Foreigners dump nearly $10bn of South Africa assets in 2019
JOHANNESBURG – Foreign investors have ditched more than R141bn ($9.6 billion) of South African stocks and bonds this year – the biggest annual selloff in at least a decade, data from the Johannesburg Stock Exchange showed.
Weak company profits, a dire economic outlook and rising chances the country will lose its last investment-grade credit rating have sent jitters through markets.
But unlike previous selloffs, foreign investors are dumping stocks at a much higher rate than bonds, with high local yields spurring carry trade and providing some support to fixed income, according to analysts.
Source: iol.co.za
