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...
KUALA LUMPUR (Jan 17): The FBM KLCI rose 2.6 points or 0.1% after an 11th-hour spike and as the ringgit strengthened against major currencies.
At 5pm, the KLCI closed at 1,828.63 points after falling to its intraday low at 1,821.54. The KLCI reversed losses as KLCI-linked Hong Leong Bank Bhd and Genting Bhd shares rose among Bursa Malaysia top gainers.
Bursa Malaysia small-capitalisation (small cap) stocks fell. The FBM Small Cap Index fell 150.53 points or 0.85% to close at 17,528.90 points.
Across Bursa Malaysia, 4.97 billion shares valued at RM2.79 billion were traded. Hong Leong Bank was the top gainer while Genting Bhd was the eighth-largest advancer.
AmInvestment Bank Bhd analyst Lim Sae Wai told theedgemarkets.com :
“The small-cap index is going through a steeper correction, but its
recent peak in early January was pretty overboard, so it is not
surprising to see a bit of a pullback. There is a perceived negative
sentiment on the weaker dollar towards selected export-oriented
companies.”
The ringgit strengthened against the US dollar and Singapore dollar. Compared to the US dollar, the ringgit appreciated to its strongest level today at 3.9435. Over the last one-year, the exchange rate was between 3.9435 and 4.4618.
Against the Singapore dollar today, the ringgit apreciated to its firmest point at 2.9833. Over the last one-year, the exchange rate was between 2.9833 and 3.1786.
Source: The Edge
The ringgit strengthened against the US dollar and Singapore dollar. Compared to the US dollar, the ringgit appreciated to its strongest level today at 3.9435. Over the last one-year, the exchange rate was between 3.9435 and 4.4618.
Against the Singapore dollar today, the ringgit apreciated to its firmest point at 2.9833. Over the last one-year, the exchange rate was between 2.9833 and 3.1786.
Source: The Edge
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