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 (Jan 26): The FBM KLCI erased earlier gains and ended the day on a flat note, as investors remained cautious amid the rising Covid-19 cases.
The FBM KLCI closed 1.31 points or 0.083% lower at 1,575.31 after rising to a high of 1,609.19 earlier.
Rakuten Trade Sdn Bhd head of research Kenny Yee told theedgemarkets.com that bargain hunting was driving the market up earlier but sentiment remained jittery.
He said the market is still volatile, as investor confidence remained low amid the rising Covid-19 cases.
Across Bursa Malaysia, 5.93 billion securities were traded for RM4.74 billion, compared with 7.48 billion securities worth RM5.17 billion yesterday.
Gainers led losers by 601 to 537, while 490 counters closed unchanged.
Glove makers which surged yesterday saw profit taking today. Top Glove Corp Bhd fell 32 sen or 4.91% to RM6.20; Supermax Corp Bhd slipped 35 sen or 5% to RM6.65; Hartalega Holdings Bhd slid 56 sen or 4.31% to RM12.44.
Meanwhile, banking stocks saw some buying interest. Public Bank Bhd gained 14 sen or 3.29% to RM4.40; Hong Leong Bank Bhd added 22 sen or 1.28% to RM17.46; Hong Leong Financial Group Bhd advanced 34 sen or 2.11% to RM16.46.
The Technology Index climbed 2.7% to 80.91. Malaysian Pacific Industries Bhd, which was the top gainer today, surged RM1.70 or 5.54% to RM32.40.
Most Asian bourses finished lower today.
Reuters reported that Asian stocks fell today as lingering concerns about potential roadblocks to the Biden administration’s US$1.9 trillion stimulus weighed on sentiment, dragging US Treasury yields to three-week lows.
Japan’s Nikkei 225 ended 0.96% lower at 28,546.18 points; South Korea’s Kospi closed 2.14% lower at 3,140.31 points; while Hong Kong’s Hang Seng finished 2.59% lower at 29,377.24 points.
Source: The Edge
Comments
Post a Comment