ANL 33.20 Decreased By ▼ -1.15 (-3.35%)
ASC 15.43 Increased By ▲ 1.03 (7.15%)
ASL 23.86 Decreased By ▼ -0.14 (-0.58%)
AVN 89.25 Decreased By ▼ -2.20 (-2.41%)
BOP 7.78 Increased By ▲ 0.08 (1.04%)
BYCO 9.71 Increased By ▲ 0.07 (0.73%)
DGKC 115.00 Decreased By ▼ -0.50 (-0.43%)
EPCL 50.50 Decreased By ▼ -0.51 (-1%)
FCCL 23.40 Increased By ▲ 0.10 (0.43%)
FFBL 26.40 Increased By ▲ 0.40 (1.54%)
FFL 16.18 Increased By ▲ 0.28 (1.76%)
HASCOL 9.29 Increased By ▲ 0.29 (3.22%)
HUBC 79.00 Increased By ▲ 0.05 (0.06%)
HUMNL 6.10 Decreased By ▼ -0.15 (-2.4%)
JSCL 20.40 Increased By ▲ 0.24 (1.19%)
KAPCO 40.21 Increased By ▲ 0.05 (0.12%)
KEL 3.90 Decreased By ▼ -0.09 (-2.26%)
LOTCHEM 14.20 Decreased By ▼ -0.15 (-1.05%)
MLCF 44.50 Decreased By ▼ -0.50 (-1.11%)
PAEL 32.27 Decreased By ▼ -0.27 (-0.83%)
PIBTL 9.99 Increased By ▲ 0.15 (1.52%)
POWER 8.80 Decreased By ▼ -0.05 (-0.56%)
PPL 82.80 Increased By ▲ 1.21 (1.48%)
PRL 24.95 Increased By ▲ 1.31 (5.54%)
PTC 9.26 Increased By ▲ 0.04 (0.43%)
SILK 1.35 Decreased By ▼ -0.02 (-1.46%)
SNGP 43.68 Increased By ▲ 1.88 (4.5%)
TRG 182.80 Increased By ▲ 4.62 (2.59%)
UNITY 41.25 Increased By ▲ 2.87 (7.48%)
WTL 1.68 Decreased By ▼ -0.01 (-0.59%)
BR100 4,959 Increased By ▲ 32.4 (0.66%)
BR30 25,887 Increased By ▲ 233.44 (0.91%)
KSE100 45,982 Increased By ▲ 191.46 (0.42%)
KSE30 18,826 Increased By ▲ 108.77 (0.58%)

Coronavirus
VERY HIGH
Pakistan Deaths
19,752
13524hr
Pakistan Cases
882,928
256624hr
Sindh
299,913
Punjab
328,775
Balochistan
23,931
Islamabad
79,371
KPK
127,224

JOHANNESBURG: South Africa's rand was firmer early on Friday, adding to the previous session's gains in a recovery driven mainly by investors covering their short positions in anticipation of sharper falls as local and global growth fears loom.

At 0650 GMT the rand was 0.57pc firmer at 15.1925 per dollar compared with a close of 15.2800 overnight in New York, bringing gains to more than 1.5pc since Wednesday when the currency tumbled to just short of 11-month lows.

The rand has fallen more than 9pc since the beginning of  August, pressured by the rising likelihood of a credit ratings downgrade by linked to massive, additional bailout to state power firm Eskom and, this week, by signs of a slower global growth.

With fundamentals and sentiment pointing to further rand weakness, many traders see a short term rally, with buyers coming in at current prices before the next tranche of losses.

Bonds also firmed, with the yield on the benchmark 10-year government paper due in 2026 down 4 basis points to 8.395pc.

In stocks, petrochemical giant Sasol said it would delay the release of its 2019 financial results due to possible "control weaknesses" at its US ethane cracker project.

Shares in Sasol fell 15pc at market open at 0700 GMT.

Copyright Reuters, 2019