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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 up 13.99 points as Wang Yi's visit seen bolstering sentiment



KUALA LUMPUR (July 31): The FBM KLCI closed 13.99 points or 0.79% higher at its intraday high after investors bought KLCI-linked stocks including Tenaga Nasional Bhd and Hong Leong Financial Group Bhd. At 5pm, the KLCI settled at 1,784.25 points.

The KLCI's rise today was apparent when Bursa Malaysia resumed trading in the afternoon as KLCI-linked stocks emerged among the bourse's top gainers. Hong Leong Investment Bank Bhd head of retail research Loui Low said the KLCI's rise could be due to China Foreign Minister Wang Yi's two-day visit to Malaysia starting today.

Low said the visit "could lead to some positive developments for the bilateral relationship between Malaysia and China."

At Malaysian shares' current level, Low said the local stock market was traded in an overbought environment. He noted that the KLCI's resistance could be seen within the range of 1,790 to 1,800 points
Across Bursa Malaysia, 2.71 billion shares worth RM3.05 billion were transacted. Top gainer Tenaga added 54 sen to close at RM15.68 while Hong Leong Financial added 28 sen to close at RM18.08.

Bursa Malaysia's most-active stocks included My E.G. Services Bhd (MyEG) and Cuscapi Bhd with a trade volume of some 65 million and 60 million shares respectively. MyEG added 10 sen to close at RM1.24 while Cuscapi rose three sen to 31.5 sen.


Source: The Edge
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