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Russia Holds Key Rate at 21% Amid Surging Inflation

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: Bursa Malaysia ends lower on Oct 29, CI down 0.29%

  KUALA LUMPUR (Oct 29): Bursa Malaysia ended lower on Friday, with the key index falling 0.29% amid a market consolidation mode due to lack of buying interest as investors digest the announcements in Budget 2022 tabled on Friday.   At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) trimmed 4.55 points to 1,562.31 from Thursday (Oct 28)'s close of 1,566.86.   The market bellwether opened 2.01 points higher at 1,568.87 and moved between 1,559.66 and 1,570.65 throughout the day.   The broader market was slightly positive as gainers led losers by 494 to 485, while 451 counters were unchanged, 850 untraded, and 46 others suspended. Turnover eased to 3.03 billion units valued at RM2.35 billion from Thursday’s 4.05 billion units valued at RM2.73 billion.  Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI remained well supported at around the 1,560-1,565 region. “We believe the recent correction on the local bo...

Market Daily Report: Bursa Malaysia ends lower

  KUALA LUMPUR (Oct 28): Bursa Malaysia ended lower on Thursday on lacklustre trading ahead of the tabling of Budget 2022 on Friday.  At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 16.22 points to its intraday low of 1,566.86 from Wednesday's close of 1,583.08.  The market bellwether opened 2.0 points weaker at 1,581.08 and reached an intraday high of 1,581.49 earlier in the day.  Market breadth was also negative with losers trouncing gainers 624 to 422, while 415 counters were unchanged, 830 untraded, and 58 others suspended. Turnover increased slightly to 4.05 billion units valued at RM2.73 billion from Wednesday’s 4.02 billion units valued at RM2.5 billion.  Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI was again stuck within a tight consolidation phase. “We expect to see a similar trend with the index hovering within the 1,580-1,590 range amid a cautious trading stance ahead of Budget 2...

Market Daily Report: Bursa ends lower on lack of fresh catalysts

  KUALA LUMPUR (Oct 27): Bursa Malaysia ended lower on Wednesday on lack of fresh catalysts.   At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.12 points to 1,583.08 from Tuesday's close of 1,584.2. The market bellwether opened 3.02 points higher at 1,587.22 and fluctuated between 1,581.76 and 1,591.64 throughout the day. Market breadth was also negative with losers trouncing gainers 632 to 386, while 420 counters were unchanged, 863 untraded, and 45 others suspended. Turnover increased slightly to 4.02 billion units valued at RM2.5 billion from Tuesday’s 3.83 billion units worth RM2.37 billion. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng reckoned the FBM KLCI to remain well supported from foreign funds. Meanwhile, he said crude palm oil rebounded to assail to a record-breaking month in October for average crude palm oil price at above the RM5,000 per tonne threshold, signalling buying opportunity for plantation stocks. ...

Market Daily Report: KLCI listless while awaiting Friday’s Budget announcement

  KUALA LUMPUR (Oct 26): The FBM KLCI remained listless on Tuesday despite Covid-19 case spikes in the region and record earnings seen in the US. The benchmark index closed 3.74 points or 0.24% lower at 1,584.2 after opening at 1,588.04, reaching an intraday high of 1,589.11 and dropping to a low of 1,583.07. Overall market breadth was negative with 419 gainers outnumbered by 589 losers, and 444 counters were unchanged. Some 3.83 billion shares worth RM2.37 billion were traded on Tuesday compared to Monday’s 3.88 billion shares worth RM2.46 billion. Rakuten Trade head of equity sales Vincent Lau said the market is currently in a consolidation phase as investors are trading cautiously ahead of Friday’s budget announcement.  “You could say that the market is somewhat listless, it is waiting for a strong catalyst to give it direction. We do not really see an underlying theme in the markets for this week,” he said. He added that regional developments relating t...

