Tencent and other big Chinese technology stocks fell 4%-5% amid lingering jitters of the regulatory crackdown in China. Tencent is being ordered to give up exclusive music rights in the latest regulatory clampdown.
The JSE is likely to feel the effect through Naspers which holds 29% of Tencent through Prosus unit. Naspers shares closed a whopping 7% down on Monday, its biggest one-day decline in since March 2020. Elsewhere, the rand held steady against dollar but fared better compared to Monday when it came within a touching distance of R15/$, its weakest level since late March. The local currency is still down 3.7% against the dollar so far in July, hobbled largely by the strong dollar and negative sentiment stemming from the recent spate of violence and looting in SA.
Foreign investors sold a net R7.7bn worth of local shares over the past week, bringing the total net sales for the year so far to R62bn, according to the JSE data. Net bond outflows were R3.7bn over the past week, stretching net outflows for the year to R49.3bn. Investec chief economist Annabel Bishop has attributed the rand’s weakness to risk-off sentiment, which is driven by the spread of the Delta variant, as well as higher interest rates in other emerging-markets such as Russia.Commodity prices, to which the rand closely track, were moderately weaker on the day. The spot price of platinum was off 0.65% to $1,059oz and gold price losing 0.17% to $1,7.95.11/oz.
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