South African stocks are among the most battered in the world, outpaced in the quarter-to-date only by those in Colombia, Turkey, India and Egypt. Measured on the Morgan Stanley Capital International (MSCI) indices, South African stocks are down 23% in dollar terms and 14% in rand terms, from the peak.
The peak, which also represented an all-time record for South Africa and many other stock markets, was recorded on May 11, the day when the US central bank, the Federal Reserve, not only hiked interest rates once again, but also hinted that its tightening cycle could continue. From that moment, fear gripped global markets, sending equities, commodities and bonds into a spin.
See full Article.
Posts
