The JSE fell below 38,784 points on Monday, its lowest level since August 2013, following a downward trend in markets around the world.
The Johannesburg Stock Exchange plunged 12 percent on Monday as South Africa imposed tough restrictions after declaring a national state of disaster in a bid to curb the spread of the novel coronavirus.
The JSE Africa All-Share Index tumbled as much as 12 percent, while the rand currency lost 2.2 percent against the US dollar to trade at 16.64 rand. South Africa’s economy has already been battered by internal factors such as power outages and weak business confidence.Economists forecast that the central bank will cut interest rates by at least 50 basis points.
The impact of the virus on an already struggling economy has piled pressure on Ramaphosa who took over from graft-tainted Jacob Zuma two years ago promising a new start.
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