The all share was down almost 2% on Thursday morning, on track for its worst weekly loss in more than a year as Naspers’s slump continued and risk-off trade on global markets took hold.

The market heavyweight is tracking losses by Hong Kong-listed associate Tencent, which has come under pressure from investor fears that Chinese regulators are crippling its long-term growth prospects.

Tencent has started buying back shares, but since it started doing this on September 7, its share price has lost 9.6%%, more than triple the losses on the Hong Kong Hang Seng, Dow Jones Newswires reported.

At 9.30am on Thursday Naspers was down 2.52% to R2,590.11.

The all share lost 1.85% to 51,836.2 points and the top 40 1.98%. Banks were down 1.99%, general retailers 1.89% and industrials 1.78%.

Should losses on the all share continue this week, it will be on track for a 5% weekly loss for the first time since January 2016.

The markets are fraught with peril as the focus not too unexpectedly remains on US equity and bond markets
Stephen Innes

Global markets are also under pressure, with focus remaining on the US. The Dow Jones slumped 3.15% on Wednesday.

“The markets are fraught with peril as the focus not too unexpectedly remains on US equity and bond markets. And while there is not one plausible explanation for the latest equity tumult, the horrible intersection of risk aversion due to escalating US-China tensions and rising US rates has spooked out investors overnight triggering,” said Oanda analyst Stephen Innes.

Some relief for local shares has come in the form of a stronger rand this week, and a falling oil price, which has returned to $82 a barrel.

Diversified miner Glencore was down 2.68% to R59.21, BHP 2.83% to R297.12 and Anglo American 2.18% to R311.75.

Sasol lost 3.14% to R523.71.

Mr Price fell 2.36% to R217.26 and Truworths 2.72% to R78.71.

At the same time, the FTSE 100 was down 1.22%, the CAC 40 1.23% and DAX 30 0.94%.

Gold gained 0.26% to $1,197.47/oz while platinum was flat at $823.88.

Brent crude was 0.23% lower at $82.30 a barrel.