The JSE remained on the back foot during midday trading, tracking negative global investor sentiment.

The rand recovered from its early morning worst level in midday trade on the back of exporter demand.

South African bonds were a few basis points firmer in midday trade, as the rand - which was off the day's worst levels - provided a boost to the market.

SA stocks fall more than 1% as a resurgent eurozone debt crisis set up the benchmark JSE Top 40 for its biggest weekly percentage decline in more than seven months.

The rand has hit a new five-month low against the dollar, in line with other emerging market currencies hit by risk aversion stemming from a frail global growth outlook.

Oil has extended losses on growing concerns that the eurozone's debt woes could worsen, causing a global crisis that would ravage energy demand, analysts say.

US stocks piled up losses as negative news continued from Europe, with Greece's woes deepening and Spain falling into recession.

Asian shares tumbled and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks.

The JSE extended its losses at noon, dragged down by a selloff in general mining shares, against the negative global investor sentiment backdrop.

The rand was steady around previous closing levels in midday trade, but off its morning best level as it tracked the euro, which fell below $1.2700 to its lowest for the day.

The JSE reversed earlier gains to finish the session lower, as the last-ditch attempt to form a coalition government in Greece ended in failure.

The JSE maintained its positive tone, in line with leading European stock market indices, lifted mainly by better than expected German GDP data.

The rand was firmer in midday trade, tracking the euro as it made a slight recovery, despite continued European uncertainties.

South African bonds were firmer in midday trade, after a "fairly positive" weekly government bond auction.

Global shares and commodities have dropped again as investors sought refuge from political turmoil fuelling fears of Greece's exit from the euro.

Oil prices have fallen to near $94 a barrel in Asia, extending a two-week sell-off that has brought crude to a five-month low amid concern about Europe's debt crisis.

Asian shares tumbled and the euro hit a four-month low on Tuesday amid growing concern about Greece's eurozone future as talks on forming a government remain deadlocked.

The rand was weaker as tension between Germany and Greece raised the possibility of a breakup of the eurozone.

South African bonds were on the back foot in midday play, as anxiety over the eurozone debt crisis and fresh concerns over China heightened risk aversion.

The JSE extended losses at noon, tracking a weaker trend on global stock markets.