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 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 term due to positive investor sentiment.
“We are positive on the oil and gas sector given the high oil prices as well as gaming stocks.
“Although there may be some profit taking, we still think buying momentum is strong,” he told Bernama.
Hence, he said, the FBM KLCI was expected to hover between 1,600 and 1,615 for the week.
At the time of writing, global benchmark Brent crude stood at US$85.33 per barrel, up 0.55%.
Of the heavyweights, Malayan Banking Bhd was three sen higher at RM8.31 while Petronas Chemicals Group Bhd was flat at RM8.75 and IHH Healthcare Bhd eased six sen to RM6.66.
Among the actives, Macpie Bhd added 2.5 sen to 13 sen, Joe Holding Bhd was flat at 4.5 sen, and Tiger Synergy Bhd gained half-a-sen to 4.5 sen.
Top gainers were Aeon Credit Service (M) Bhd, which increased 48 sen to RM13.58; Genetec Technology Bhd, which rose 38 sen to RM45.38; and Keck Seng (Malaysia) Bhd, which climbed 36 sen to RM3.85.
On the index board, the FBM Emas Index went up 45.5 points to 11,814.37, the FBMT 100 Index added 47.54 points to 11,454.28, the FBM Emas Shariah Index increased 16.64 points to 12,893.65, the FBM 70 climbed 35.72 points to 15,480.28, and the FBM ACE gained 55.4 points to 7,241.71.
Sector-wise, the Financial Services Index improved 139.83 points to 15,845.29 and the Industrial Products and Services Index inched up 0.47 of-a-point to 213.41, but the Plantation Index fell 1.74 points to 7,038.3.
The Main Market volume went up to 2.92 billion shares worth RM2.48 billion compared with 2.86 billion shares worth RM2.57 billion on Friday.
Warrants turnover decreased to 456.2 million units valued at RM54 million against 463.32 million units valued at RM64.75 million previously.
The volume on the ACE Market narrowed to 1.24 billion shares worth RM373.46 million from 1.63 billion shares worth RM365.7 million on Friday.
Consumer products and services counters accounted for 415.49 million shares traded on the Main Market, industrial products and services (965.87 million), construction (172.1 million), technology (281.11 million), SPAC (nil), financial services (78.47 million), property (422.37 million), plantation (31.49 million), REITs (10.64 million), closed/fund (68,400), energy (404.08 million), healthcare (39.15 million), telecommunications and media (17.82 million), transportation and logistics (63.59 million), and utilities (13.32 million).
Bursa Malaysia and its subsidiaries will be closed on Tuesday (Oct 19, 2021) for the Prophet Muhammad’s birthday celebration.
Source: The Edge
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