Market Daily Report: Investors on sidelines, awaiting National Budget announcement on Oct 29

  KUALA LUMPUR (Oct 25): The FBM KLCI closed slightly lower on Monday as investors are awaiting the Budget 2022 announcement on Friday (Oct 29). The benchmark index closed 0.14 points lower at 1,587.94 despite reaching an intraday high of 1,593.37 and dipping to a low of 1,586.77. Market breadth was negative with 567 losers outnumbering 455 gainers, while 441 counters were unchanged. Trading volume remained low at 3.88 billion shares worth RM2.46 billion. “All eyes are on the Budget 2022 announcement this week. We expect (Bursa Malaysia) to trade sideways in a tight range, the ongoing global market developments such as global supply chain bottleneck, spike in energy commodities prices and the Evergrande default are well contained and mostly priced in. It is unlikely to have any wild swings unless a black swan event happens,” said HLIB Research head of retail research Ng Jun Sheng said. “Market consensus is that the budget will be moderately expansionary and likely to...

Market Daily Report: KLCI finishes down as world markets take cues from lower commodity prices

  KUALA LUMPUR (Oct 22): The FBM KLCI closed down 3.54 points or 0.22% at 1,588.08 on Friday (Oct 22) on profit-taking after rising in recent days ahead of Malaysia's Budget 2022 announcement on Oct 29, 2021. On Friday, the KLCI closed down as investors also took cues from prices of commodities including crude oil which fell in tandem with lower prices of coal after China indicated it would curb rising prices of coal to support electricity producers amid a widespread power-supply crunch. Speaking to theedgemarkets.com, UOB Kay Hian Securities (M) Sdn Bhd head of retail research Desmond Chong said: "Overall market breadth continued to be negative and in profit-taking mode after a decent albeit premature run ahead of the Budget 2022 announcement." "(Across Bursa Malaysia) healthy correction was observed across the banking, plantation, construction and property (sectors). With the lack of rerating catalysts especially on the heavyweight KLCI component sto...

Market Daily Report: KLCI retraces gains on profit-taking, news of US crackdown on Supermax

  KUALA LUMPUR (Oct 21): The FBM KLCI on Thursday retraced gains over the last three sessions on profit taking, with investor sentiment also hit by news of the US crackdown on glove maker Supermax Corp Bhd. The benchmark index closed 14.7 points or 0.92% lower at 1,591.62, after moving between 1,590.34 and 1,608.92. Rakuten Trade head of equity sales Vincent Lau said the market is likely to remain in a profit-taking mood ahead of the Budget 2022 announcement on Oct 29.  He added that sentiment on glove counters such as Supermax and Top Glove Corporation Bhd has taken a beating as Supermax products were seized by the US Customs and Border Protection for allegedly using forced labour in manufacturing operations.  Lau said banking and construction counters are going through a healthy pullback after rallying from their monthly lows over the last few trading sessions, but does not rule out a possible pre-Budget rally on expectations of an expansionary budget as ...

Market Daily Report: KLCI extends gains on more foreign fund inflows

  KUALA LUMPUR (Oct 20): The FBM KLCI continued trending upwards to close above its previous month's high of 1,604.95, buoyed by elevated crude oil and FCPO prices as well as continued buying interest in constituents such as Top Glove Corp Bhd, CIMB Group Holdings Bhd, and Public Bank Bhd. At 5pm, the benchmark index gained 0.35 point or 0.02% to close at 1,606.32, after opening higher at 1,611.83 before dipping to an intraday low of 1,601.31. The local bourse saw a total of 4.3 billion shares worth RM3.11 billion traded on Wednesday compared with 4.61 billion shares worth RM2.91 billion on Monday. Market breadth was negative as 511 gainers were outnumbered by 616 decliners with 450 counters unchanged. Areca Capital chief executive officer Danny Wong said that overall, the market was largely unchanged with buying interest in select banks, industrials and electrical & electronics counters. He noted that globally, the market is waiting for the US labour statistics an...

