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 (Sept 28): The FBM KLCI closed 2.52 points or 0.17% higher at 1,511.66 today on fund managers' quarter-end window dressing and as broader global markets took cue from the rising number of Covid-19 cases.
Across Bursa Malaysia at 5pm, trading volume stood at 5.17 billion securities worth RM3.51 billion. There were 569 gainers and 458 decliners.
Top gainers included PPB Group Bhd besides rubber glove manufacturers Kossan Rubber Industries Bhd and Hartalega Holdings Bhd.
Leading gainer PPB's share price closed up RM1.06 or 5.76% at RM19.46 while Hartalega's ended up 42 sen or 2.47% at RM17.42.
PPB and Hartalega are constituents of the 30 stock KLCI.
Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com that PPB share price's rise today was due to "window dressing and bargain hunting activities".
On the KLCI, Lau said the index's rise also took cue from Asian stock indices' gain today.
In view of the increase in the number of Covid-19 cases globally, he said glove makers' share prices "have shown positive momentum, which helps boost the KLCI to end in a positive territory".
The resurgence in global Covid-19 infections has been a key theme for global markets including equities, currencies and commodities.
It was reported that European shares opened higher today after strong economic data from China helped lift sentiment in the Asian session, but the dollar was in demand with investors cautious about a second wave of Covid-19 infections and the upcoming US election.
It was reported that crude oil prices dipped today as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after slipping last week.
Brent crude fell 37 cents, or 0.9%, to US$41.55 a barrel by 0652 GMT after dropping 2.9% last week while US West Texas Intermediate was at US$39.86 a barrel, down 39 cents or 1%, following a 2.1% decline last week, Reuters reported today.
Source: The Edge
Comments
Post a Comment