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 (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.
“We expect the index to hover within the 1,585-1,600 range for the remaining of the week. From a technical point of view, immediate resistance is unchanged at 1,615 while immediate support remains at 1,565,” Thong told Bernama.
Regional markets were mostly lower as investors remained concerned about higher inflation and the indebted real estate sector in the region.
Singapore’s Straits Times Index advanced 0.44% to 3,218.75, Japan’s Nikkei 225 shed 0.03% to 29,908.24, and Hong Kong’s Hang Seng Index declined 1.57% to 25,682.74.
Of the heavyweights, Malayan Banking Bhd and Petronas Chemicals Group Bhd added one sen each to RM8.13 and RM8.79, respectively, Public Bank Bhd and IHH Healthcare Bhd were flat at RM4.23 and RM6.55, respectively, Tenaga Nasional Bhd fell one sen to RM9.70, and Press Metal Aluminium Holdings Bhd slid six sen to RM5.70.
As for the actives, Redtone Digital Bhd surged 13.5 sen to 69 sen, Metronic Global Bhd and LKL International Bhd were flat at 2.5 sen and 13 sen, respectively, Vortex Consolidated Bhd shed two sen to eight sen, KNM Group Bhd contracted 1.5 sen to 20 sen, and Hiap Teck Venture Bhd lost eight sen to 57 sen.
On the index board, the FBM Emas Index slid 8.4 points to 11,665.76, the FBMT 100 Index was 3.21 points lower at 11,304.4, the FBM 70 improved 19.78 points to 15,330.1, the FBM ACE reduced 48.45 points to 7,121.66, and the FBM Emas Shariah Index went down 31.89 points to 12,707.62.
Sector-wise, the Financial Services Index increased 34.42 points to 15,749.85, the Industrial Products and Services Index gave up 1.22 points to 208.69, and the Plantation Index dipped 39.52 points to 6,954.79.
The Main Market volume rose to 2.64 billion shares worth RM2.14 billion from Tuesday’s 2.29 billion shares worth RM2.05 billion.
Warrants turnover increased to 275.28 million units worth RM46.9 million from 243.75 million units worth RM37.87 million on Tuesday.
Volume on the ACE Market eased to 1.1 billion shares valued at RM319.45 million from 1.28 billion shares valued at RM282.02 million on Tuesday.
Consumer products and services counters accounted for 341.74 million shares traded on the Main Market, industrial products and services (1.19 billion), construction (90.22 million), technology (233.51 million), SPAC (nil), financial services (60.39 million), property (174.83 million), plantation (24.09 million), REITs (6.29 million), closed/fund (15,100), energy (352.15 million), healthcare (42.51 million), telecommunications and media (30.05 million), transportation and logistics (72.86 million), and utilities (16.4 million).
Source: The Edge
Comments
Post a Comment