The JSE’s slide continued on Tuesday in the wake of the Naspers/Prosus Tencent fallout. Moneyweb CompanyNews
The JSE All Share Index closed over 2.4% down on Monday, at 71 904 points, as the two biggest companies on the bourse – Naspers and Prosus – plunged over 13% and 11% respectively following reports that majority-owned Tencent faces a stiff fine in China. Naspers and Prosus share price All three tech stocks saw a major selloff, after the Wall Street Journal reported that Tencent is facing a record fine related to its WeChat Pay platform violating anti-money laundering regulations in China.
Read:Tencent, Alibaba have erased $1trn in value over last year The rout resulted in the JSE Alsi closing at its worst level this year on Monday, taking it below the record high close of 73 709 points at the end of 2021, and significantly lower compared to its 2022 record high of 77 536 points on March 2.