With global risks increasing and local political volatility set to continue, the race is on among fund managers and investors to find value on the JSE. The all share dipped below 50,000 on Friday to close 1.10% down at 49,686.10. The all share has turned negative for the year at -1.99%. The stakes in the US presidential election on Tuesday are high as Republican candidate Donald Trump and Democratic nominee Hillary Clinton are level in support, polls show. Locally, the market is bracing for the announcement by the ratings agencies at the end of November and beginning of December. "Markets in general are approaching critical levels of support and, should they not hold, we could be headed much lower," BP Bernstein Stockbrokers trader Vasilis Girasis said. The JSE remains in overvalued territory at an average price-to-earnings (p:e) ratio of 22, against a long-term average of 14.5. Some of the high-flying rand hedge stocks driving the higher valuations have dropped recently. These incl...
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