The JSE continued trading in the red by noon on Monday tracking weaker US markets and softer commodities, according to a local trader.

At 12pm the JSE all share index had given up 0.31 percent, with platinum counters shedding 0.62 percent, gold miners subsiding 0.60 percent and resources down a tad, 0.09 percent.

Banks declined 1.44 percent, financials slipped 0.89 percent lower and industrials were 0.24 percent weaker.

The rand was bid at 7.49 to the dollar from 7.41 just before the JSE closed on Friday. Gold was quoted at $1056.20 a troy ounce from $1059.15/oz just before the JSE's last close, and platinum was at $1361/oz, from $1370.50/oz at its previous close.

A local trader said: "The market is softer today, tracking the US and as a result of softer commodities."

Dow Jones Newswire said that US stocks are set to open higher on Monday, rebounding after a disappointing end on Friday. David Morrison at GFT called the DJIA up 25 points at 9997, and the S&P 500 up two at 1080. He said with no important data due, traders would focus on 3Q earnings from Verizon, Corning and McGraw Hill.

Morrison noted that market reaction to recent earnings beats had been muted compared with the last two quarters. He added, "estimates have been very low; companies are beating estimates by cutting costs, and earnings are for the most part well down on the same period last year."