Market Daily Report: Bursa Malaysia ends higher

  KUALA LUMPUR (Oct 18): Bursa Malaysia finished higher on continued buying interest in selected heavyweights led by CIMB Group Holdings Bhd, Hartalega Holdings Bhd and Public Bank Bhd. CIMB bagged 15 sen to RM5.30, Hartalega jumped 18 sen to RM6.20 and Public Bank rose three sen to RM4.23. Gains in these three counters lifted the FTSE Bursa Malaysia KLCI (FBM KLCI) by a total of 4.853 points.  At 5pm, the benchmark index was 7.69 points firmer at 1,605.97. The FBM KLCI, which opened 4.61 points higher at 1,602.89, fluctuated between 1,602.71 and 1,609.62 throughout the day. Market breadth was positive with gainers leading losers 573 to 495, while 450 counters were unchanged, 771 untraded and 17 others suspended. Turnover fell to 4.61 billion units worth RM2.91 billion from 4.96 billion units worth RM3 billion last Friday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said that overall, the market would be good in the short to medium ter...

Market Daily Report: Gains in almost all sectors boost Bursa Malaysia to end higher

  KUALA LUMPUR (Oct 15): Steady gains almost across the board, particularly in the banking sector, boosted Bursa Malaysia to end higher on the last trading day of the week. The bullish showing was in sync with the upbeat performance of regional markets following positive cues from Wall Street overnight. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 5.76 points to 1,598.28 from 1,592.52 at Thursday’s close. The market bellwether opened 2.65 points firmer at 1,595.17 and moved between 1,592.67 and 1,599.76 throughout the day. Market breadth was positive with gainers leading losers 628 to 418, while 464 counters were unchanged, 779 untraded, and 17 others suspended. Turnover widened to 4.96 billion units worth RM3 billion from 4.17 billion units worth RM2.85 billion on Thursday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said investors were optimistic on US corporate earnings and better-than-expected labour data. The US Labour Departm...

Market Daily Report: Bursa Malaysia ends lower on profit taking

  KUALA LUMPUR (Oct 14): Bursa Malaysia closed lower on Thursday, with its key index declining 0.49% due to profit-taking activities after seven days of gains. The market was dragged down mainly by banking, plantation, and oil and gas heavyweights, said Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shrank 7.86 points to 1,592.52 from 1,600.38 at Wednesday’s closing. The bellwether index opened 1.28 points firmer at 1,601.66 — its highest level for the day — and fell as low as 1,588.63 during Thursday’s trading. Market breadth was negative with losers leading gainers 531 to 453, while 444 counters were unchanged, 864 untraded and 17 others suspended. Turnover decreased to 4.17 billion units worth RM2.85 billion from 4.49 billion units worth RM3.34 billion on Wednesday. Thong said crude palm oil (CPO), meanwhile, continued to defy consensus forecasts as it was settling at above RM5,000 per tonne. ...

Market Daily Report: Bursa Malaysia breaches 1,600 level

  KUALA LUMPUR (Oct 13): Bursa Malaysia on Wednesday broke through the 1,600 psychological level, accumulating gains of 5% during its seven-day rally.  At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 1% or 16.47 points to 1,600.38 from 1,583.91 at Tuesday’s close. The bellwether index opened 1.04 points lower at 1,582.87. Market breadth was positive as gainers outnumbered losers 577 to 460, while 413 counters were unchanged, 829 untraded and 18 others suspended. Turnover, however, decreased to 4.49 billion units worth RM3.34 billion from 5.19 billion units worth RM3.55 billion on Tuesday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said foreign buying continued to anchor the uptrend as sentiment remained positive amid the reopening of travel borders and increasing economic activities. The rise in the benchmark index was mainly supported by banking heavyweights. “Though a correction is anticipated, we believe the intermittent ...

Market Daily Report: Banks, telcos push FBM KLCI above 1,580 level

  KUALA LUMPUR (Oct 12): Bursa Malaysia’s barometer index ended the day above the 1,580 level, thanks to gains in bank as well as telecommunication counters, positioning it to test the psychological 1,600 resistance soon. The FTSE Bursa Malaysia KLCI (FBM KLCI) ended at its intra-day high of 1,583.91, by adding 13.09 points compared with 1,570.82 at Monday’s close. The bellwether index opened 1.52 points better at 1,572.34. Market breadth was positive as gainers outnumbered decliners 548 to 517, while 456 counters were unchanged, 750 untraded and six others suspended. Turnover, however, decreased to 5.19 billion units worth RM3.55 billion from 6.9 billion units worth RM3.87 billion on Monday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the local market performed better than expected due to strong support from foreign funds. Additionally, the Brent crude oil price inched closer to US$85 per barrel with a short-term target of around US$90...

