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 11): The FBM KLCI closed lower today on profit-taking, after rising over the last four trading days.
The benchmark index finished 10.42 points or 0.64% down at 1,629.41.
Malacca Securities research head Loui Low said investors decided to take profit after recent gains.
Component stocks that dragged the KLCI today included Petronas Dagangan Bhd, Hap Seng Consolidated Bhd and Digi.Com Bhd.However, while the index-linked heavyweights were down today, the FBM Small Cap and FBM ACE indices closed higher.
The Small Cap Index was up 275.03 points or 1.67% at 16,775.69, while the ACE Index closed 90.70 points or 0.88% higher at 10,443.12.
A total 9.53 billion shares worth RM5.44 billion were traded on Bursa Malaysia today.
Active counters included AirAsia X Bhd, Sauddee Group Bhd and Dagang NeXchange Bhd.
Top gainers were Heineken Malaysia Bhd, Malaysian Pacific Industries Bhd and ViTrox Corp Bhd, while Nestle Malaysia Bhd, Petronas Dagangan and Atlan Holdings Bhd led the losers’ list.
Elsewhere in Asia, most indices ended the day higher.
Tokyo’s Nikkei 225 rose 0.60% or 175.08 points to 29,211.64, Hong Kong’s Hang Seng finished 1.65% or 478.09 points higher at 29.385.61. The Shanghai Composite index, however, closed 2.36% or 79.09 points lower at 3,436.83.
Reuters reported Asian markets were mostly higher, following overnight gains on Wall Street after consumer price data for February calmed inflation fears, with the US’ Congress giving its final seal of approval for one the largest economic stimulus measures in US history.
Investors also kept an eye on a possible improvement in US-China relations, ahead of the US secretary of state meeting with top Chinese officials on March 18, the report said.
Source: The Edge
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