JSE Index Watch: PMI, Vehicle Sales, and a Triangle Squeeze at 94,600

JSE FTSE All Share Index (JALSH) up 560.77 points or 0.55% to 102,396.36 ZAR on Monday as SA markets are cautiously optimistic...

Written by: Arslan Butt • Tuesday, September 2, 2025 • 1 min read

• Last updated: Tuesday, September 2, 2025

Quick overview

The JSE FTSE All Share Index rose by 560.77 points, or 0.55%, reaching 102,396.36 ZAR as South African markets remain cautiously optimistic ahead of economic data.
Investors are focused on the upcoming Absa PMI and vehicle sales figures, which are crucial for assessing manufacturing and consumer demand.
The PMI rose to 50.8 in July, indicating the first manufacturing expansion since October 2024, while vehicle sales are expected to slow to 13.9% in August.
The JSE Top 40 Index is currently in a symmetrical triangle pattern, with traders awaiting a breakout to determine the next market direction.

JSE FTSE All Share Index (JALSH) up 560.77 points or 0.55% to 102,396.36 ZAR on Monday as SA markets are cautiously optimistic ahead of new economic data.

The rand was steady in early trade as investors await the Absa PMI release at 09:00 GMT and vehicle sales figures later in the day. Both will give a better picture of manufacturing and consumer demand, key drivers of SA’s short-term growth.

PMI and Vehicle Sales in Focus

SA’s PMI rose to 50.8 in July, the first expansion in manufacturing since October 2024 after nine months of contraction. The August reading will tell us if that rebound has legs.

PMI above 50 → Manufacturing expansion
PMI below 50 → Contraction risk returns
Trend → July broke nine-month contraction streak

Vehicle sales are expected to slow to 13.9% in August from 15.6% in July. Economists note softer consumer demand despite improved financial conditions from rate cuts and stable inflation.

Bond markets are cautious, the 2035 yield up to 9.614%.

JSE Top 40 Technical Analysis

The JSE Top 40 Index is trading at 94,607, in a symmetrical triangle defined by lower highs and higher lows. This is a volatility breakout setup.

JSE Price Chart - Source: Tradingview — JSE Price Chart – Source: Tradingview

Support 94,345 (50-SMA)
Resistance 94,940 (upper triangle boundary)

Candlestick action is indecisive, the RSI is 52 and the MACD is flat, a possible crossover.

Trade Scenarios:

Bullish Buy above 94,940, target 95,630-96,280
Bearish Sell below 94,345, target 93,490-92,795

Momentum is muted and price is tight, traders are waiting for a breakout. A decisive move will determine the next direction.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.