Implats drags South African stocks to fifth day slide

* Top-40, All-share indices down more than 0.5 pct

* Implats highest decliner

JOHANNESBURG, Jan 9 (Reuters) - South African share prices bucked the global trend to drop for a fifth day running on Thursday as global investors shifted out of emerging markets such as Johannesburg and into the recuperating West.

Impala Platinum IMPJ.J was the biggest loser on the All-Share index .JALSH after sliding more than 6 percent to 118.01 rand with investors unnerved by Zimbabwe's demand for local refining of the precious metal. News Search ID:nL6N0KI0UO

"The market is concerned that Zimbabwe's government might put an extra tax or change the arrangements that are already there for removing the platinum," said Greg Davies, a trader with Cratos Capital.

Bigger platinum producer Anglo American AMSJ.J shed 2.4 percent to 372.07 rand.

The Top-40 index .JTOPI declined 0.59 percent to 40,719.11, while the All-Share was down 0.55 percent to 45,444.59.

South African equities scaled multiple lifetime records for much of 2013 as the U.S. Federal Reserve bond-buying policy encouraged investors to seek risky assets in less-developed markets.

But the Fed is reducing that stimulus package and upbeat jobs data earlier this week has increased expectations the scaling back might be more aggressive than anticipated.

European stocks extended a rally into a third day on Thursday, betting on further economic improvements in the bloc, while U.S. shares rose at the open on upbeat labour market data.

Johannesburg's market volume is remains low with some traders and investors still away. Some 148 million shares were traded, according to preliminary bourse data, with decliners outpacing advancers 171 to 150.

(Reporting by Helen Nyambura-Mwaura; editing by David Dolan)

((helen.nyambura@thomsonreuters.com)(+27 11 775 3034)(Reuters Messaging: helen.nyambura.thomsonreuters.com@reuters.net))

Keywords: SAFRICA STOCKS/