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 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 local equities ended marginally lower as the market lacked major positive domestic cues to withstand the negative pressure from global markets.
He said key regional markets closed mixed as investors were cautious about the US debt ceiling crisis along with an uptick in yields while continued worries over the Chinese economy also added pressure on Asian equities.
“The local market performed weaker-than-expected as the inflow of foreign funds seems to have declined.
“We believe external uncertainties to be the main reason for the weak market undertone plaguing the domestic market amid the heightened volatility,” he told Bernama.
For the rest of the week, he expects the barometer index to remain in consolidation mode, hovering between the 1,520 and 1,530 range.
“From a technical point of view, we shall see immediate support at 1,520 followed by the psychological support at around 1,500 and resistance at 1,550,” he said.
Among the heavyweights, Tenaga Nasional Bhd gained three sen to RM9.63, and Press Metal Aluminium Holdings Bhd earned eight sen to RM5.73.
Malayan Banking Bhd eased two sen to RM8.03, Public Bank Bhd slipped one sen to RM4.03, Petronas Chemicals lost nine sen to RM8.65, IHH Healthcare Bhd shed five sen to RM6.60 while CIMB Group Holdings Bhd was flat at RM4.70.
Of the actives, Opcom Holdings Bhd increased 12 sen to RM1.28, KNM Group Bhd perked up two sen to 23.5 sen, AirAsia Group Bhd chalked up 12 sen to RM1.13, Sapura Energy Bhd was flat at 10 sen, while CTOS Digital Bhd trimmed five sen to RM1.87.
On the index board, the FBM Emas Index gained 13.23 points to 11,237.43, the FBMT 100 Index went up 7.75 points to 10,914.99, the FBM Emas Shariah Index earned 23.77 points to 12,271.84, and the FBM 70 advanced 96.95 points to 14,971.4.
However, the FBM ACE slid 5.96 points to 7,058.46.
Sector-wise, the Industrial Products and Services Index added 0.51 of-a-point to 203.44, the Plantation Index fell 23.59 points to 6,324.49, and the Financial Services Index lost 28.2 points to 15,131.88.
The Main Market volume decreased to 2.51 billion shares worth RM2.27 billion from 2.9 billion shares worth RM2.44 billion on Friday.
Warrants turnover improved to 456.24 million units worth RM78.19 million compared with Friday’s 237.9 million units valued at RM36.65 million.
The volume on the ACE Market advanced to 935.43 million shares worth RM436.59 million from 822.05 million shares worth RM248.09 million previously.
Consumer products and services counters accounted for 464.98 million shares traded on the Main Market, industrial products and services (624.12 million), construction (119.95 million), technology (334.99 million), SPAC (nil), financial services (48.08 million), property (241.72 million), plantation (25.61 million), REITs (6.65 million), closed/fund (74,400), energy (458.14 million), healthcare (72.49 million), telecommunications and media (38.63 million), transportation and logistics (59.86 million) and utilities (11.59 million).
Source: The Edge
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