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 (Feb 12): Malaysian stocks closed higher today, in tandem with most Southeast Asian stock markets following a higher Friday close for US stocks after a wild week.
The FBM KLCI ended the day up 10.35 points or 0.57% at 1,830.17, after hovering between 1,834.45 and 1,824.89 today. Market breadth was negative with 484 losers compared with 453 gainers with and 480 counters unchanged.
AmInvestment Bank Research analyst Lim Sae Wai said investors are still bracing for more volatile trading days ahead for fear of another market selldown in the US market.
"At the moment, our local market is very much dependent on international market sentiment, especially the US. But even with the rebound (in US stocks) last Friday, most investors are not convinced that the market sell down is over," he told theedgemarkets.com.
"On a slightly medium-term outlook, the market is still considered going through a healthy correction after being overbought of late," Lim added.
He also said so long as the benchmark index stays over the support level of 1,795 points, there should be a general positive bias throughout the market.
Trading volume fell to 1.8 billion shares worth RM2.27 billion compared with Friday's 2.5 billion shares worth RM2.67 billion.
Top gainers were Ajinomoto (Malaysia) Bhd, United Plantations Bhd, and Petronas Gas Bhd, while top losers were Hong Leong Financial Group Bhd, Panasonic Manufacturing Malaysia Bhd, and British American Tobacco (Malaysia) Bhd.
Across Asia, Singapore's STI rose 0.23%, South Korea's KOSPI went up 0.91%, while Hong Kong's Hang Seng was down 0.16%.
Source: The Edge
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