Market Daily Report: Bursa hits one-month high; surging oil prices, interstate resumption lift sentiment

  KUALA LUMPUR (Oct 11): Surging oil prices, which have lifted energy index by 6.5%, and optimism over domestic economic recovery, saw Bursa Malaysia ending at a one-month high on Monday. The FTSE Bursa Malaysia KLCI (FBM KLCI) gains for five days in a row, adding 6.92 points to 1,570.82 at 5pm on Monday, compared with 1,563.9 at Friday’s close. The bellwether index opened 3.98 of-a-point better at 1,567.88 and fluctuated between 1,567.88 and 1,575.63 throughout the morning trading session. On the broader market, gainers outpaced decliners 737 to 401, while 371 counters were unchanged, 749 untraded and six others suspended. Turnover increased to 6.9 billion units worth RM3.87 billion from 4.99 billion units worth RM3.34 billion on Friday.  Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said buying support was seen particularly in oil and gas, bank and plantation counters. “We reckon the full opening of interstate travel within the countr...

Market Daily Report: KLCI extends winning streak on positive sentiment

  KUALA LUMPUR (Oct 8): Bursa Malaysia extended its winning streak for the fourth day on Friday as positive market sentiment on strong commodity prices and growing optimism over economic recovery lifted the risk appetite for equities and riskier assets, dealers said. The FBM KLCI ended 2.61 points firmer at 1,563.90 compared with 1,561.29 at Thursday’s close. The bellwether index, which opened 0.86 of a point better at 1,562.15, fluctuated between 1,558.56 and 1,567.30 throughout the day. Press Metal Aluminium Holdings Bhd was the biggest winner among the index-linked counters with a 3.22% jump and contributed a substantial 2.754 points to the composite index. The aluminium smelter’s share soared 19 sen to RM6.09, with 8.16 million shares changing hands, on anticipation that the company might benefit from expected higher global aluminium prices and a hike in smelting capacity following an expansion in the Samalaju...

Market Daily Report: KLCI ends at day's high for third consecutive day

  KUALA LUMPUR (Oct 7): Bursa Malaysia’s benchmark index closed at its intraday high for the third consecutive day, spurred by buying of selected heavyweights, led by Dialog Group Bhd and small-capitalisation stocks. After a roller-coaster trading session, the FBM KLCI ended 1.87 points firmer at 1,561.29 against 1,559.42 at Wednesday’s close. The index, which opened 1.18 points easier at 1,558.24, rebounded after hitting an intraday low of 1,551.98 in early trade. The overall market breadth was positive with gainers trouncing losers 601 to 432, while 431 counters were unchanged, 805 untraded and 27 others suspended. Turnover fell to 4.09 billion units valued at RM2.98 billion from 4.54 billion units worth RM3.44 billion on Wednesday.  Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key index went through a bumpy session after the midday break but managed to finish strong with gainers led by Dialog and Kuala Lumpur Ke...

Market Daily Report: Plantation, oil and gas stocks lift Bursa higher, KLCI up almost 2%

  KUALA LUMPUR (Oct 6): Persistent buying momentum for plantation and oil and gas stocks amid growing optimism about a global economic recovery pushed Bursa Malaysia to close on a firm note on Wednesday, with the benchmark index ending at almost a one-month high. The benchmark FBM KLCI rose 29.0 points or 1.9% to end the day at the day’s high of 1,559.42, compared with 1,530.42 at Tuesday’s close. The index, which opened 0.95 of a point firmer at 1,531.37, moved in positive territory throughout the day with its intraday low recorded at 1,531.13. Gainers trounced decliners 612 to 433, while 582 counters were unchanged, 644 untraded and 12 others suspended. Turnover surged to 4.54 billion units worth RM3.44 billion, compared with 3.97 billion units valued at RM2.69 billion on Tuesday.  Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the KLCI was mai...

