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Russia Holds Key Rate at 21% Amid Surging Inflation

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...
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Market Daily Report: FBM KLCI gets 11th-hour boost from CIMB, IOI Corp




KUALA LUMPUR (Aug 24): The FBM KLCI rose 2.56 points or 0.1% on late buying of CIMB Group Holdings Bhd and IOI Corp Bhd shares. CIMB and IOI Corp helped the KLCI erase losses at the 11th hour.

At 5pm, the KLCI closed at 1,775.50 points after falling to its intraday low at 1,768.52 points. IOI Corp rose 14 sen to RM4.59 to become Bursa Malaysia's sixth-largest gainer.

“Crude palm oil has been on a rally recently, and this — coupled with the fact that IOI Corp has yet to announce the latest quarterly report, may add to the positive sentiment,” Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told theedgemarkets.com.

CIMB shares fell two sen to RM6.72 after falling to its intraday low at RM6.51 ahead of the financial services entity's second quarter results announcement this Monday.

Across Bursa Malaysia today, 2.13 billion shares worth RM1.98 billion changed hands. A total of 425 counters ended higher versus 356 decliners.

APFT Bhd was the most-actively traded counter with some 251 million shares transacted. The stock fell 0.5 sen to close at 2.5 sen.


Source: The Edge
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