ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,619
11824hr
Pakistan Cases
729,920
431824hr
Sindh
269,474
Punjab
252,974
Balochistan
20,397
Islamabad
66,983
KPK
100,275

JOHANNESBURG: South Africa's rand firmed to a two-week high on Friday as the dollar slipped after US Federal Reserve Chair Jerome Powell set the stage for further interest rate cuts.

At 1540 GMT the rand was 0.41% firmer at 15.1800 per dollar, after hitting a two-week peak of 15.0750 earlier in the immediate aftermath of Powell's speech.

In his speech, Powell said the US economy is in a "favourable place" and the Fed will "act as appropriate" to keep the economic expansion on track.

Markets had been divided on what they thought Powell would say at the Jackson Hole, Wyoming, symposium, with some expecting him to announce a major stimulus measure while others believed he would downplay the chances of a September rate cut.

"It has been a positive trading week for the local currency thanks to global stimulus hopes and a slowdown in domestic inflation, which boost expectations of a (South African Reserve Bank) rate cut," Lukman Otunuga, a senior research analyst at FXTM, said in a note.

Headline consumer price inflation slowed to 4.0% year-on-year in July, data from Statistics South Africa showed on Wednesday, the lowest since January and below a consensus forecast of 4.2%.

Lower inflation against relatively high interest rates marginally supports the rand's carry-yield attraction, but gains based on such data tend to be quickly overtaken by other factors such as high levels of local credit risk and diminishing chances of lower US benchmark rates.

In equities, Johannesburg's broader All-share index fell 0.35% to 53,996 points, while the benchmark Top-40 index declined 0.39% to 48,248 points.

Retailers were among the biggest decliners, with Massmart shedding 7.81% to 40.26 rand, while Shoprite fell 3.61% to 116.29 rand.

"The whole retail index was not looking all that healthy," said Bright Khumalo, portfolio manager at Vestact. "It's a story of volumes; lower volumes as a result of consumers that are wary of what they spend their hard-earned money on."

In fixed income, the yield on the benchmark bond due in 2026 added 0.5 basis points to 8.275%.

Copyright Reuters, 2019