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 21): The resurgence of Covid-19 cases dampened investment globally, including Bursa Malaysia, amid mounting concerns that any fresh wave of infections will derail the economic recovery.
Late heavy selling pulled the KLCI down by 10.99 points, or 0.68%, to close at its intraday low of 1,596.58.
Twenty-three out of the 30 KLCI-linked counters were in the red, while five went up and two were unchanged.
Notable losers among the heavyweights counters were Kuala Lumpur Kepong Bhd (KLK) and Petronas Dagangan Bhd (PetDag).
Meanwhile, glove makers bucked the market downtrend as index-linked Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd were the biggest winners today, along with Press Metal Aluminium Holdings Bhd and MISC Bhd among the component stocks.
Across the board, there were 552 losers versus 508 gainers, while 443 counters were unchanged. Trading volume stood at 8.68 billion securities worth RM4.3 billion.
MIDF head of research Imran Yassin Md Yusof said mounting concerns over a new wave of Covid-19 infections spooked global equities.
He said the local market took its cue from regional markets and the overnight fall on Wall Street, together with concerns over a fourth wave of Covid-19 infections in the country, which cast a pall over the KLCI’s performance today.
Top losers by value included Fraser and Neave Holdings Bhd (F&N), Rapid Synergy Bhd, Malaysian Pacific Industries Bhd (MPI), Globetronics Technology Bhd and Pentamaster Corp Bhd.
Notable gainers included TransOcean Holdings Bhd, Dataprep Holdings Bhd, MSM Malaysia Holdings Bhd, Pineapple Resources Bhd, Ann Joo Resources Bhd and Excel Force MSC Bhd.
Notable active counters included Key Asic Bhd, UCrest Bhd, SC Estate Builder Bhd, Focus Dynamics Group Bhd, Censof Holdings Bhd, Minda Global Bhd, Dolphin International Bhd, Eduspec Holdings Bhd, Excel Force MSC and MNC Wireless Bhd.
Elsewhere in Asia, Japan’s Nikkei 225 slid 2.03%, while Singapore's Straits Times Index fell 1.16%. Hong Kong’s Hang Seng Index fell 1.76%, while South Korea’s KOSPI dropped 1.52%.
Source: The Edge
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