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The JSE board at Sandton, Johannesburg. Photo: Leon Nicholas
South African stocks edge lower, with the All-share index slipping 0.2 percent, hit by concerns that valuations may be overstretched after the index topped 34,000 for the first time in its 17-year history on Thursday.
Companies that have recently racked up hefty gains, such as miner Anglo American are among the decliners.
Anglo American is down 1.5 percent at 331.80, after surging nearly 14 percent this month.
Charts also show the index in overbought territory: the All-share's 14-day RSI is hovering near the overbought 70 level, and the index is also trading near its upper Bollinger band.
Both indicators are normally seen as sell signals by technical traders. - Reuters
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