JSE slides in line with world stocks
The local share market sold off in sympathy with other global equity markets, as the US Fed's outlook on interest rates disappointed investors
The JSE was sharply lower in early morning trading on Thursday, reflecting poor investor sentiment towards risky assets. The all share was down 1.38% to 50,855.60, as top 40 shed 1.49%, as investors sold banks, retailers and other big industrial stocks, as well resources, to name but a few. Sasol shares fell another 1.96% to R408.98, bringing stock losses for the quarter to 25%, hurt by the continual slide in oil prices. The local share market sold off in sympathy with other global equity markets, as the US Federal Reserve's outlook on interest rates disappointed investors. "The decision to raise interest rates by 25 basis points was widely anticipated and priced in most asset classes, so it is not the rate hike itself that upset investors," said Hussein Sayed, chief market strategist at FXTM. "Investors were expecting a more dovish tone from [Fed chair Jerome] Powell given the sharp fall in equity markets and challenging global macroeconomic conditions. All they got was a less hawk...
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