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JOHANNESBURG Emerging market stocks slipped on Thursday, with Asian bourses under heavy selling pressure as optimism about China’s reopening from COVID-19 restrictions gave way to fears about the spread of the virus globally.
The JSE’s All-Share index declined 1.5 per cent by lunchtime, with large losses in mining shares like Anglo Platinum (-5 per cent) and Implats (-3 per cent).
The MSCI’s EM equities index slipped 0.4 per cent, set to wipe out two days of relative optimism over China’s dismantling of its zero-COVID-19 policy. Stock markets in Shanghai, Hong Kong, Taipei and Seoul fell in the range of 0.4 per cent and 1.9 per cent. In its final trading day of the year, South Korea’s benchmark KOSPI recorded a 25 per cent
The power would be generated on ships using natural gas and would be transported through transmission lines loss in 2022, its worst yearly performance since 2008.
“The bad news with China’s reopening is that it will not only boost global growth, but also energy and commodity prices - hence inflation, the interest rate hikes from central banks and potentially the global COVID-19 cases,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank.
Tourists
The reopening raises the prospect of Chinese tourists returning to shopping streets around the world but the United States, India, Italy, Japan and Taiwan said they would require COVID-19 tests for travellers from China.
Adding to the glum mood, Russia fired more than 100 missiles into Ukraine on Thursday, targeting the capital Kyiv where three people were wounded, the North-eastern city of Kharkiv, and other cities in a large-scale to substations that link to the national grid.
But the bidder had hit several bumps along the way. It faced criticism for being expensive compared to other power sources, after analysis by the Council for Scientific and Industrial research showed bombardment, Ukrainian authorities said.
The Russian rouble recovered slightly after hitting an eightmonth low against the USDollar earlier on concerns that Western sanctions on Russian oil and gas may limit export revenues.
Weakest
The rouble strengthened by 0.6 per cent to 71.74 per Dollar, having earlier touched 72.92, its weakest since April 27.
Overall, EM currencies found breathing space as the US$Dollar slipped. The South African Rand, the Hungarian Forint and the Polish Zloty rose in a range of 0.1 per cent and 0.6 per cent.
Emerging market economies have witnessed sharp capital outflows this year, spurred by a toxic mix of aggressive interest rate increases, a strong Dollar and soaring inflation caused by Russia’s invasion of Ukraine as well as disruption caused by the COVID-19 pandemic. it would cost roughly R220 billion over 20 years.
A losing bidder for the emergency power programme had also lodged a legal challenge which delayed the programme.
Karpowership was also denied environmental authorisation