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Market Update: South African Stocks Slump Over 2% on Thursday
The FTSE/JSE All Share index finished 2.3% lower at 65,244 on Thursday, a level not seen since late March, led by losses in shares of miners and as heavyweight tech Naspers was dragged lower by Chinese giant Tencent amid a widening regulatory crackdown on the tech sector in China. At the same time, market sentiment was pressured by rising concerns about prospects for the global economy, while minutes from the Fed’s latest meeting confirmed policymakers talked about an earlier than anticipated withdrawal of economic stimulus. Locally, the main focus was on political developments, with former president Jacob Zuma handing himself over to police on Wednesday night after receiving a 15-month sentence for failing to appear at the state capture inquiry. It is the first time a former president has been jailed in post-apartheid South Africa and it is seen as a landmark for rule of law in the troubled country. [/s2If]
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