Current global sentiment pushed the local bourse into the red on Wednesday, while a stronger US dollar also weighed on commodities.

At 5pm the JSE all share index had lost 1.74 percent, with resources falling 2.58 percent, platinum producers off 1.80 percent and gold counters losing 1.86 percent.

Banks declined 1.53 percent, financials gave up 1.44 percent and industrials weakened 0.99 percent.

The rand was bid at 7.76 to the dollar from 7.65 when the JSE closed on Tuesday. Gold was quoted at $1033 a troy ounce from $1036.65/oz just before the JSE's last close, and platinum was at $1312/oz, from $1309.50/oz at its previous close.

A local trader said: "Continued dollar strength weighed on commodities, while current global sentiment is negative.

"Rand weakness did help mining stocks a little, but internationally, sentiment is weak. In the US, housing data came in worse than expected, and traders there will be keeping a watchful eye on GDP figures out tomorrow," he said.

Dow Jones Newswire reports that US stocks traded slightly lower on Wednesday as a gain for telecommunications companies was offset by data showing weakness in the housing market.

Recently, the Dow Jones Industrial Average traded down 10 points, or 0.1 percent, to 9869.

Stocks had opened slightly lower as some disappointing earnings and a worse-than-expected report on durable goods weighed on trading. The market then pushed to new lows as the Commerce Department said new home sales unexpectedly fell in September following five consecutive increases as tighter credit and unemployment fears kept buyers away.

Single-family home sales fell by 3.6 percent to a seasonally adjusted annual rate of 402 000 compared with the prior month. Economists surveyed by Dow Jones Newswires expected September sales to rise 2.6 percent to 440 000.

Among equity movers on the JSE, Anglo American plc was down 2.79 percent to 279 rand and BHP Billiton lost 3.60 percent to 216.15 rand.

Petrochemicals group Sasol gave up 1.32 percent to 299 rand.

Metals group ArcelorMittal weakened 3.27 percent to 106.40 rand. ArcelorMittal South Africa earlier reported a third quarter headline loss per share of 16 cents, this compares to the 846 cent headline earnings per share posted for the third quarter last year.

The figure is, however, improved from the 136 cents a share headline loss posted for the second quarter to end June 2009.

This was on a headline loss of R65-million for the three months to end September, which while a narrowing of the R607-million loss reported for the June quarter, is still a way off the record headline profit of R3.8-billion achieved during the third quarter last year.

Revenue almost halved from R13.3-billion for the September quarter last year to R6.9-billion for the 2009 September quarter.

Profit from operations shrank to R30-million from last year's R5.2-billion, but showed a turnaround from the June quarter's operational loss of R177-million.

Gold miner AngloGold Ashanti shed 2.57 percent to 306.89 rand, Gold Fields weakened 1.29 percent to 103 rand and Harmony edged down 1.08 percent to 80.90 rand.

Platinum miner Anglo Platinum declined five rand to 660 rand, Impala Platinum gave up 2.10 percent to 168 rand and Lonmin lost 6.92 percent to 195 rand. Aquarius slipped 6.39 percent to 32.95 rand.

Highveld Steel lowered by 2.90 percent to 63.60 rand and Kumba Iron Ore slid 1.54 percent to 237 rand.

In diversified miners, African Rainbow declined 2.55 percent to 153 rand and Exxaro weakened 1.38 percent to 88.50 rand.

Elsewhere on the JSE British American Tobacco lost 97 cents to 249.66 rand.

British American Tobacco said earlier in an interim management statement that it performed well in the nine months to the end of September, although total volume growth slowed.

The group said that revenue for the nine months grew strongly in constant the acquisitions made in the middle of last year (Skandinavisk currency terms, driven by the continued good pricing momentum and volume growth from Tobakskompagni (ST) in Denmark and Tekel in Turkey), as well as the acquisition of PT Bentoel Internasional Investama Tbk (Bentoel) in Indonesia on 17 June 2009.

Imperial dropped 2.35 percent to 81.15 rand. Tiger Brands however added 1.13 percent to 155.50 rand.

Pretoria Portland Cement was 2.06 percent lighter to 32.32 rand.

Banker Standard Bank was down 2.89 percent to 96.25 rand and Abil shed 2.32 percent to 29.50 rand.

Financial services group Investec wavered 1.97 percent to 57.10 rand.

Among retailers, Lewis saw a drop of 1.22 percent to 54.30 rand, Massmart fell 3.48 percent to 87.70 rand and Mr Price was 2.86 percent out of pocket to 34 rand.

Assore declined 3.83 percent to 646.24 rand.

Telecommunications group MTN Group gave up 2.49 percent to 118 rand, but Vodacom edged up 35 cents to 54.85 rand.

Telkom weakened 1.68 percent to 43.37 rand. The Competition Commission on Wednesday referred its findings of abuse of dominance against Telkom to the Tribunal for adjudication and has asked the Tribunal to levy an administrative penalty of 10 percent on Telkom's annual turnover for its financial year ended 31 March.

The investigation follows five complaints that were lodged by the Internet Service Providers Association and other internet service providers or ISP's, namely, Verizon South Africa, Multichoice Subscriber Management Services and Internet Solutions.