Market Daily Report: Bursa Malaysia ends at intraday high on bargain hunting

  KUALA LUMPUR (Oct 5): The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) on Bursa Malaysia ended at an intraday high on Tuesday, spurred by bargain hunting in selected heavyweights. At 5pm, the key index rose 7.95 points to end the day at 1,530.42 from Monday’s close of 1,522.47. The index, which opened 0.23 of-a-point lower at 1,522.24, moved to as low as 1,515.54 during the day. MISC Bhd, Top Glove Corp Bhd, Dialog Group Bhd and Public Bank Bhd boosted the composite index by a combined 4.99 points. Nonetheless, market breadth was slightly negative with losers outpacing gainers 515 to 469, while 465 counters were unchanged, 796 untraded, and eight others suspended. Turnover increased marginally to 3.97 billion units valued at RM2.69 billion compared with 3.9 billion units worth RM2.79 billion on Monday.  Rakuten Trade Sdn Bhd vice president of Equity Research Thong Pak Leng said bargain hunting was particularly seen in the oil and gas (O&G), banking and glo...

Market Daily Report: Bursa Malaysia edges lower amid weaker regional sentiment

  KUALA LUMPUR (Oct 4): Bursa Malaysia ended marginally lower on Monday, dragged down by selling in selected heavyweights amid weaker sentiment in the regional markets, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.01 points to 1,522.47 from Friday’s close of 1,524.48. The index, which opened 4.56 points firmer at 1,529.04, moved between 1,519.66 and 1,532.73 throughout the trading session. Losses in Petronas Chemicals Group Bhd, following Employees Provident Fund (EPF)’s disposal of 10.58 million shares, dragged the composite index down by 1.277 points. The overall market breadth was weak, with decliners outnumbering gainers 519 to 481, while 442 counters were unchanged, 803 untraded, and seven others suspended. Turnover was almost unchanged at 3.9 billion units worth RM2.79 billion, compared with 3.97 billion units valued at RM2.73 billion last Friday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said loc...

Market Daily Report: Bursa Malaysia closes lower

KUALA LUMPUR (Oct 1): Bursa Malaysia ended lower on Friday due to continued selling activities in the healthcare as well as telecommunications and media counters amid weaker sentiment in the regional markets, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 13.32 points or 0.87% to 1,524.48 from Thursday’s close of 1,537.8.  The index, which opened 1.31 points lower at 1,536.49, moved between 1,521.08 and 1,539.47 throughout the day. Market breadth was negative with decliners surpassing gainers 757 to 269, while 361 counters were unchanged, 857 untraded and seven others suspended. Turnover slipped to 3.97 billion units worth RM2.73 billion from 4.39 billion units worth RM3.34 billion on Thursday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said local equities ended lower in a lacklustre trading day due to selling pressure on heavyweights, particularly banks and glove makers. “Key regional markets were also in neg...

Market Daily Report: Bursa Malaysia ends lower on profit-taking

KUALA LUMPUR (Sept 30): Bursa Malaysia ended lower on Thursday due to continued selling activities in telecommunications, media, industrial products and services counters, amidst cautious sentiments in the regional markets, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 9.85 points or 0.64% to 1,537.80 from Wednesday’s close of 1,547.65.  The index, which opened 1.22 points lower at 1,546.43, moved between 1,532.56 and 1,549.36 throughout the day. Meanwhile, market breadth was negative with decliners surpassing gainers 530 to 458, while 453 counters were unchanged, 866 untraded and 68 others suspended. Turnover rose to 4.39 billion units worth RM3.34 billion from 3.67 billion units worth RM2.71 million on Wednesday. Rakuten Trade Sdn Bhd vice president of Equity Research Thong Pak Leng told Bernama that profit-taking activities, particularly among banking and gaming heavyweights, had taken a toll on the local bourse. “Key regional markets...