The JSE opened sharply weaker on Wednesday, as Naspers tumbled following a broad-based retreat among tech stocks on US bourses in overnight trade. Analysts said risk-off sentiment had returned to developed equity markets, which would affect emerging markets negatively. Naspers dropped to a near two-month low after Facebook plummeted 5% and Chinese internet company Tencent fell 4% in early trade on the Hang Seng. "We saw some ferocious swings back and forth across the market with the major US indices closed firmly in negative territory led by a sharp sell-off in tech stocks," analysts at Nedbank Corporate and Investment Banking said. Facebook CEO and founder Mark Zuckerberg indicated that he was planning to testify before Congress following the user data breach and Cambridge Analytica scandal. Sentiment was also cautious toward Naspers after its announcement last week to sell 2% of its shares in Tencent. The Dow closed 1.43% lower at 23,857.71 points after jumping more than 2% on Mon...
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