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 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 2022 announcement tomorrow,” he told Bernama.
After hitting a multi-year high, crude oil prices retreated on Thursday on higher inventory, with Brent crude falling to US$84.50 per barrel.
“However, many expect crude oil prices to stay high as under investment may impact the supply side for now, hence we expect buying interests in local oil and gas counters to remain strong in the short to mid term.
“From a technical perspective, the FBM KLCI will see its immediate resistance at 1,600, followed by 1,615 while the immediate support is at 1,560 and then 1,530,” added Thong.
Of the heavyweights, Hong Leong Bank Bhd rose four sen to RM18.90, Malayan Banking Bhd fell two sen to RM8.11, Public Bank Bhd and IHH Healthcare Bhd both eased three sen to RM4.20 and RM6.52, respectively, Petronas Chemicals Group Bhd shaved off nine sen to RM8.70 and Tenaga Nasional Bhd gave up five sen to RM9.65.
As for the actives, Benalec Holdings Bhd increased one sen to 15.5 sen, Dataprep Holdings Bhd surged 10 sen to 95 sen, Eco World Development Group Bhd jumped 14.5 sen to RM1.10, Sime Darby Property Bhd advanced 2.5 sen to 74.5 sen, Kanger International Bhd shed one sen to 4.5 sen, and Sarawak Consolidated Industries Bhd dipped six sen to 23 sen.
On the index board, the FBM Emas Index slid 89.25 points to 11,576.51, the FBMT 100 Index was 93.59 points lower at 11,210.81, the FBM 70 decreased 40.27 points to 15,289.83, the FBM ACE slipped 86.23 points to 7,035.43, and the FBM Emas Shariah Index lost 118.14 points to 12,589.48.
Sector-wise, the Financial Services Index went down 63.12 points to 15,686.73, the Industrial Products and Services Index eased 3.05 points to 205.64, and the Plantation Index fell 91.74 points to 6,863.05.
The Main Market volume stood at 2.63 billion shares worth RM2.39 billion compared with Wednesday’s 2.64 billion shares worth RM2.14 billion.
Warrants turnover increased to 276.62 million units worth RM43.69 million from 275.28 million units worth RM46.90 million on Wednesday.
Volume on the ACE Market rose to 1.14 billion shares valued at RM294.51 million against 1.10 billion shares valued at RM319.45 million on Wednesday.
Consumer products and services counters accounted for 336.8 million shares traded on the Main Market, industrial products and services (776.67 million), construction (335.93 million), technology (257.12 million), SPAC (nil), financial services (57.59 million), property (466.41 million), plantation (34.04 million), REITs (7.53 million), closed/fund (29,500), energy (212.54 million), healthcare (34.71 million), telecommunications and media (25.29 million), transportation and logistics (68.80 million), and utilities (17.17 million).
Source: The Edge
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