The JSE closed weaker on Tuesday as platinum and gold stocks rallied, while industrials retreated on a weaker Naspers. Retailers and banks disregarded a softer rand. Resources ended the day higher in subdued trade as US markets were closed for the Independence Day holiday. Volumes traded were low, at R10.8bn — about half that of an average trading day. Market focus was on heavyweight Naspers for most of the day following a sharp drop in Tencent, of which it owns about a third, in Hong Kong trade. Tencent’s fall came after the Chinese authorities clamped down on play-time by under-18s on popular online games in the country. According to reports, under-12s will be limited to one hour of playing a day, and will not be able to log on after 9pm. Those between 12 and 18 years of age can play at most two hours per day. Parents have also been given access to a platform which allows them to monitor and control their child’s playing. Tencent is the biggest game downloading company in China. H...
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