The JSE’s winning streak, which was supported by global stimulus measures, was short-lived as investors await a ratings review from Moody's Investors Service on Friday while SA entered its 21-day lockdown period.
At 10.31am, the JSE all share was down 1.76% to 44,254.11 points and the top 40 1.87%. Banks lost 4.98% and financials 3.48%. The JSE had, however, gained more than 12% over the past five sessions as global market sentiment improved.
The local bourse dropped for the first day in four on Friday amid mounting expectations that SA will likely lose its last remaining investment-grade rating, which would see an outflow of billions of rand from the local bond market.
The Treasury said on Friday that it would only announce new levels for the weekly bond auction after the 21-day lockdown period.
The country entered its first day of a three-week lockdown on Thursday night as the number of confirmed Covid-19 cases surpassed 1,000 by Friday morning, with SA recording its first deaths.
Earlier, the Shanghai Composite added 0.26%, Hong Kong's Hang Seng 0.56% and Japan's Nikkei 225 3.88%.
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