{"id":1623,"date":"2020-09-04T07:27:25","date_gmt":"2020-09-04T05:27:25","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=366164"},"modified":"2020-09-04T07:27:25","modified_gmt":"2020-09-04T05:27:25","slug":"south-african-stocks-slump-as-naspers-hit-by-tech-exit","status":"publish","type":"post","link":"https:\/\/interwebdev.co.za\/index.php\/2020\/09\/04\/south-african-stocks-slump-as-naspers-hit-by-tech-exit\/","title":{"rendered":"South African stocks slump as Naspers hit by tech exit"},"content":{"rendered":"<p>South Africa\u2019s main stock index dropped 2.4%, its deepest slump since mid-June, as market behemoth Naspers Ltd. got caught up in a global rotation out of tech shares and as miners retreated.<\/p>\n<p>Tech investor Naspers fell 3.9%, the most in almost a month, after partly owned Chinese online giant Tencent Holdings Ltd. led declines in Hong Kong stocks and as the Nasdaq 100 sank as much as 5.4% in New York.<\/p>\n<p>Prosus NV, which holds Naspers\u2019s 31% Tencent stake, tumbled 4.8%, the most in more than five months.<\/p>\n<p>A rotation away from&nbsp;<strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-03\/bears-roar-back-sending-tech-shares-tumbling-by-most-since-june\" target=\"_blank\" rel=\"noopener noreferrer\">high-flying tech stocks<\/a><\/strong>&nbsp;gained steam on Thursday as investors questioned the sustainability of lofty valuations.<\/p>\n<p>Deepening South African power cuts also weighed on sentiment locally, with the state electricity utility already setting a record this year for blackouts, hobbling efforts to revive growth in Africa\u2019s most-industrialized economy.<\/p>\n<ul>\n<li>Diversified miners BHP Group Plc, which dropped 4.2%, and Anglo American Plc, down 4.7%, were among the biggest drags on the Johannesburg market amid concerns over the political and logistical hurdles to satisfying the recovery in China\u2019s commodities demand.<\/li>\n<li>Banking stocks slipped 2.4% to the lowest in more than three months. Standard Bank Group Ltd. fell 4.1%, Nedbank Group Ltd. lost 3.1%, Investec Ltd. slid 2.4% and FirstRand Ltd. dropped 2.3%. The sector index is down 45% in 2020, heading for a record annual decline.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit.jpg\" data-slb-active=\"1\" data-slb-asset=\"267632489\" data-slb-internal=\"0\" data-slb-group=\"366164\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit.jpg\" class=\"aligncenter size-full wp-image-366166 lazyload\" alt=\"South African bank stocks\" data-aspectratio=\"814\/457\" width=\"814\" height=\"457\" sizes=\"(max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" srcset=\"https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit.jpg 814w, https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit-1.jpg 600w, https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit-2.jpg 640w, https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit-3.jpg 768w\"><\/a><\/p>\n<p><noscript><img decoding=\"async\" class=\"aligncenter size-full wp-image-366166\" src=\"https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit.jpg\" alt=\"South African bank stocks\" width=\"814\" height=\"457\" srcset=\"https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit.jpg 814w, https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit-1.jpg 600w, https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit-2.jpg 640w, https:\/\/interwebsa.com\/blog\/wp-content\/uploads\/2020\/09\/south-african-stocks-slump-as-naspers-hit-by-tech-exit-3.jpg 768w\" sizes=\"(max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\"><\/noscript><\/p>\n<hr>\n<h3>Now read: <a href=\"https:\/\/mybroadband.co.za\/news\/business\/365604-ceo-bloodbath-in-south-africa.html\" rel=\"bookmark\">CEO bloodbath in South Africa<\/a><\/h3>\n<p><a href=\"https:\/\/mybroadband.co.za\/news\/business\/366164-south-african-stocks-slump-as-naspers-hit-by-tech-exit.html\">Source: MyBroadband<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa\u2019s main stock index dropped 2.4%, its deepest slump since mid-June, as market behemoth Naspers Ltd. got caught up in a global rotation out of tech shares and as miners retreated. Tech investor Naspers fell 3.9%, the most in almost a month, after partly owned Chinese online giant Tencent Holdings Ltd. led declines in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1624,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[77],"tags":[52,53,54,55,56,8,57,59,72,60,61,62,63,64,65,66],"class_list":["post-1623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-co-za","tag-com","tag-affordable","tag-cheap","tag-cpanel","tag-development","tag-domain","tag-hosting","tag-interweb","tag-joomla","tag-registration","tag-reseller","tag-shared","tag-south-africa","tag-website","tag-wordpress"],"acf":[],"_links":{"self":[{"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/posts\/1623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/comments?post=1623"}],"version-history":[{"count":0,"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/posts\/1623\/revisions"}],"wp:attachment":[{"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/media?parent=1623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/categories?post=1623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/interwebdev.co.za\/index.php\/wp-json\/wp\/v2\/tags?post=1623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}