 a troy ounce from $1 239.22/oz at the JSE's previous close, while platinum was at $1 534.00/oz from $1 531.50/oz before.
   
Kevin Algeo, portfolio manager at Imara SP Reid, said he expected investors to closely watch an annual meeting of central bankers and top financial officials in Jackson Hole, Wyoming, which starts on Friday.
   
On the corporate front locally, Algeo said there were more company financial results today.
   
Dow Jones Newswires reports that Asian stock markets were mostly weaker on Friday as concerns about the global economic recovery kept buyers at bay, while Tokyo stocks were off lows on hopes the government would soon take steps to address the yen's strength.
   
Markets were wary ahead of a revised estimate for US second-quarter gross domestic product due later on Friday, and a speech from Federal Reserve Chair Ben Bernanke at an annual meeting of central bankers and top financial officials in Jackson Hole, Wyoming.
   
Japan's Nikkei Stock Average ended 0.95% higher, and Hong Kong's Hang Seng Index was last 0.03 weaker.
   
European stocks opened lower on Friday following a slump in the US that resulted in the Dow Jones Industrial Average closing below the psychologically important 10 000 level.
  
In early trade in London, the FTSE100 was 0.10% weaker.