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 (June 8): The FBM KLCI gained today on selective buying support, in contrast to regional markets which closed lower.
The index ended 9.51 points or 0.6% higher at 1,587.96, supported by gains in counters like Gentling Malaysia Bhd (GenM), CIMB Group Holdings Bhd and Hap Seng Consolidated Bhd.
Rakuten Trade Research head of equity sales Vincent Lau said the improved market sentiment was attributable to a decline in the number of Covid-19 cases in recent days, as well as bargain-hunting activities.
Other Asian equities reversed early gains today, with traders sidelined ahead of US inflation data and a European monetary policy meeting this week, while oil prices lost more ground on worries over the fragile state of the global recovery, Reuters reported.Hong Kong's Hang Seng Index fell 0.02%, the Shanghai Composite finished 0.54% lower at 3,580.11, Japan's Nikkei 225 declined 0.19% and Singapore's Straits Times Index closed 0.27% down at 3,167.20.
On Bursa Malaysia, the broader market was mixed with 580 counters closing higher, 567 posting declines and 390 finishing unchanged.
The day's top active stocks were Serba Dinamik Holdings Bhd (on a volume of 535.31 million shares), Dagang NeXchange Bhd (DNeX) (343.54 million) and Hibiscus Petroleum Bhd (154.92 million).
The top gainers included Genetec Technology Bhd, Carlsberg Brewery Malaysia Bhd and Hong Leong Bank Bhd (HLB), while the top losers were Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd (MPI) and Computer Forms (Malaysia) Bhd (CFM).
Source: The Edge
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