THE JSE was weaker at midday on Thursday after Asian markets closed lower due to prevailing risk-off trade that saw global stocks being sold off yesterday.
The sell-off in global markets is the result of falling oil prices, global growth concerns and the US Federal Reserve raising interest rates.
China’s shares plunged on Thursday, as widening losses in Hong Kong and signs of lessening intervention by Beijing spooked investors on the mainland, Dow Jones Newswires reported.
The Shanghai Composite Index finished down 3.2%. It had lost 44% from its June peak, and was extending losses after falling into bear market territory last week. A bear market is defined as a 20% drop or more from a recent high.
The Japanese Nikkei 225 shed 2.43% and the Hong Kong Hang Seng index closed 1.82% lower.
Meanwhile, US futures were pointing to a 0.4% opening loss for the S&P 500, after the index neared a two-year low on Wednesday.
At 12.58pm, the JSE all share dipped 0.39% to 46,149.80 points and the blue-chip top 40 index had lost 0.41%.
Resources led the upside, adding 1.29%, followed by gold miners, lifting 0.73%. Banks led the decliners, down 1.35%.
Market participants are awaiting the European Central Bank policy statement after its meeting on Thursday, with no further market stimulus expected on the day.
Among individual shares on the JSE, Anglo American retreated 0.13% to R53.23 after plunging by more than 7% on Wednesday. Rival BHP Billiton was up 2.94% at R142.12.
Sasol added 1.57% to R366.36, despite the Brent crude oil price dipping 0.54% to $27.63.
Gold miner Harmony added 2.17% to R29.22.
Banking counters Barclays Africa lost 2.86% to R122.81 and RMB Holdings shed 3.26% to R49.93.
South 32 was down 0.29% at R10.32 after announcing on Thursday that it had reduced net debt by almost $300m in the December 2015 half year, despite continuing weakness in commodity markets.
Retailer Clicks added 3.82% to R85.13 after saying on Thursday morning that sales were up 13.6% in the 20 weeks to January 17 2016.
