adminCommodity stocks on the local bourse were mostly weaker.
By 09:11 local time,
the JSE all-share index was down 0,20 percent, with platinum miners shedding 0,98 percent, gold miners giving up 0,75 percent
and banks falling 0,61 percent.
Financials were 0,46 percent lower, while industrials fell 0,16 percent. Resources were flat (0,05 percent).
The rand was bid at 6,92 to the dollar, from 6,89 to the dollar at the JSE’s close on Friday. Gold was quoted at US$1 494,19 a troy ounce from US$1,508/oz at the JSE’s previous close, while platinum was at US$1,665/oz, from US$1,683/oz previously.
A local trader said that the gold and platinum prices had fallen “on the back of a stronger dollar as investors anticipate the austerity vote in Greece”. – I-NET BRIDGE.
Dow Jones Newswires reported that Asian stock markets were mostly lower on Monday as investors fretted about the possibility of contagion from the Greek debt crisis, with many of the regional oil and financial stocks taking a beating.
The mood in regional markets was subdued amid euro-zone debt concerns after news on Friday that Moody’s Investors Service was considering downgrading the creditworthiness of a group of banks in Italy stoked contagion fears. Worries ahead of a key vote on austerity measures in Greece later this week also dented risk-appetite.
“We have seen this pattern before of Greece’s debt problems spilling over into neighbouring countries such as Spain and Italy, so we still need to be cautious about Europe’s sovereign debt risk,” said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo.
European stocks are expected to start negatively on Monday, as investors continue to fret about the Greek debt crisis and look ahead to a crucial vote on Wednesday, when the Greek parliament will vote on new stringent austerity measures.
If the vote is passed, it will pave the way for a disbursement of EUR12 billion from the European Union/International Monetary Fund and a new bailout package.
Online Reporter