JOHANNESBURG, Dec 17 (Reuters) - The South African rand firmed on Friday against a subdued dollar in trade thinned by the start of the summer holiday season. At 1500 GMT, the rand traded at 15.8175 against the dollar, 0.68% firmer than its previous close. The dollar (.DXY) stayed near a more than one-week low hit on Thursday after the U.S. Federal Reserve said it would end bond buying in March and signalled three interest rate hikes by end-2022. Analysts at ETM Analytics said liquidity was likely to remain constrained as many South Africans use the annual Dec. 16 Day of Reconciliation public holiday to kick-start their end-of-year holidays. "As South Africa closes down for summer holidays, there are still many risks that abound that are difficult to ignore," they said in a research note. The analysts cited the rapid spread of the Omicron coronavirus variant and the possibility of renewed violence after a court ruling ordering former president Jacob Zuma back to jail among the risks. The yield on the government"s benchmark 2030 bond was down 14.5 basis points at 9.305% . Stocks closed weaker, mirroring losses across global markets after this week"s surprisingly hawkish turn from major central banks in the fight against inflation. The Johannesburg All-Share index (.JALSH) was down 0.37% at 71,203 points, while the Top-40 Index (.JTOPI) fell 0.65% to 64,680 points. With South African markets closed on Thursday for a public holiday, investors reacted for the first time on Friday to U.S. Federal Reserve"s hawkish tilt on Wednesday and Thursday"s Bank of England interest rate hike. read more Investors offloaded growth and technology stocks and pilled into commodity and banking sectors, which were also lifted by Fitch upgrading the outlook on South Africa"s long-term foreign-currency issuer default rating to "stable" from "negative". read more The technology index (.JTECH), led by technology investor Naspers (NPNJn.J) and its unit Prosus , fell 3.88%. "I will reiterate once again that V for Volatility, and not directional trends, will continue to be the winner in December," Jeffrey Halley, Senior Market Analyst for Asia Pacific at OANDA, said in a note.