JSE-listed technology stocks ended higher on the JSE yesterday after a volatile day`s trading as world markets sought direction.
On Monday the IT index fell to its lowest level since December as most key indices on the JSE closed lower, following international market jitters about the possibility of a US interest rate hike.
After slipping further in morning trade, the index turned around to close at 6 971 points, up 36 points from Monday`s close. The JSE overall ended the day up 0.6% at 10 127 although declining stocks were in the majority, outnumbering risers by 211 to 128 with 98 stocks unchanged.
In the US, bargain hunting in technology shares led a small recovery in the markets as investors sought to capitalise on possible previous overselling.
The Dow Jones Industrial Average, which at the week`s start slipped below the psychologically important 10 000 level for the first time since December, closed at 10 019 yesterday.
The Nasdaq Composite Index rose by 1.9% to 1 931 points.
Interest rate fears are still a key factor in the US markets, although dealers say there is now a feeling that a better economy may dampen the impact of a rate hike on companies` profits.
The JSE`s telecommunication services sector, which was the biggest loser on Monday, closed at 621 yesterday, 21 points or 3.5% up. MTN, a significant loser on Monday, gained 6.4% to end at 2 735c.
By midmorning today the IT index had slipped again to 6 948 while the telecommunication services index was up at 633.
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