The JSE remained mired in the red in midday trade on Wednesday on profit taking in line with lower global equity markets.
Local dealers said the worse-than-expected US existing home sales data was still weighing on the sentiment. Another trader noted that the market pullback was to be expected given that the local bourse was positive for nine days out of 11 trading days.
At 12pm local time the JSE all share index had lost 0.76 percent and resources fell 1.21 percent. Platinum miners shed 2.31 percent and gold miners dropped 0.34 percent. Banks moved 1.61 percent lower, financials edged down 0.73 percent and industrials were 0.35 percent weaker.
The rand was bid at R7.55/$ from R7.54/$ at the JSE's close on Tuesday. Gold was quoted at $1 243.26/oz from $1 242.32/oz at the JSE's previous close, while platinum was at $1 582.00/oz from $1 594.00/oz at the JSE's last close.
One local trader said: "The JSE is tracking its global counterparts lower due to poor existing home sales data out of the US which filtered through to the Asian and European stocks today."
Another trader added: "The JSE has run fairly hard over the last nine out 11 trading days. Therefore the pullback is hardly surprising."
Globally, European stocks were in the red but off earlier lows Wednesday, as banking shares reversed losses, helping to offset weakness in the basic resources and construction sectors. Frankfurt's DAX fell by 0.1 percent to 6 260.83 and Paris's CAC-40 was down 0.5 percent at 3 686.43.
London's FTSE 100 was down 0.4 percent at 5 226.17, despite Fitch Ratings stating that Tuesday's emergency budget should materially strengthen confidence in the country's public finances and its triple-A rating.
Traders said healthy US stock-index futures were helping to limit losses in Europe, according to Dow Jones Newswires.
Asian stocks closed lower. Australia's S&P/ASX 200 ended 1.6 lower, Japan's Nikkei Stock Average fell 1.9 , South Korea's Kospi Composite declined 0.3 .
China's Shanghai Composite Index fell 1.1 and Hong Kong's Hang Seng Index was 0.2 lower, reported Dow Jones Newswires.
On the JSE, Anglo gave up R3.31 or 1.10 percent to R297.39, and BHP Billiton lost R2.45 or 1.10 percent to R220.10. Sasol declined R4.50 or 1.55 percent to R286.00.
Platinum miner Anglo Platinum shed R15.90 or 1.98 percent to R788.10, Impala Platinum fell R5.40 or 2.75 percent to R191.00 and Lonmin decreased 45c to R188.40.
Among gold miners, AngloGold Ashanti lost R1.73 to R334.07, and Goldfields declined 40c to R102.90. Harmony shed 100c or 1.27 percent to R78.01.
Among industrials, BAT rose R2.70 or 1.11 percent to R245.55, while SABMiller was down 51c to R224.14.
Highveld lost R1.15 or 1.53 percent to R73.85. African Rainbow shed R2.24 or 1.27 percent to R174.26. AVI dropped 82c or 3.48 percent to R22.75.
In the banking sector, Standard Bank lost R2.08 or 1.93 percent to R105.76 and Nedbank was down R1.29 or 1.01 percent at R126.79.
FirstRand shaved 38c or 1.96 percent to R19.00. Sanlam lost 4c to R23.96.
Telecommunications group MTN lost R2.10 or 1.85 percent to R111.40, Telkom lost 34c to R38.76.
Media group Naspers gained R3.55 or 1.35 percent to R266.50. - I-Net Bridge