The SEMDEX extended its declines on Friday, dropping 0.2% to 2,136.18 pts, as losses in several stocks countered gains in heavyweight MCBG and SUN.
MCBG recorded a slight 0.1% gain to MUR 370.50 on 56.3k shares traded, accounting for 67% of total market turnover. However, peer SBMH (-2.0% to MUR 4.80) continued its downward trend, marking five consecutive sessions in the red.
Among the other key losers for the day were CIEL (-1.4% to MUR 7.30) and MUA (-1.1% to MUR 90.00). On a brighter note, hotel stock SUN advanced 1.2% to MUR 41.00, while industrial stock GAMMA gained 0.1% to MUR 36.50.
Foreign investors remained net buyers, purchasing MUR 19.5m and selling MUR 5.8m worth of stocks.
International Markets
US equities plunged on Thursday after comments from a Federal Reserve official tempered expectations for imminent interest rate cuts.
Minneapolis Fed President Kashkari indicated he anticipated two rate cuts this year under his current economic forecast. However, he cautioned that the recent slowdown in inflation progress could lead to the Fed not cutting rates this year if the trend persists.
European stocks ended the day with a modest gain of 0.2%. This uptick followed signals of recovery in the eurozone economy. Mining stocks led the sectoral gainers, advancing 1.7%, while the chemicals sector dipped 0.6%.
Korean equities led gains in the Asia-Pacific region on Thursday, with a 1.5% rise. Stock markets in Hong Kong, China, and Taiwan were closed for a public holiday. Japan's NIKKEI 225 also closed higher, with a gain of 0.8%.
Regional Markets
South African stocks, as measured by the JSE All Share Index, closed 1.8% higher on Thursday, driven by significant gains in the precious metals mining sector. Platinum miner Impala Platinum experienced a surge of 10.1% and gold miner Harmony Gold Mining rose 2.2%.
FX & Commodities
Oil prices rose on Thursday, with Brent futures settling 1.4% higher, reflecting growing geopolitical tensions in the Middle East.
News reports indicate that Israeli embassies worldwide have been placed on high alert due to heightened threats of Iranian attacks on Israeli diplomats.