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 19): The FBM KLCI closed lower today in line with the weak regional performance following the overnight loss on Wall Street.
The benchmark index fell to as low as 1,615.16 before recovering — thanks mainly to a late surge in selective component stocks such as Sime Darby Bhd, Top Glove Corp Bhd, Maxis Bhd and IHH Healthcare Bhd — to close at 1.626.19, down 1.8 points or 0.11% from yesterday.
MIDF head of research Imran Yassin Md Yusof said market sentiment was affected by the downtrend in regional markets.
“The local market's weak performance today is a reflection of its regional peers, as the negative sentiments were a spillover from the drop in the US overnight stock market due to rising bond yields,” he said when contacted.
Market breadth was negative with losers thumping gainers 787 to 347, while 417 counters finished unchanged.
Total volume was 9.04 billion units worth RM5.79 billion, compared with 9.16 billion units worth RM4.84 billion yesterday.
Top losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Dataprep Holdings Bhd, Heineken (M) Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd and Press Metal Aluminium Holdings Bhd
Gainers were led by Kuala Lumpur Kepong Bhd, Vitrox Corp Bhd, Kumpulan H&L High-Tech Bhd and Cycle & Carriage Bintang Bhd.
Macpie Bhd topped the active list with 300.08 million shares traded. It rose 26 sen or 88.14% to close at 55.5 sen.
Other active stocks included Widad Group Bhd, Borneo Oil Bhd, Cuscapi Bhd, G3 Global Bhd and Dagang NeXchange Bhd.
Across Asia, Japan's Nikkei 225 fell 1.41% while South Korea's Kospi dropped 0.86%. Hong Kong’s Hang Seng declined 1.41% while the Shanghai Stock Exchange Composite Index fell 1.69%
Reuters reported that Asian share markets slipped today after a spike in global bond yields soured sentiment towards richly priced tech stocks, while a stampede out of crowded positions may have put an end to the bull run in crude oil.
Source: The Edge
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