Ex­pect new highs

Finweek English Edition - - Marketplace -

Our lo­cal mar­ket traded up at new all­time highs as a re­sult of fears of a nu­clear war be­tween the US and North Korea. An­other con­tribut­ing fac­tor was the Chi­nese gov­ern­ment in­ves­ti­ga­tions into Tencent (in which Naspers* holds a sig­nif­i­cant stake) that sent mar­kets down. This global and lo­cal mar­kets sell-off may take us down as much as 10% to 15%. Truth­fully, on that score I have no idea and it’s just a pre­dic­tion. But that is the bot­tom of the range we’ve been stuck in for the last three plus years. My over­all bullish view on the lo­cal mar­ket re­mains – the next sig­nif­i­cant move is likely to be higher. I ex­pect new highs rather than break­ing down out of the three-year trad­ing range.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.