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 8): The FBM KLCI closed higher on gains in rubber glove counters and amid expectations of improved corporate earnings.
The benchmark index finished 0.11% or 1.81 points hgher at 1,602.40.
Areca Capital chief executive officer (CEO) Danny Wong said many investors are looking forward to a recovery in corporate earnings.
“There are expectations for the second quarter through the fourth quarter of the year that there will be a year-on-year (y-o-y) increase in earnings,” he said.Glove stocks including Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Comfort Gloves Bhd and Kossan Rubber Industries Bhd were among the day's top gainers.
The day's top active stocks included LKL International Bhd, Luster Industries Bhd and AT Systematization Bhd.
Top losers included consumer and financial services stocks Nestle (Malaysia) Bhd and Fraser & Neave Holdings Bhd (F&N), as well as Hong Leong Financial Group Bhd (HLFG).
Total trading volume across Bursa Malaysa was 7.6 billion shares worth RM4.9 billion.
Shares were mostly higher in Asia today, though Tokyo’s benchmark declined as reports of rising Covid-19 cases raised alarm over another setback in its recovery from the pandemic, the Associated Press reported. The Nikkei 225 fell 0.07% to 29,708.98.
Meanwhile, Hong Kong's Hang Seng Index rose 1.16% to 29,008.07, the Shanghai Composite Index gained 0.08% to 3,482.55 and South Korea's KOSPI was 0.19% higher at 3,143.26.
Source: The Edge
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