South African stocks fall nearly 2% as major financial firms feel euro-zone debt fear

By bne IntelliNews May 17, 2010
SouthAfrican stocks fell nearly 2% as major financial firms were hit by fear aboutthe effects of euro-zone debt, Reuters reported. Some financial firms have tiesto European banks, which are also under strain and Europe is one of SouthAfricas major trading partners. David Shapiro, a trader at Sasfin Holdings,said markets are still trying to deal with the possible consequences on bankingstocks. Top local lender, Absa, fell 1.7% and Standard, the biggest local bankby assets, fell 2.8%.
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