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 (Sept 10): Bursa Malaysia bucked the regional market trend to end the week lower on the selling of selected heavyweights such as Kuala Lumpur Kepong Bhd (KLK), Hong Leong Financial Group Bhd, and Nestle (Malaysia) Bhd.
At 5pm, the barometer index retreated 2.92 points to finish at 1,575.97 from Thursday’s close of 1,578.89.
After opening 2.75 points lower at 1,576.14, the FBM KLCI moved between 1,572.61 and 1,583.84 today.
However on the broader market, gainers led decliners 498 to 466, while 485 counters were unchanged, 798 untraded, and six others suspended.
Turnover was higher at 4.4 billion units worth RM2.75 billion compared with 4.18 billion units worth RM2.92 billion on Thursday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the Malaysian stock market ended mixed in a lacklustre trading day, with the FBM KLCI falling marginally by 0.18% due to the absence of buying catalysts.
“We believe valuations of Malaysian stocks are still cheap compared to regional markets and will be a major attraction for foreign funds,” he told Bernama.
The FBM KLCI went up initially in the morning session to as high as 1,583.84 points but settled the day lower at 1,575.97 points.
“Data such as Malaysia’s industrial production index (IPI) coming in lower by 5.2% in July suggests that the economy is still affected by the movement control order,” said Bank Islam chief economist Mohd Afzanizam Abdul Rashid. “Overnight reports on US initial jobless claims which fell to 310,000 as of Sept 4 against an expectation of 334,000 would complicate the assessment of the labour market in particular as to how it would steer the Federal Reserve’s decision on tapering of asset purchases.”
Regionally, Japan’s Nikkei 225 rose 1.25% to 30,381.84, Hong Kong’s Hang Seng Index increased 1.91% to 26,205.91, South Korea’s Kospi gained 0.36% to 3,125.76 and Singapore’s Straits Times Index advanced 1% to 3,102.54.
Back home, heavyweights Malayan Banking Bhd rose three sen to RM8.29, Petronas Chemicals Group Bhd bagged 10 sen to RM7.95, Tenaga Nasional Bhd added four sen to RM10.30, Press Metal Aluminium Holdings Bhd increased six sen to RM5.87 and Public Bank Bhd was flat at RM4.10.
Among the top decliners were Kluang Rubber Company (Malaya) Bhd, which fell 34 sen to RM4.13; Nestle, which dropped 30 sen to RM134.70; Sungei Bagan Rubber Company (Malaya) Bhd, which eased 26 sen to RM3.91; and KLK, which fell 22 sen to RM20.98.
Of the actives, KNM Group Bhd strengthened four sen to 30 sen, Avillion Bhd gained 1.5 sen to 15 sen, and Lambo Group Bhd reduced three sen to 7.5 sen.
On the index board, the FBM Emas Index fell 11.72 points to 11,522.81, the FBMT 100 Index was 19.35 points lower at 11,212.32, and the FBM Emas Shariah Index dropped 26.34 points to 12,614.2.
The FBM 70 dropped 20.38 points to 15,044.11 but the FBM ACE rose 61.54 points to 7,255.1.
Sector wise, the Plantation Index shed 49.49 points to 6,604.22, the Financial Services Index increased 1.26 points to 15,390.17, and the Industrial Products and Services Index eased 0.05 of-a-point to 200.9.
The Main Market volume inched down to 2.64 billion shares worth RM2.4 billion from Thursday’s 2.69 billion shares worth RM2.62 billion.
Warrants turnover fell to 379.11 million units valued at RM57.44 million compared to 395.47 million units valued at RM62.95 million previously.
Volume on the ACE Market expanded to 1.32 billion shares worth RM286.8 million from 1.09 billion shares worth RM236.47 million yesterday.
Consumer products and services accounted for 445.39 million shares traded on the Main Market, industrial products and services (770.65 million), construction (117.7 million), technology (254.92 million), SPAC (nil), financial services (41.42 million), property (307.76 million), plantation (39.92 million), REITs (5.33 million), closed/fund (nil), energy (443.72 million), healthcare (145.63 million), telecommunications and media (21.01 million), transportation and logistics (38.63 million) and utilities (11.01 million).
Source: The Edge
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