Around the World's Markets: Johannesburg

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The Independent Online
SOUTH AFRICAN stocks took a beating for the eighth day in a row as South Africa's largest banks raised their prime and mortgage rates, potentially stifling economic growth with higher borrowing costs threatening to dent companies' profits.

The All Share Index declined 62.9, or 1.3 pe rcent, to 4,923.4, an eight- day decline of 22.9 per cent. Financial services shares fell on concern banks' credit growth could slow and their bad debts could increase, said traders.