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At 09:15 local time, the JSE All Share [JSE:J203] index had
lost 0.51%, led lower by a 0.93% slide in resources, a 0.85% decline in gold
miners and a 0.15% fall in platinum miners. Industrials gave up 0.34%, banks
shed 0.26% and financials were 0.17% softer.
The rand was trading at R7.56 to the US dollar, from R7.54
at the JSE's close on Monday. Gold was quoted at $1 655.68 a troy ounce from $1
665.06 at the JSE's previous close, while platinum was at $1 676/oz from $1
679/oz.
A local trader said investors were concerned about China's
growth prospects after the government raised fuel prices, and on the
announcement on the mining super tax by the Australian government.
The Australian Senate late on Monday approved the government's new
tax on profits from mining iron ore and coal. Prime Minister Julia Gillard and
other ministers styled the parliamentary victory as an historic reform that
aims to spread the benefits of the mining boom to all Australians, according to
Dow Jones Newswires.
Dow Jones Newswires reported that most Asian stock markets
were lower in listless trading Tuesday as the absence of catalysts and a
holiday in Japan hobbled demand, while downbeat comments about Chinese growth
from BHP Billiton officials dragged on the Australian dollar and the Sydney
market.
Investors were a little discouraged following a below-view
reading Monday on the US National Association of Home Builders' housing market
index.
However, the impact on market sentiment was limited as the
housing market index remained at its highest level since June 2007.
"Across Asia, markets are weaker despite a fairly
positive lead from US trade. Markets are just looking tired at these levels and
in the absence of a catalyst; it seems investors are happy to remain on the
side-lines," said Melbourne-based Stan Shamu, Market Strategist at IG
Markets, in a note.
Australia's S&P/ASX 200 fell 0.3%, South Korea's Kospi
Composite lost 0.3%, Hong Kong's Hang Seng Index fell 0.7%, China's Shanghai
Composite Index declined 0.8% and India's Sensex was up 0.6%. Markets in Japan
were shut for a holiday.
Dow Jones Industrial Average futures were down nine points
in screen trade.
BHP Billiton [JSE:BIL] weighed on the Sydney market after Ian Ashby, a senior executive at the mining giant, said China's demand for iron ore is "flattening out." The market was also digesting a report in the Australian Financial Review quoting chairperson Jac Nasser as saying the company was re-evaluating its capital spending plans due to slowing Chinese growth.
