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 (March 22): The FBM KLCI closed at its intraday low of 1,616.73 today, as investors turned cautious amid muted trading in regional markets.
At 5pm, the benchmark index closed 9.46 points lower, down 0.58% lower from Friday (March 19)'s close of 1,626.19. It earlier opened 2.28 points higher at 1,628.47, its intraday high.
Market breadth was negative, with losers outpacing gainers 746 to 387, while 425 counters were unchanged. Turnover stood at 7.57 billion shares worth RM3.87 billion. Trading value was 33.16% lower than the RM5.79 billion recorded on Friday, while trading volume has shrunk 16.26% from 9.04 billion.
Of the 30 component stocks, 22 closed lower, while seven closed higher and one was unchanged. Sime Darby Bhd led the fall among the component stocks, sliding 13 sen or 5.16% to RM2.39, followed by IHH Healthcare Bhd (fell 17 sen or 3.1% to RM5.31) and Genting Bhd (declined 17 sen or 3.07% to RM5.36).Malacca Securities Sdn Bhd head of research Loui Low told The Edge that investors on Bursa slipped into cautious mode today, as they monitor developments in the US bond yields.
Locally, investors are also waiting for more concrete news on the upcoming general elections, after Prime Minister Tan Sri Muhyiddin Yassin reiterated earlier this month that the polls will be called as soon as the country is out of the woods from the Covid-19 pandemic, he said.
On Bursa, Dataprep Holdings Bhd topped the top losers (by value) list, falling 75 sen or 30% to RM1.75, after 47.86 million shares were done. Other notable losers included Malaysian Pacific Industries Bhd (MPI), Vitrox Corp Bhd, Chin Tek Plantation Bhd, Kuala Lumpur Kepong Bhd, Nestle (M) Bhd and Malaysia Airports Holdings Bhd (MAHB).
Notable gainers included Tenaga Nasional Bhd, Petronas Dagangan Bhd and Press Metal Aluminium Holdings Bhd.
Meanwhile, Macpie Bhd, which fell 4.5 sen or 8.11% to close at 51 sen, again topped the actives list with 350.86 million shares traded. On Friday, the stock surged 26 sen or 88.14% to close at 55.5 sen. Widad Group Bhd, Dagang NeXchange Bhd and Scomi Bhd also remained on the actives' list.
Across Asia, Japan's Nikkei 225 fell 2.07%, while South Korea's Kospi dropped 0.13%. In China, Hong Kong’s Hang Seng skidded 0.36%, while the Shanghai Stock Exchange Composite Index closed up 1.14%.
Reuters reported Asian stocks turned mixed and bonds bounced on Monday, as a plunge in the Turkish lira sparked talk that capital controls might be needed to stem the rout, though the wider fallout has been relatively restrained.
Source: The Edge
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