JOHANNESBURG - The local market closed deep in the red at the end of Tuesday's trade.
The JSE FTSE/All Share Index fell significantly, dropping nearly 1 percent to close Tuesday’s trading session at 111,634.87 points.
The market tracked broader global sell-offs triggered by cooling sentiment in the AI/tech sectors and lingering concerns over widening geopolitical tensions in the Middle East.
Asian markets have heavily tracked Wall Street's weakness, with technology and semiconductor stocks leading regional sell-offs. The steep drop was primarily driven by investor concerns over the sustainability of high AI-sector valuations, as well as rising US interest rate expectations.
Phumelele Ndou from Excelsia unpacks the numbers.