The JSE tracked global stocks to open weaker on Thursday, mainly due to worse than expected economic data out of China and Japan.
By 09:19 local time, the JSE all-share index was down 0.98 percent, with platinum miners losing 1.75 percent and resources down 1.37 percent. Gold counters shed 0.87 percent, while industrials gave up 0.73 percent. Banks were 0.64 percent weaker and financials were down 0.61 percent.
The rand was bid at 6.89 to the dollar from 6.86 at the JSE's close on Wednesday. Gold was quoted at US$1,430.54 a troy ounce from US$1,432.68/oz at the JSE's previous close, while platinum was at $1,797/oz from $1,810.50/oz before.
"We are down 300 points on the back of lower Asian markets. Japanese GDP was lower than expected. China recorded a trade account deficit. Since our markets opened Spain has been downgraded by Moody's. All of this is increasing risk aversion," a local trader said.
Dow Jones Newswires reported that Asian stocks were lower on Thursday as escalating fighting in Libya dented sentiment, while Shanghai and other markets were also hit by China reporting an unexpected trade deficit for February.
Japan's Nikkei Stock Average was off 1.4 percent, Australia's S&P/ASX 200 was down 1.3 percent, South Korea's Kospi Composite was 1.1 percent lower and New Zealand's NZX-50 was off 0.2 percent. Hong Kong's Hang Seng Index slipped 0.6 percent and China's Shanghai Composite fell 1.0 percent.
Dow Jones Industrial Average futures were off 55 points in screen trade.
Shares in China extended early losses after data showed a surprise $7.3 billion trade deficit in February, its first since March last year, and down from a $6.45 billion surplus in January, and contrasted sharply with the median forecast for a February surplus of $3.9 billion in a Dow Jones Newswires poll of 13 economists.
"The trade deficit data is likely to hurt the market sentiment as it indicates the liquidity conditions may be not as ample as some investors think," said Guotai Junan Securities analyst Shi Weixiang.
Still, many economists said the trade deficit was likely to be temporary. Shares of coal miners and financial stocks led the China market lower.
Regional markets, which were already on the back foot due to jitters over higher crude oil prices, reacted negatively to the China data on worries a slowdown in the Asian economic juggernaut could impact global growth.
