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Johannesburg - Concerns over potentially slowing growth in
China continued to drive markets weaker, despite better-than-expected US
economic data on Monday. The JSE tracked Asian stocks to open lower on Tuesday.
At 09:12 local time, the JSE All Share [JSE:J203] index was
off 0.47% at 33 872.00 points. Platinum miners lost 0.95%, resources gave up
0.80%, and banks shed 0.50%.
Financials were down 0.31%, industrials gave up 0.30%, and
gold miners fell 0.29%.
The rand was at R7.58 to the US dollar, from R7.56 at the
JSE's close on Monday. Gold was quoted at $1 700.91 a troy ounce from $1
704.70/oz at the JSE's previous close, while platinum was at $1 656/oz, from $1
662.50/oz.
Andrew Bryson, derivatives trader at BoE, said miners in
particular were dragging the market lower as Chinese slow growth concerns
continued.
"After a very strong start in the year, we're pointing
to some profit taking in the US," said Bryson.
Asian stock markets dropped on Tuesday as concerns over
slowing growth in China eclipsed better-than-expected US economic indicators,
sending regional China-linked stocks and copper prices falling, Dow Jones
Newswires reports.
A day after Chinese Premier Wen Jiabao said the government
was targeting 7.5% growth this year compared with 8% growth targets for each of
the past seven years, markets remained on edge amid the backdrop of the
European debt crisis and worries of fresh headwinds for the global economy from
rising oil prices.
The Nikkei falls 0.6%, the S&P/ASX slides 1.4%, the HSI is off 1.6%, the Kospi loses 0.7%, the Taiex drops 0.8%, the Sensex rises 1.2%, the Shanghai Composite falls 1.1%, the STI is down 1.3%.
