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 (April 24): The FBM KLCI closed down 11.79 points or 0.85% at 1,369.85 today with Asian stock indices, spurred by doubts about the progress in the development of drugs to treat Covid-19 patients. Such sentiment, however, led to gains in rubber glove manufacturers' share prices, in anticipation lingering Covid-19 concerns will result in higher demand for gloves.
Across Bursa Malaysia at 5pm today, 4.69 billon shares were traded for RM2.49 billion. There were 445 gainers and 400 decliners across the exchange, as news Gilead Sciences Inc's antiviral drug Remdesivir which had failed to help severely ill Covid-19 patients in its first clinical trial, hit global stock market sentiment.
"Any piece of bad news is likely to rattle the market," New York-based wealth management firm Inverness Counsel chief investment strategist Tim Ghriskey was quoted as saying by Reuters.
Across Bursa, top decliners included Heineken Malaysia Bhd, besides KLCI stocks MISC Bhd and Tenaga Nasional Bhd.
Top gainers included glove makers Top Glove Corp Bhd, Kossan Rubber Industries Bhd and Supermax Corp Bhd.
Most active stocks included glove producer Careplus Group Bhd, which registered a trading volume of some 137 million shares. Its share price closed up 5.5 sen or 14.67% at 43 sen.
Bursa’s healthcare index, which includes glove manufacturers, ended up 28.73 points or 2.02% at 1,449.77, to be the leading gainer among Bursa indices.
Source: The Edge
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