South African stocks ended firmly in the red on Friday largely in line with weaker international markets.
President Barack Obama's proposal to limit size of banks and risks they can take, news of more policy tightening from China, and Greece's fiscal position all weighed on the local bourse.
By 5pm the JSE all share index had dropped 1.55 percent, with resources down 1.49 percent, gold miners off 1.44 percent and platinum miners 2.12 percent weaker.
Banks declined 2.28 percent, financials were off 1.87 percent and industrials moved 1.45 percent lower.
The rand was bid at R7.61/$ from R7.49/$ when the JSE closed on Thursday.
Gold was quoted at $1 087.43/oz from $1 105.80 at the JSE's last close, and platinum was at $1 537.50/oz, from $1 617/oz the bourse's previous close.
A local equities dealer said that markets had taken a bit of stick in line with those markets oversees, noting President Barack Obama's banking proposals and China as driving factors.
"I do think that markets are over-sold though, and we should see a bounce, or correction again next week," the trader said.
Dow Jones Newswires reports that US stocks opened lower on Friday as materials lagged and earnings in the technology sector failed to meet high expectations.
The Dow Jones Industrial Average was down 34, or 0.3 percent, to 10 355, in early trading.
American Express led the decline after reporting fourth-quarter revenue was nearly flat from a year earlier, though fourth-quarter net income surged to $716 million.
Boosting the Dow, General Electric climbed 3.7 percent after beating expectations with a 19 percent drop in fourth-quarter earnings, revenue of $41.4 billion and an upbeat outlook for 2011.
After several days of being overshadowed by political developments and concerns over China's expansion, company earnings grabbed investors' attention again on Friday.
Stocks took a hit in the previous session, dropping to new lows for the year after President Barack Obama proposed the most extensive curbs on market speculation by banks since the outbreak of the recent financial crisis, sending bank shares tumbling.
Investors also fretted over prospects of China cooling its economy further.
In other markets, crude oil prices sank to below $76 per barrel, while gold futures also slipped.
On the JSE, Anglo American dropped R2.29 to R307.71 and BHP Billiton declined R5.06 or 2.10 percent to R236.
Sasol gave up R1.26, to R289.99 .
Platinum miner Anglo Platinum was R29.14 down, or 3.73 percent, at R752.36, Impala Platinum shed R2.52, or 1.21 percent, to R206.18.
Lonmin subsided R7.95, or 3.41 percent, to R225, and Aquarius shipped R3.09, or 6.37 percent, to R45.41.
Among gold counters, AngloGold Ashanti eased R1 to R292, and Gold Fields weakened R3.35, or 3.50 percent, to R92.25.
Paper group Sappi gave up R1.53, or 4.64 percent, to R31.47, and fell 35 cents, or 2.22 percent, to R15.40.
Pulp and fine paper products group Sappi on Friday announced the intended closure of its Sappi Usutu Pulp Mill after no consensus had been reached on the critical issue of exit packages for all employees.
It comes after the company's extensive Section 40 consultations with the Union and employees which meetings were facilitated by the Commissioner of Labour, it said.
Kumba Iron Ore was down R9.57 , or 2.95 percent, to R314.50.
Metal giant Arcelormittal fell R3, or 2.87 percent lower, to R105.
Among diversified miners, Exxaro wavered R3.07, or 2.79 percent, to R106.93, and African Rainbow shipped R6, or 3.33 percent, to R174.
Among industrials, British American Tobacco lost R2, to R251.85, SABMiller lost R4.49, or 2.11 percent, to R208.51, and Imperial declined R2.15, or 2.61 percent, to R80.25.
Pretoria Portland Cement was one of the days few gainers, climbing 66 cents higher, or 1.96 percent, to R34.25.
Banking group Standard Bank lost R3.61, or 3.34 percent, to R104.39, Absa declined R2, or 1.50 percent, to R131.50, and ABIL weakened 74 cents, or 2.51 percent, to R28.76.
Among financials, Santam wavered R1.05, or 1.02 percent, to R102, along with Investec down R1.20, or 2.16 percent, to R54.35, and Discovery down 90 cents, or 2.81 percent, to R31.10.
Retailer JD Group declined R1.75, or 3.74 percent, to R45.10, and Massmart was R1.50, or 1.69 percent out of pocket, to R87.
Construction group Aveng was R1.20, or 3.16 percent down, to R36.80, and Murray and Roberts moved R1.09, or 2.54 percent lower, to R41.90.
Assore gave up R12.50, or 1.75 percent, to R702.50.
Among telecommunications stocks, Telkom dropped 36 cents, or 1.09 percent, to R32.79, and Vodacom shed 84 cents, or 1.54 percent, to R53.56.
Media giant Naspers slipped R4.91, or 1.77 percent lower, to R272.99. - I-Net Bridge