The JSE faces mixed Asian markets on Monday morning, but a much higher Tencent, with the threat of rising Covid-19 cases in a number of countries continuing to dent investor sentiment.
The US has experienced a sharp rise in the number of Covid-19 cases, while a number of countries in South America and Asia are also battling rising infection rates.
A sense of caution marks the start of this week, as an increase in infections in countries such as the US, South Korea, Israel and Australia stoke fears of a second wave potentially hitting already burdened economies, said Peregrine Treasury Solutions executive director Bianca Botes in a note.
In morning trade the Shanghai Composite was up 0.28% while Hong Kong’s Hang Seng had fallen 0.32%.
At the weekend, Beijing unveiled new security laws for Hong Kong that give new powers for prosecuting political crimes.
JSE faces subdued Asian markets on Monday
The JSE faces mixed Asian markets on Monday morning, but a much higher Tencent, with the threat of rising Covid-19 cases in a number of countries continuing to dent investor sentiment.
The US has experienced a sharp rise in the number of Covid-19 cases, while a number of countries in South America and Asia are also battling rising infection rates.
A sense of caution marks the start of this week, as an increase in infections in countries such as the US, South Korea, Israel and Australia stoke fears of a second wave potentially hitting already burdened economies, said Peregrine Treasury Solutions executive director Bianca Botes in a note.
In morning trade the Shanghai Composite was up 0.28% while Hong Kong’s Hang Seng had fallen 0.32%.
At the weekend, Beijing unveiled new security laws for Hong Kong that give new powers for prosecuting political crimes.
Tencent, which influences the JSE via Naspers, had jumped 2.8%.
Gold was up 0.47% to $1,751 an ounce while platinum had added 1.33% to $816.20. Brent crude was up 0.62% to $42.16 a barrel.
The rand was 0.22% firmer at R17.29 a dollar.
Local focus this week will be on Wednesday’s supplementary budget announcement, which comes as the state faces a sharp contraction in tax revenue and a need to stimulate the economy in the wake of Covid-19.
Listed fixed-line operator Telkom is expected to report a more than 60% drop in earnings for the year to end-March later, as it proceeds with a restructuring programme.
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