ANL 34.52 Increased By ▲ 0.67 (1.98%)
ASC 15.16 Increased By ▲ 0.26 (1.74%)
ASL 24.83 Increased By ▲ 0.32 (1.31%)
AVN 95.00 Increased By ▲ 3.86 (4.24%)
BOP 7.87 Decreased By ▼ -0.07 (-0.88%)
BYCO 10.31 Increased By ▲ 0.53 (5.42%)
DGKC 126.60 Increased By ▲ 1.85 (1.48%)
EPCL 57.16 Increased By ▲ 1.91 (3.46%)
FCCL 24.50 Increased By ▲ 0.09 (0.37%)
FFBL 27.96 Increased By ▲ 0.01 (0.04%)
FFL 16.04 Increased By ▲ 1.14 (7.65%)
HASCOL 10.02 Increased By ▲ 0.28 (2.87%)
HUBC 80.00 Increased By ▲ 0.83 (1.05%)
HUMNL 6.45 Increased By ▲ 0.21 (3.37%)
JSCL 20.41 Increased By ▲ 0.50 (2.51%)
KAPCO 40.94 Increased By ▲ 0.69 (1.71%)
KEL 3.87 Increased By ▲ 0.02 (0.52%)
LOTCHEM 17.24 Increased By ▲ 0.54 (3.23%)
MLCF 46.91 Increased By ▲ 1.17 (2.56%)
PAEL 36.17 Increased By ▲ 2.69 (8.03%)
PIBTL 10.49 Increased By ▲ 0.19 (1.84%)
POWER 9.35 Increased By ▲ 0.15 (1.63%)
PPL 85.74 Increased By ▲ 0.16 (0.19%)
PRL 25.71 Increased By ▲ 1.21 (4.94%)
PTC 9.45 No Change ▼ 0.00 (0%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 39.36 Increased By ▲ 0.10 (0.25%)
TRG 159.61 Increased By ▲ 11.13 (7.5%)
UNITY 30.75 Increased By ▲ 1.12 (3.78%)
WTL 1.43 Increased By ▲ 0.23 (19.17%)
BR100 4,852 Increased By ▲ 65.72 (1.37%)
BR30 25,671 Increased By ▲ 690.82 (2.77%)
KSE100 45,186 Increased By ▲ 445.12 (0.99%)
KSE30 18,485 Increased By ▲ 152.7 (0.83%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,329
10024hr
Pakistan Cases
715,968
513924hr
Sindh
268,284
Punjab
245,923
Balochistan
20,178
Islamabad
64,902
KPK
97,318

JOHANNESBURG: South Africa's rand retreated from a five-month high on Friday as risk appetite subdued, but was on track for weekly gains after expectations the US Federal Reserve would cut interest rates had stoked demand for the currency.

On the bourse, stocks were flat as worries over global economic growth and US-China trade quelled investor appetite for emerging market equities after an earlier rally fuelled by hopes of looser U.S monetary policy.

At 1520 GMT, the rand was 0.25% weaker at 14.0050 per dollar, retreating from a five-month high of 13.8200 reached earlier in the session. The currency was on track for weekly gains of more than 1%.

Also helping the currency in the week were media reports on Thursday that state asset manager Public Investment Corporation (PIC) might consider converting the $6.4 billion debt of struggling state power utility Eskom to equity.

Market focus is now on the South African Reserve Bank's monetary policy committee (MPC) interest rates announcement on Thursday.

"The MPC is also highly likely to reduce local interest rates during its meeting next week, but the impact on the rand will probably be overshadowed by the positive effect of the expected Fed rate cut, and the expected benefits to the South African economy," said Bianca Botes, a treasury partner at Peregrine Treasury Solutions.

"The local economy, however, will require more than an interest rate cut to see any significant and sustainable growth."

In equities, the benchmark Johannesburg Stock Exchange Top-40 Index fell slightly by 0.06% to 51,157.41 points while the broader All-Share Index dipped by 0.05% to 57,243.86 points.

"We're seeing risk-off trade in emerging markets coming through towards the end of the week based on possible Fed outcomes, the ongoing trade war, and the US and China not coming to the party and saying or commenting on further agreements," said Wilmar Buys, FFO Securities portfolio manager.

The bottom performers were mining company Gold Fields , which slipped 2.97% to 72.20 rand, and paper and pulp maker Sappi, which dropped 2.24% to 49.80 rand.

Crisis-hit retailer Steinhoff, however, rose 12.60% to 1.47 rand despite reporting a 356 million euro ($401 million) half-year loss from continuing operations as the damage from a massive accounting scandal drags on.

Bonds retreated, with the yield on the benchmark 2026 issue rising by 6 basis points to 8.09%.

Copyright Reuters, 2019