JSE tracks Dow futures lower

Johannesburg - The JSE extended its losses in midday play on Thursday tracking Dow futures lower amid heightened concerns over the global economic outlook.

A trader noted thin volumes on the local bourse.

By noon local time the JSE all share index was down 0.60%, with gold miners down 1.50%, resources off 0.86% and platinum miners 0.50% softer. Banks were 0.11% lower, financials declined 0.41% and industrials shed 0.42%.

The rand was bid at R7.32 to the dollar from R7.30 at the JSE's close on Wednesday. Gold was quoted at $1 1203 a troy ounce from $1 195.64/oz at the JSE's previous close, while platinum was at $1 511.50/oz from $1 525/oz before.

A trader said that the local bourse tracked US futures down amid downbeat economic data, however, he added that volumes were thin on the local bourse.

Dow Jones Newswires reports that US stocks are called to open lower on Thursday, in line with US futures. On the economic front, initial jobless claims and the import price index are both at 12:30 GMT. There's been a shift in sentiment following last Friday's disappointing payrolls data and the cautious comments from the Fed this week, so Thursday's data are unlikely to change the mood, says Giles Watts at City Index.

European stocks oscillated between small gains and losses. "Investors remain deeply cautious about the short-term prospects for the markets and for the global economy after the revised outlook from central banks in the UK and across the water," said City Index.

Most Asian markets stumbled on Thursday amid increased anxiety over the global economic outlook, with Japanese exporters dropping after the yen touched a 15-year high on Wednesday.

The Nikkei Stock Average pared some of its earlier losses, finishing down 0.9% after trading off as much as 2.4%, as the yen weakened on hopes that the government may act to stop the currency's recent rally. China's Shanghai Composite Index dropped 1.2% and Hong Kong's Hang Seng Index lost 0.9%.

  - I-Net Bridge