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>> South Africa's main stock index hit a new record high on Monday, underscoring its dramatic disconnect from an economy marred in recession, and still largely defined by apartheid inequities. Reuter's Ed Stoddard is in Johannesburg.>> The All Share Index of Johannesburg Stock Exchange scaled a new record peak today of over 55,000.
But that's mostly driven by foreign equity flows and a handful of companies. That actually generate most of their income and revenue from overseas. Seas and has little to do with the local economy.>> In fact analysts say locally focused companies have been underperforming and big companies exposed to South Africa's battle bruised consumers such as retailers and banks are slipping significantly.
Most flag lower or stalling profits while consumer sentiment has plummeted to multi year lows all playing against a background with the division between haves and have nots still run largely along racial lines.>> The stock exchange here is almost half foreign owned and is only 23% owned by black South Africans according to the latest data from the JEC itself.
This skewed pattern of ownership along racial lines makes makes the JEC and many of the companies that are listed on it prime political targets of resentment. And this country, which is still dealing with the legacies of the Apartheid passed. South Africa's official unemployment rate is around 28% but widely regarded to be well over 40, the vast majority of whom are black people.
At the beginning of this year, South Africa fell into a recession for the first time in eight years, and it won't be celebrated by everyone that the stock market is the one area defying it.>> Because of the pain of poverty,