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 20): Bursa Malaysia ended Monday in red for the seventh consecutive session despite foreign investors returning to the market, pushed down by the selling of selected heavyweight counters led by Sime Darby Plantation Bhd and Top Glove Corp Bhd.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 20.62 points or 1.33% to 1,527.89 from Friday’s close of 1,548.51.
The index, which opened 0.89 of-a-point easier at 1,547.62, moved between 1,526.9 and 1,547.67 throughout the day.
Market breadth was negative with decliners outnumbering gainers 951 to 194, while 359 counters were unchanged, 772 untraded, and nine others suspended.Turnover fell to 4.69 billion units worth RM2.9 billion from last Friday’s 5.13 billion units worth RM4.18 billion.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the performance of the local markets had been sluggish, further aggravated by news of potential windfall taxes and the waiving of interest.
“We reckon sentiments will remain dampened until more clarity surfaces. Having said that, we believe bargain hunting may emerge as the country’s economy is slowly reopening amid Covid-19 cases [having] declined to a two-month low,” he told Bernama.
As Malaysia enters the fourth quarter, Thong said the market could expect some portfolio realignments and window-dressing activities to occur.
“For the week, we anticipate the index to remain sideways with immediate support at 1,520 and resistance at 1,550,” he added.
Among the heavyweights, Sime Darby Plantation lost 35 sen to RM3.45, Top Glove trimmed 25 sen to RM2.81, and Press Metal Aluminium Holdings Bhd fell 15 sen to RM5.65.
Malayan Banking Bhd advanced five sen to RM8.30, Petronas Chemicals Group Bhd added one sen to RM7.95, Hong Leong Bank Bhd was flat at RM18.70, Public Bank Bhd decreased four sen to RM4.02 and IHH Healthcare Bhd slipped five sen to RM6.65.
Among the actives, Kanger International Bhd was flat at five sen, Pasukhas Group Bhd eased 2.5 sen to nine sen, Emico Holdings Bhd dropped 12 sen to 54.5 sen, Dagang NeXchange Bhd and Yong Tai Bhd both went down four sen to 76 sen and 16 sen, respectively.
On the index board, the FBM Emas Index narrowed 160.2 points to 11,205.62, the FBMT 100 Index was 148.3 points weaker at 10,911.56, and the FBM Emas Shariah Index lost 232.7 points to 12,181.44.
The FBM 70 discounted 205.14 points to 14,802.15, while FBM ACE weakened by 194.61 points to 7,006.61.
Sector wise, the Plantation Index trimmed 185.15 points to 6,241.27, the Industrial Products and Services Index went down 2.96 points to 196.65, and the Financial Services Index slid 55.4 points to 15,234.4.
The Main Market volume decreased to 3.01 billion shares worth RM2.5 billion from last Friday’s 3.38 billion shares worth RM3.8 billion.
Warrants turnover fell to 388.19 million units valued at RM74.47 million, versus 403.95 million units valued at RM60.4 million previously.
Volume on the ACE Market went down to 1.25 billion units worth RM322.16 million from 1.26 billion shares worth RM310.23 million last Friday.
Consumer products and services counters accounted for 639.13 million shares traded on the Main Market, industrial products and services (917.36 million), construction (100.22 million), technology (321.18 million), SPAC (nil), financial services (41.6 million), property (316.8 million), plantation (31.75 million), REITs (24.81 million), closed/fund (8,200), energy (372.76 million), healthcare (106.38 million), telecommunications and media (52.97 million), transportation and logistics (66.52 million) and utilities (21.48 million).
Source: The Edge
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