JSE set to take cue from currency

The JSE Securities Exchange South Africa (JSE) is expected to open flat to slightly weaker on Monday, taking its cue from the currency. Traders said that with no major economic data due out this week, the market is likely to look to the rand for direction.

At 0847, all share index futures (Alsis) were 36 points in the red after 11 contracts had traded. Industrial index futures (Indis) were yet to trade.

“The JSE is likely to open flat to slightly lower, just on the back of the rand,” a futures trader said.

He said that opening trade in futures had been quiet, with many players waiting for the spot market to open.

Dow Jones Newswires reports that US stocks attempted to add on to Wednesday’s stellar gains on Friday but fell short of finishing the shortened session on a positive note.

Market trackers, however, were far from discouraged, saying that the Dow Jones Industrial Average’s eighth consecutive week of gains shows the market remains in rally mode.

With their modestly lower finish, U.S. stocks broke with tradition by showing a loss the day after Thanksgiving. Stocks have risen the days before and after Thanksgiving in 40 of the last 49 years.

The Dow Jones Industrial Average dropped 36.41, or 0.41%, to 8,895.27; the Nasdaq Composite Index fell 8.84, or 0.59, to 1479.11; and the Standard & Poor’s 500 Index lost 2.65, or 0.28%, to 936.22.

For the week, the Dow gained 90.43, or 1%, while the Nasdaq climbed 10.36, or 0.7%, and the S&P 500 added 5.72, or 0.6%.

In Tokyo on Monday shares finished lower for the first time in four sessions, amid a lack of fresh incentives after the government release of a financial reform timetable Friday that contained no surprises.

The Nikkei 225 Stock Average fell 41.09 points, or 0.5%, to 9174.47 after a 38.78-point rise Friday. – Inet-Bridge

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