After a day of volatile trade, the JSE closed in the red on Thursday, in line with international markets, which bounced about between positive and negative territory.
"The main reason why markets are down is still on the pressures of the financial crisis," a trader said.
The Dow opened higher, but soon took a turn southwards in early trade after fresh trade data weighed the market. Panic seeped back into markets as uncertainty and nervousness continued to put global bourses under pressure.
The local bourse lost 1.7 percent in early trade, but had by noon managed to come off its early low levels and recorded losses of 0.36 percent.
"Uncertainty is the name of the game," another trader said earlier in the day."
Traders said that the JSE was continuing to take its direction from global markets, which were also in seesaw trade on the nervousness and uncertainty of the financial crisis.
However, the fall of local markets was cushioned by the weaker local currency. "The weak currency is really holding us up," the trader said.
At 17:00, the JSE's all share index had fallen 2.31 percent. Resources lost 3.55 percent and gold stocks added 0.83 percent, while platinum miners fell 6.03 percent.
Industrials weakened 0.39 percent, banks were down 4.39 percent and financials lost 3.85 percent
The rand was bid at 10.47 to the dollar from 9.41 when the JSE closed on Wednesday, while gold was last quoted at $797.35 a troy ounce from $845.80 at the JSE's last close. Platinum was at $870.50, down 8.85 percent from its overnight close of $955.
Brent crude was at $66.98 a barrel from a close of $70.80 per barrel.
Dow Jones reports that US stocks slid again on Thursday and turned negative on a week that started with one of their biggest gains ever as dire manufacturing data trumped less grim jobless claims.
Stocks were poised for a surge after the unemployment data seemed to counter the economic fears underlying Wednesday's rout, but manufacturing data confirmed some of the worst of those fears.
Shortly before the bell, the Federal Reserve said production by US industries slowed at the most severe rate since the wake of the 1973/74 oil embargo because of two hurricanes and labour unrest. Then, at 10am EDT, the Philadelphia Federal Reserve business index, a review of manufacturers in that region, showed a loss of 37.5, far worse than anticipated and its sharpest decline since the recession of 1990.
The DJIA fell 157, or 1.8 percent, to 8418 after being up more than 100 points shortly after the open. If the Dow closes below 8415, it would be negative on a week that started with its biggest point gain ever.
The Nasdaq Composite fell 23, or 1.4 percent, to 1605.
The S&P's 500 fell 19, or 2.1 percent, to 888, turning negative on the week. Both the Dow and the S&P 500 are about 40 percent from their peaks last October, and yet analysts say the likelihood of more corporate earnings and economic slowdowns make more losses likely.
On the JSE, resource giant Anglo American was down 4.94 percent to 209.99 rand and BHP Billiton gave up 1.86 percent to 147.20 rand.
Sasol fell 5.48 percent to 246 rand.
Gold miner AngloGold came up 3.99 percent to 202 rand while Gold Fields lost 1.03 percent to 72 rand and Harmony gave up 2.41 percent to 91 rand.
Among platinum miners, Anglo Platinum shed 8.35 percent to 549 rand and Impala Platinum gave up 4.62 percent to 124 rand.
Among other miners, Kumba Iron Ore gave up 9.08 percent to 120.02 rand and Exxaro lost 6.92 percent to 60.50 rand.
Elsewhere on the JSE, brewer SABMiller climbed 9.68 percent to 155.85 rand and luxury goods group Richemont edged up 2.27 percent to 36 rand, while Imperial lost 6.70 percent to 51.50 rand and Bidvest came down three percent to 97 rand.
Among banks, Standard Bank was down 3.11 percent to 77.51 rand, Nedbank weakened 6.35 percent to 88 rand and Absa lost 7.74 percent to 95.60 rand.
Financial group Old Mutual came down 8.05 percent to 9.60 rand and Sanlam lost 3.51 percent to 16.50 rand.
Telecommunications group MTN gave up 1.83 percent to 96 rand while Telkom was down 5.97 percent to 107.90 rand.
In the news Hosken Consolidated Investment was down 3.16 percent to 46 rand.
The groups unit, hotels and casinos firm Tsogo Sun Holdings announced today that it had concluded increasing its stake in Gold Reef from 4.86 percent to 19.87 percent for R942-million or 22.5 rand per share. As a result of the transaction, HCI's indirect interest in Gold Reef via Tsogo Sun Holdings will increase to 7.55 percent.
