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 30): Bursa Malaysia continued its upward momentum to close higher, driven by persistent buying support in selected utilities as well as telecommunications and media counters, in line with bullish sentiment on the regional market, dealers said.
The FBM KLCI jumped 11.22 points to end at 1,601.38 from Friday’s close of 1,590.16.
The benchmark index opened 3.03 points better at 1,593.19 and moved between 1,592.1 and 1,604.9 throughout the session.
Market breadth was positive with gainers surpassing decliners 537 to 503, while 460 counters were unchanged, 746 untraded and 50 others suspended.Turnover was higher at 4.43 billion units worth RM3.67 billion compared with 4.08 billion units worth RM2.96 billion on Friday.
A dealer said Asian stock markets were traded mostly higher today, responding to the broadly positive cues from Wall Street on Friday following US Federal Reserve chairman Jerome Powell's remarks at the Jackson Hole symposium on the same day.
However, he said the upside is limited as traders remain cautious amid the Covid-19 situation in the region and in several countries, which continues to buffer economic activity.
On the domestic front, another dealer said the local bourse gained continued support amid easing political risk and reopening of business activities.
He said investors also reacted positively to Prime Minister Datuk Seri Ismail Sabri Yaakob’s target to achieve a vaccination rate of over 50% of the adult population in six states — Perak, Terengganu, Johor, Kedah, Kelantan and Sabah — by the end of September while considering moving the Klang Valley into Phase 2 of the National Recovery Plan.
Petronas Gas Bhd and Axiata Group Bhd were the top two contributors towards the local index today with a total of 3.61 points, gaining 54 sen and 10 sen each to end at RM16.80 and RM4.14 respectively.
Among other heavyweights, Malayan Banking Bhd rose three sen to RM8.40, Petronas Chemicals Group Bhd improved 10 sen to RM8.30, Tenaga Nasional Bhd went up eight sen to RM10.46, IHH Healthcare Bhd added five sen to RM6.40 while Public Bank Bhd was flat at RM4.18.
Among the actives, KNM Group Bhd eased half-a-sen to 25.5 sen, Kanger International Bhd slipped one sen to 4.5 sen, while Bintai Kinden Corp Bhd increased 10.5 sen to 48 sen and Sapura Energy Bhd was flat at 12.5 sen.
Source: The Edge
Comments
Post a Comment