{{South African stocks stumbled on Wednesday after two straight days of gains, lead by banks such as FirstRand with the sector caught in the cross hairs of a technical sell-off.}}<\/p>\n
Johannesburg’s Banks index fell 2.60 percent, its steepest drop in six months, after its 14-day RSI, a momentum indicator tracked by analysts, strayed into overbought territory in the previous session.<\/p>\n
The sector looks ripe for more selling, based on other momentum indicators and technical patterns, said George Glynos, managing director at financial consultancy ETM Analytics.<\/p>\n
\u201cThat\u2019s quite a big move on the Banks index; if it closes the week around these levels we will have a fertile environment for a further correction,\u201d he told Reuters.<\/p>\n
FirstRand, South Africa’s second-largest bank, ended 3.3 percent lower at 42.88 rand, the biggest decline among blue chips, while smaller rival Nedbank shed 3 percent to 237.99 rand.<\/p>\n
Barclays Africa Group, which posted a 10 percent increase in first-half earnings on Wednesday, skidded 1.9 percent to 169.10 rand.<\/p>\n
The benchmark Top-40 index dropped 1 percent to 46,591. The wider All-share index, which scaled a record peak on Tuesday, was knocked back 0.9 percent to 51,770.<\/p>\n
Decliners outnumbered advancers 166 to 132, according to preliminary bourse data.<\/p>\n
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