Bourse slips amid China’s tech sector crackdown

The JSE was weaker on Monday morning, with its global peers mixed as markets felt the pressure of China’s widening tech sector crackdown.

Tencent, which influences the JSE via the Naspers stable, fell more than 8% in intraday trade after Chinese competition authorities ordered Tencent to stop a practice of exclusive music licensing rights.

At 10.20am, Naspers had lost 8.39% to R2,712.63 and Prosus 8.12% to R1,272.06.

At 10.05am the JSE had lost 0.61% to 67,645.43 points and the top-40 index 0.55%. Precious metals gained 3.19% and resources 2.39%. Industrials lost 2.54%, banks 1.40% and financials 1.10%.

At 10.50am the rand had weakened 0.49% to R14.91/$, 0.55% to R17.57/€ and 0.75% to R20.53/£. The euro was 0.11% firmer at $1.18.

Gold gained 0.34% to $1,808.17/oz, while platinum was unchanged at $1,060.14. Brent crude fell 0.84% to $73.57 a barrel.