MARKET WRAP: JSE weaker amid Beijing’s Hong Kong plans and US-China tension
The rand, which firmed to its best level in almost two months following a repo rate cut, gave back some of those gains on the day
The JSE tracked weaker global markets following reports on Friday suggesting Beijing plans to institute new security laws in Hong Kong, and continued US-China hostility.
Beijing’s plans to tighten its grip on Hong Kong spurred outrage in the city and internationally. Opposition legislators warned that Hong Kong’s status as an international financial centre was in jeopardy as China announced an intention to “establish sound legal systems and enforcement mechanisms for safeguarding national security”.