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...
Market Daily Report: KLCI flat as investors stay on sidelines ahead of national recovery plan announcement
KUALA LUMPUR (June 15): The FBM KLCI ended the day on a flat note, as investors stayed on the sidelines, ahead of the government’s national recovery plan announcement.
The benchmark index closed 1.09 points or 0.07% lower at 1,581.37 today after rising to a high of 1586.10.
MIDF head of research Imran Yassin Md Yusof told theedgemarkets.com the KLCI was flattish for the whole day as the market lacked catalysts.
The index's movement tomorrow, meanwhile, will depend on the government’s national recovery plan, which was scheduled to be announced by Prime Minister Tan Sri Muhyiddin Yassin at 5pm today, said Imran.
On the other hand, TA Securities said in a note today that the local market should stay range-bound, with most investors staying on the sidelines, pending the outcome of Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah's meeting with the Conference of Rulers tomorrow.
On the index, it said the immediate support level remains at the recent pivot low of 1,568, with better support from the next pivot low of 1,552, then 1,540 and 1,520.
On the upside, it said the immediate resistance level stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642.
Across Bursa Malaysia today, 5.86 billion securities were traded for RM3.66 billion.
Gainers led losers by 508 versus 465, while 488 counters closed unchanged.
The Technology Index rose 0.86% to 81.37 after tech share resurgence led the Nasdaq to a record high yesterday. Kobay Technology Bhd, which was the top gainer today, surged 58 sen or 26.85% to RM2.74.
Other top gainers included Transocean Holdings Bhd, which rose 40 sen or 8.7% to RM5, and Carlsberg Brewery Malaysia Bhd, which gained 26 sen or 1.16% to RM22.76.
Top loser Euro Holdings Bhd hit limit down after plunging 73 sen or 29.8% to RM1.72. Other top losers of the day included Kuala Lumpur Kepong Bhd (KLK), which dropped 32 sen or 1.5% to RM20.98, and Advanced Packaging Technology (M) Bhd, which fell 30 sen or 10% to RM2.70.
Serba Dinamik Holdings Bhd, which is facing audit issues, remained the most actively traded stock, with 423.04 million shares done. The counter declined 6.5 sen or 8.72% to 68 sen.
Regionally, Asian bourses were mixed today.
Reuters reported that Chinese and Hong Kong stocks ended lower as Sino-G7 tensions weighed. Hong Kong’s Hang Seng Index ended 0.64% lower at 28,656.51 points, while the Shanghai Composite finished 0.92% lower at 3,556.56 points.
South Korean shares, however, rose to a record close, with the KOSPI settling 0.2% higher at 3,258.63 points. Japan’s Nikkei 225 also closed higher at 29,441.3 points, up 0.96%.
Source: The Edge
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