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South African stocks have felt investors\u2019 aversion to risk more sharply than their emerging-market peers, sliding toward the worst weekly slump since October 2020.<\/p>\n
Johannesburg\u2019s benchmark FTSE\/JSE Africa All Share Index was down 2.6% as of 13h32 local time on Friday, deepening this week\u2019s selloff beyond 6%. That\u2019s a steeper retreat than MSCI\u2019s index of developing country stocks, which is down about 4%.<\/p>\n
Worries over Chinese demand have battered luxury retailer Richemont and miners like Anglo American, while the global rout in tech stocks has pulled local giant Naspers Ltd. lower. Gold and platinum producers have been among the biggest drags on the market this week as inflation concerns prompt investors to turn away from precious metals.<\/p>\n
More than 90% of the South African benchmark equity gauge\u2019s members were lower by Friday afternoon, helping to make it one of the three worst-performers globally this week in dollar terms among more than 90 major indexes tracked by Bloomberg.<\/p>\n
Concerns over rising interest rates have seen \u201cmarket participants shun highly valued risk assets,\u201d Unum Capital analyst Lester Davids said.<\/p>\n
The rand headed for its third weekly decline amid the worst bout of outflows from the nation\u2019s bond market in two months, weighing on local banking stocks. An index of South African lenders has tumbled almost 7% this week, on track for the worst performance since March last year.<\/p>\n