KUALA LUMPUR, Feb 14 (Bernama) -- Bursa Malaysia pared most of its losses to close marginally lower today, supported by late buying in banks after heavy selling in CelcomDigi earlier, amid continued weak market sentiment due to the US trade policies. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 0.68 of-a-point to 1,591.60 compared to yesterday’s close of 1,592.28. The market barometer opened 0.63 of-a-point higher at 1,592.91 and moved between an intraday low of 1,587.58 and an intra-day high of 1,595.01. Losers outnumbered gainers 598 to 433, while 445 counters were unchanged, 843 untraded and 22 suspended. Turnover expanded to 3.27 billion units worth RM2.40 billion from 2.56 billion units worth RM2.22 billion on Thursday. Rakuten Trade Sdn Bhd's vice president of equity research Thong Pak Leng said the FBM KLCI remained in consolidation mode, struggling to brea...
Well, the oil price drop definitely hurt Russia.
Then, we have the sanctions.
We also have the sharp drop in the Russia's Rubble currency.
What's next?
HIGHER PRICES FOR EVERYTHING!
The Russians definitely are feeling the pinch now, as they are facing higher prices for everything.
It's more expensive to buy eggs, dairy products, poultry and vegetables now. Apple halted the online store there, just three weeks after an increase in the price of an iPhone 6 for about 25% to 39,990 rubles...even then, the value of that iPhone sales when converted to dollar already has plummeted to about $585 from $847.
The same thing goes to McDonald's. The company increase the price of Big Mac by 2.2% to about 94 rubles....only to see the value drop from $1.77 to $1.35 in the intervening days.
Renault-brand cars have been increased by 8% in Russia.
Now, most Russians believe they have to snap up consumer goods before prices continue to go up.
The ruble yesterday sank beyond 80 per dollar, a record low, before rebounding after Economy Minister Alexei Ulyukayev denied the government would turn to impose restrictions to stop Russians from converting money into dollars.
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