The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
The FBM KLCI index lost 4.29 points or 0.26% on Friday to close at 1,658.910. The Finance Index fell 0.20% to 14093.2 points, the Properties Index dropped 0.82% to 1203.42 points and the Plantation Index down 0.12% to 7512.82 points. The market traded within a range of 13.14 points between an intra-day high of 1664.59 and a low of 1651.45 during the session.
The FBM KLCI decline, was in line with the dip at most regional markets and as the local economy grew at its slowest pace since the second quarter of 2013.
Most of the indices on Bursa Malaysia ended the day in red, except for technology and mining, which increased 0.24 points and 8.11 points respectively.
There were 339 gainers, 558 losers and 360 counters traded unchanged across the exchange today. Market breadth saw 2.21 billion shares traded, worth some RM2.14 billion.
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| FBM KLCI downtrend continues |
Most of the indices on Bursa Malaysia ended the day in red, except for technology and mining, which increased 0.24 points and 8.11 points respectively.
There were 339 gainers, 558 losers and 360 counters traded unchanged across the exchange today. Market breadth saw 2.21 billion shares traded, worth some RM2.14 billion.
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| Top 3 Gainers |
Top gainers were led by Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Berhad and Timedotcom Bhd, with F&N seeing an upside of 48 cents to close at 18.46.
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| Top 3 Losers |
The top 3 losers were British American Tobacco (M) Bhd, Far East Holdings Berhad and Huat Lai Resources Berhad.
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| Top 3 Active |
The most active counter for the day was Instaco, with 103.08 million shares done.
Kenanga Research head of research Chan Ken Yew sees a rebound next week, as the KLCI downside gap has almost been filled.
“Based on the performance today, we do not discount the possibility of a slight rebound next week, if KLCI manage[s] to hold an uptrend support line, just to fill the upside gap of 1,674.7 points to 1,680.8,” he told theedgemarkets.com today.
However, Chan warned there is still a minor downside risk, unless KLCI can overcome the 1,685-point level to gain a sustainable rebound.
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