* MPC, China to be in focus next week
* Shares manage first gains of the week
JOHANNESBURG, March 23 (Reuters) – South African stocks
closed higher on Friday for the first time this week as a late
rally inspired by a turn-around on Wall Street saw the market
claw back losses.
The blue-chip Top-40 index ended 0.06 percent
higher at 29,716.93. The broader All-share index added
the same percentage to finish at 33,572.07.
Next week, investors will be monitoring the outlook for
Chinese growth, as well as the Monetary Policy Committee (MPC)
meeting of South Africa’s central bank on Thursday.
Weak factory activity data in China and the euro zone has
undermined faith in the pace of a global upturn.
A Reuters poll of economists expects the MPC to keep its
key lending rate on hold at 5.5 percent, although its comments
will scrutinised for signals about the timing of expected rate
hikes.
South Africa’s market had been on course for its fourth
consecutive session of losses until U.S. stocks pared losses as
energy and basic materials shares, the sectors that had suffered
the worst hit on Thursday, rebounded.
By the time Johannesburg closed, Wall Street was up, which
could lift local shares on Monday.
Continued…
