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 (Feb 9): The FBM KLCI rose today in line with most regional benchmark indices, following the overnight rally on Wall Street that took the US market to a new record high.
The KLCI closed 12.80 points or 0.81% higher at 1,586.13, shored up by counters such as Press Metal Aluminium Holdings Bhd, MISC Bhd and Genting Malaysia Bhd.
JF Apex Securities said in a note to clients that US markets rallied overnight to extend their winning streak and record highs, following a strong earnings season, progress in vaccination and stimulus talks.
“Similarly, European stocks advanced amid corporate earnings and developments in coronavirus vaccination,” the research house noted.
On Bursa Malaysia, market breadth was broadly positive today, with 536 counters closing higher against 527 decliners.
Some 7.18 billion shares worth RM4.71 billion were traded. Top actives included Dagang NexChange Bhd (DNeX), Iris Corp Bhd and Opcom Holdings Bhd.
Top gainers were Malaysia Pacific Industries Bhd (MPI), Press Metal and Carlsberg Brewery Malaysia Bhd.
Top losers included Hartalega Holdings Bhd, UWC Bhd and See Hup Consolidated Bhd.
The Financial Services Index was the best performing of the KLCI indices today, closing 1.29% or 187.34 points higher at 14,752.74.
Reuters reported most Asian stocks gained in line with a broader rally, as volumes remained thin ahead of the Lunar New Year holidays.
The Nikkei 225 was up 0.40% at 29,505.93, Hang Seng gained 0.53% to 29.476.19, and the Shanghai Composite rose 2.01% to 3,603.49. However, the Kospi finished 0.21% lower at 3,084.67.
Source: The Edge
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