JSE likely to get hit by falling Apple
Naspers’s main asset Tencent was down 5% in Hong Kong ahead of the JSE’s opening, knocked by Apple’s 7% drop on Friday
The JSE looks likely to trip again on Monday, ending a three trading day winning streak.
In Hong Kong, Naspers’s main asset Tencent was down 4.74% to HK$289.20, contributing to a 2.65% drop in the Hang Seng index.
Asian tech stocks took their cues from Apple, which fell 6.63% to $207.48 on Friday, dragging the Nasdaq composite index down 1% and the S&P 500 index down 0.63%.
In Sydney, BHP was down 1.13% to A$33.12, dragging the ASX 200 index down 0.47%.
Naspers and BHP account for about a third of the JSE's top 40 index.
Redefine Property is expected to release its results for the year to end-August on Monday, and AngloGold Ashanti its September-quarter production report.
Standard Bank is scheduled to release its broad economy purchasing managers’ index (PMI) for October on Monday morning, which according to Trading Economics will show a return to over the 50 point neutral level from September’s 48 points.
This would contrast with Absa’s manufacturing PMI, which showed a third month of growing pessimism among South African factory bosses.
The South African Chamber of Commerce and Industry (Sacci) is scheduled to release its monthly business confidence index on Monday morning, which is expected to show a drop to about 92.5 points in October from 93.3 in September.
The rand was trading at R14.34/$, R16.33/€, and R18.63/£ at 6.45am.