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 25): The FBM KLCI rose today as market sentiment was boosted by Malaysia’s retention on the FTSE Russell World Government Bond Index (WGBI) watch list, and on continued buying interest in rubber glove stocks.
The KLCI closed 8.34 points 0.56% higher at 1,509.14 after staying in positive territory throughout the day, moving between 1,505.05 and 1,516.00
TA Securities Holdings Bhd senior technical analyst Stephen Soo said glove counters attracted further buying amid a continued increase in Covid-19 cases globally.
He told theedgemarkets.com that the interest in glove counters was further boosted by the news that the Employees Provident Fund is on a shopping spree for glove stocks.Soo expects the glove sector to continue to be in the spotlight next week amid a continued rise in Covid-19 cases globally.
He, however, expects the KLCI to move sideways as investors turn cautious in the wake of domestic political uncertainty and concerns over the liquidity in the equity market following the expiry of the loan moratorium on Sept 30.
He expects the support level for the KLCI to be at 1,502, followed by 1,474, with the resistance level at between 1,541 and 1,553.
Trading volume shrank by more than 10% to 5.17 billion shares worth RM3.96 billion, from 5.9 billion shares worth RM4.56 billion yesterday.
The market breadth was positive with losers leading gainers by 512 to 422, while 494 counters remained unchanged.
The day’s top gainer was Hartalega Holdings Bhd, which rose by RM1.10 or 6.92% to RM17, for a market capitalisation of RM58.82 billion.
Other big gainers included Kossan Rubber Industries Bhd, Aeon Credit Service (M) Bhd, Fraser & Neave Holdings Bhd and Time dotCom Bhd.
Meanwhile, Top Glove closed 25 sen or 2.92% higher at RM8.80.
Advance Synergy Bhd was the most actively traded stock with 261.35 million shares traded, exceeding its 200-day average trading volume of 19.76 million shares.
This was followed by Kanger International Bhd, Malayan United Industries Bhd, mTouche Technology Bhd, Pegasus Heights Bhd, Sapura Energy Bhd, Careplus Group Bhd, HLT Global Bhd, Parlo Bhd Bhd and Pasukhas Group Bhd.
The day’s top decliners included PPB Group Bhd, Petronas Dagangan Bhd, Carlsberg Brewery (M) Bhd, Komarkcorp Bhd, Nestle (M) Bhd, Malaysia Airports Bhd and Heineken (M) Bhd.
Asian shares rose today after robust US housing data supported a late tech-driven rally on Wall Street, with investors picking up the pieces a day after a broad regional index posted its biggest daily loss in more than three months, Reuters reported.
Source: The Edge
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