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 (Aug 11): The FBM KLCI extended its gain today and ended the day 0.5% higher, following US lawmakers' nod on Tuesday to a trillion dollar boost to the US economy, which helped to temper worries about the rapid spread of the Delta variant in many Asian countries.
This led to a second consecutive trading-day gain in the benchmark index, which finished 7.71 points higher at 1,504.5, according to Bank Islam Malaysia Bhd economist Adam Mohamed Rahim. The KLCI climbed 0.47% on Monday.
“Under the FBM KLCI index, Mr DIY led gainers among the constituents with a 5.3% gain. Meanwhile, the Bursa Malaysia healthcare index led gainers among sectors with a 1.5% increase supported by rubber glove counters such as Hartalega [Holdings Bhd], which rose 3.4% during the day,” Adam told theedgemarkets.com when contacted.
Hartalega closed 23 sen or 3.43% higher at RM6.94, while Top Glove Corp Bhd settled four sen or 1.07% higher at RM3.77.
The broader market breadth, however, was negative, with 654 counters closing lower versus 433 that settled higher, while 407 ended unchanged.
A total of 4.58 billion shares worth RM3.09 billion were traded, up from 3.64 billion shares worth RM2.18 billion reported on Monday (Aug 9).
The top gainers were Genetec Technology Bhd (up RM1.60 sen or 6.3% to RM27), Kumpulan H&L High-Tech Bhd (up 51 sen or 11.11% to RM5.10) and Widetech (M) Bhd (up 44 sen or 12.22% to RM4.04).
Among the top losers were Malaysian Pacific Industries Bhd (down RM1.20 or 2.68% to RM43.50), Pecca Group Bhd (down 49 sen or 12.96% to RM3.29) and KESM Industries Bhd (down 48 sen or 3.69% to RM12.54).
Dagang NeXchange Bhd, which saw 283.8 million shares traded, was the most actively traded stock.
Reuters reported that South Korea shares slipped for a fifth straight day on Wednesday as domestic Covid-19 cases rose to a record high, while concerns about a decline in chip prices drove tech shares lower.
Shanghai stocks, on the other hand, edged higher as real estate and banks rebounded sharply. But its blue-chip index fell, dragged down by healthcare and consumer staple shares.
South Korea’s KOSPI fell 0.7% to 3,220.62, while Shanghai Composite Index gained 0.1% to 3,532.62.
Elsewhere, Japan’s Nikkei rose 0.65% to 28,070.51, while Hong Kong’s Hang Seng Index ended 0.2% higher to 26,660.16.
Source: The Edge
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