From Independent Online

South African stocks posted the biggest four-day decline in almost two years as the gauge fell from a record high after foreigners sold emerging-market assets.

The benchmark 166-member FTSE/JSE Africa All-Share Index plummeted 7.1 percent over the past four days, the biggest decline since August 2011, extending the drop since it reached a record on May 31 to 9.4 percent.

It fell 2.4 percent to 38,075.22 by the close in Johannesburg.

SABMiller, the world’s second-largest brewer, fell 3.6 percent, BHP Billiton, the stock with the biggest market value, dropped 2.3 percent and Naspers, the continent’s largest media company, slumped 2.6 percent.

“It’s getting very close to” a correction, Chris Gilmour, an analyst at Absa Asset Management Private Clients, which manages the equivalent of $1.2 billion, said by phone from Johannesburg today.

Read more at iol.co.za