The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
South Africa’s main stock index erases gains of as much as 0.4% to fall 0.5% by 9:40 am in Johannesburg, as weakness in banks and MTN Group counter a rise in heavyweight BHP and a soaring Shoprite.
The losses come amid a resurgence in Covid-19 cases in parts of the US and Europe, raising concern that the economic rebound is stalling. Risk appetite has also taken a hit amid the ratcheting up of US-China tensions, with the Trump administration expected to unveil new measures shortly against Chinese-owned software deemed to pose national-security risks.
Weaker rand pulls index for bank stocks down 3.2% to the lowest intraday level in more than three weeks.
Foreigners were net sellers of South African stocks for the second day, disposing of 3.1 billion rand worth of shares, according to bourse operator JSE. This is the largest outflow since June 10.