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 (April 2): The FBM KLCI closed 2.17 points or 0.17% higher today on bargain hunting, tracking gains seen on regional bourses.
At 5pm, the FBM KLCI ended the session at 1,585.35, compared to yesterday’s closing of 1,582.64. Heavyweights that powered the FBM KLCI included Top Glove Corp Bhd, CIMB Group Holdings Bhd, Axiata Group Bhd and Telekom Malaysia Bhd.
On the broader market, gainers triumphed over losers by 624 to 408, while 438 counters were unchanged. Trading volume stood at 6.62 billion shares, valued at RM2.92 billion. Small market capitalisation (small cap) stocks also rose by a larger quantum amid a rotational play from big caps to smaller entities across Bursa Malaysia.
Commenting on today’s KLCI performance, Rakuten Trade Research head of equity sales Vincent Lau reckoned that investors’ bargain-hunting activities continued as the benchmark index is still trading below the 1,600 level. “The sentiment was also buoyed by the oil price increase following the Organization of the Petroleum Exporting Countries Plus (OPEC+) [decision] to gradually ease its oil output cuts from May,” he added.It was reported that Brent crude jumped 3.38% to US$64.86 (RM268.59) per barrel after OPEC+ and its allies agreed to add more than two million barrels a day to world oil supplies between May and July.
Bursa Malaysia's Energy Index, which tracks share prices of oil and gas-related companies, settled 0.21% or 1.94 points higher at 937.12.
Among the indices, Bursa's Technology Index, which tracks semiconductor-related companies' shares, led the gain by percentage, as it closed 2.38% higher at 87.35. This was followed by Bursa's Healthcare Index, which went up 1.23% to close at 2,937.7.
Technology stocks also dominated the Bursa’s top gainers (by value) list, led by Malaysian Pacific Industries Bhd, which rose 78 sen or 1.99% to close at RM40. This was followed by KESM Industries Bhd, ViTrox Corp Bhd and Unisem (M) Bhd.
On the other hand, notable losers of the day included Hong Leong Financial Group Bhd, MISC Bhd, British American Tobacco (M) Bhd, MCOM Holdings Bhd, Fraser & Neave Holdings Bhd, Cheetah Holdings Bhd and Euro Holdings Bhd.
The top actives, meanwhile, were led by Luster Industries Bhd, which saw 302.36 million shares traded, surpassing its 200-day average trading volume of 64.67 million shares by more than four times. The stock closed up 1.5 sen or 6.98% to 23 sen. Other actives included Berjaya Corp Bhd, Macpie Bhd, Permaju Industries Bhd, HB Global Ltd, Datasonic Group Bhd and Barakah Offshore Petroleum Bhd.
Elsewhere in Asia, markets were largely in the green, with Japan's Nikkei 22.5 rising 1.58% and South Korea’s Kospi adding 0.82%; Singapore's STI closed up 0.52%.
Bloomberg reported that Asian stocks and US equity futures posted modest gains on Friday after US shares reached a record on optimism over a stimulus-fueled economic rebound.
Source: The Edge
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