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 2): The FBM KLCI finished 14.09 points or 0.9% higher at 1,580.49 points today, lifted by oil and gas (O&G) as well as glove heavyweights.
The index rose to a high of 1,585.18 points earlier.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the market was mainly lifted by heavyweights in the O&G and glove sectors due to higher oil prices and positive corporate results.
“The market was slightly on the positive note today, but we saw some profit-taking activities after news of the novement control order (MCO) being extended until Feb 18,” he said.
He expects the market to continue to be range-bound this week as the MCO expansion continues to curb market sentiment.
Across Bursa, 6.63 billion securities were traded for RM5.12 billion, compared with 6.53 billion securities worth RM6.37 billion last Friday.
Losers led gainers by 670 to 502, while 435 counters closed unchanged.
Glove stocks continued to see buying interest from retail investors. Top Glove Corp Bhd rose 31 sen or 4.6% to RM7.05; Supermax Corp Bhd climbed 28 sen or 4.12% to RM7.08; and Hartalega Holdings Bhd gained 44 sen or 3.42% to RM13.30.
Meanwhile, the top gainers were led by Malaysian Pacific Industries Bhd, which surged RM1.30 or 3.94% to RM34.30. This was followed by Petronas Dagangan Bhd (PetDag), which leapt 60 sen or 3.1% to RM19.96, and Kuala Lumpur Kepong Bhd (KLK), which added 56 sen or 2.41% to RM23.80.
The top losers, on the other hand, were led by Amtel Holdings Bhd, which slipped 42 sen or 10.19% to RM3.70. This was followed by UWC Bhd, which tumbled 40 sen or 3.13% to RM12.38, and Toyo Ventures Holdings Bhd, which lost 39 sen or 13.93% to RM2.41.
Reuters reported that Asian stocks rose today as signs of progress in US stimulus talks boosted Wall Street overnight.
Japan’s Nikkei 225 closed 0.97% higher at 28,362.17 points; South Korea’s KOSPI ended 1.32% higher at 3,096.81 points; and Hong Kong’s Hang Seng Index finished 1.23% higher at 29,248.7 points.
Source: The Edge
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