BUSINESS NEWS - South African stocks pulled back from record highs on Tuesday with the main index marking its biggest one-day percentage drop in 14 months, weighed down by Naspers, PSG and Capitec.
The rand reversed earlier gains in volatile trade.
Market-heavyweight Naspers continued its slide after Morgan Stanley cut its target price to R4,900 from R5,400 on Monday.
The e-commerce and pay-TV firm closed 5.10% lower to R3,435.25.
That helped the Johannesburg All-Share index close down 2.07% to 59,546 points and the blue-chip JSE Top-40 index fall 2.16% to 52,700 points.
The All-Share had its biggest daily percentage decline since December 2016, while the Top-40 fell the most since Nov 2016.
“There’s a general sell-off in the market. Guys are just not interested in emerging markets as a whole,” said BP Bernstein equity trader Vasili Girasis.
