The JSE was weaker along with its global peers on Monday morning, dragged lower by major tech stocks as Tencent sank on in Hong Kong trade.
Tech stocks dragged the Hang Seng down 6%, with Tencent, , which influences the JSE via Naspers, plunging 11% after the Chinese Communist Party election at the weekend left investors with no hope in policy changes as President Xi Jinping secured a third term.
Naspers dropped 13.75% to R1,786.88, on track for its biggest one-day drop since March, while Prosus fell 12.88% to R762.64.
At 10.50AM, the JSE all share had lost 1.1% to 64,818 points and the top 40 1.22%. Industrials were down 2.18%, banks 0.3% and financials 0.22%. Resources gained 0.14%.
At the same time in Europe, London’s FTSE 100 lost 0.35%, while France’s CAC 40 gained 0.5% and Germany’s DAX 0.51%.
Earlier in Asia, the Shanghai Composite lost 2.02% and Hong Kong’s Hang Seng plunged 6.26%. Japan’s Nikkei added 0.31%.
The rand weakened along with its emerging-market peers, falling the most in a month. At 11.17Am, the rand had weakened 1.45% to R18.3436/$, 1.09% to R18.0285/€ and 1.75% to R20.7526/£. The euro was 0.33% weaker to $0.9828.
Gold lost 0.65% to $1,646.87/oz and platinum 0.15% to $927.60/oz. Brent crude had fallen 4.08% to $89.65 a barrel.
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