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...
Market Daily Report: KLCI ends higher, Bursa volume tops 11.7 billion securities as global stocks cheer Biden win
KUALA LUMPUR (Nov 9): The FBM KLCI closed 4.68 points or 0.31% higher at 1,524.32 today with global stock indices while trading volume across Bursa Malaysia rose to 11.71 billion securities as US President-elect Joe Biden's election victory supported global stock market sentiment.
Across Bursa at 5pm, 11.71 billion securities worth RM4.62 billion were traded as Malaysian markets also took cue today from the Budget 2021 announcement last Friday.
Today TA Securities Holdings Bhd analysts wrote in a note: "With multiple buy signals triggered on momentum and trend indicators due to last week's strong sessions, the KLCI should enjoy further upside room this week, as optimism over economic growth increases with the Budget 2021 proposals likely to enhance recovery potential. On the external front, markets are rallying on hopes Democrat candidate Biden will eventually become the new US president, fuelling global recovery optimism as he should prove less combative and more accommodative towards China and other major economies, and hence reduce global trade frictions."
Globally, it was reported that shares surged, oil prices jumped and the US dollar remained weak today as expectations of fewer regulatory reforms and more monetary stimulus under US President-elect Biden supported risk appetite.It was reported that the Democratic candidate's election victory was already largely priced in by markets, which had been trading with the view of a Biden presidency and a Republican-controlled US Senate since last week.
It was reported that although Biden clinched enough states to win the presidency, incumbent President Donald Trump has not conceded and is making legal challenges to the outcome of the Nov 3 election.
On Bursa today, the KLCI opened higher in the morning before falling in the afternoon. The index, however, closed higher at 5pm after erasing losses in the final trading hour.
MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com today the KLCI finished higher in line with Asian stock indices.
Across Bursa, trading volume rose to 11.71 billion securities today from 7.67 billion units last Friday when the KLCI ended up 18.15 points or 1.21% at 1,519.64 as Finance Minister Tengku Datuk Seri Zafrul Aziz tabled Budget 2021 in Parliament on that day.
"[During] the last 15 minutes, last-minute buying was seen [in the KLCI]," Imran said.
Today, notable stocks included top-active entity AT Systematization Bhd after the stock registered a trading volume at some 2.66 billion shares.
AT Systematization's share price closed up 8.5 sen or 65.38% at 21.5 sen.
Source: The Edge
Comments
Post a Comment