JSE all share falls as China tech probe hurts Naspers
Tencent, of which Naspers’s Prosus is the largest shareholder, has slumped amid a widening Chinese antitrust probe of the tech sector
Frankfurt — SA’s main equities index declined, led by Naspers and its Prosus unit after Hong Kong-listed Tencent Holdings slumped amid a widening Chinese antitrust probe of the tech sector. With a stake of about 31%, Prosus is Tencent’s largest shareholder.
The JSE all share fell 0.8% to 58,721 points at 10.25am in Johannesburg, with cyclical sectors, including oil, automotive, and travel and leisure, down the most. Without the decline in Naspers, which accounts for 17% of the all share, the benchmark would be up.
The country’s gauge remains up 2.8% for the year and Naspers remains up 24%. The rand was down 0.4%.
The session’s worst performers were power generator Montauk Holdings, down 8.2%, and miner Royal Bafokeng Platinum, down 6.5%. Infrastructure builder Raubex Group gained 3.5%.
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