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 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 Department said the number of claims for unemployment benefits dropped to below 300,000 for the first time in over a year last week.
The weekly jobless claims of 293,000 last week was the lowest since March 2020, bolstering the US stock markets.
Meanwhile, global benchmark Brent crude is trading near US$85 per barrel level, amid signs of increasing demand and tight supply.
The International Energy Agency said natural gas shortages are boosting demand for crude oil.
At home, the market undertone remained steady due to positive investor sentiment.
“We reckon that the index will stay positive going forward as foreign funds continue to return,” he told Bernama.
Of the heavyweights, Axiata Group Bhd and RHB Bank Bhd edged up nine sen to RM4.10 and RM5.75 respectively, MISC Bhd was 11 sen higher at RM7.26, Genting Malaysia Bhd expanded five sen to RM3.21, and Sime Darby Bhd rose four sen to RM2.35.
Hartalega Holdings Bhd lost 20 sen to RM6.02 and Top Glove Corp Bhd slipped three sen to RM2.76.
Among the actives, Kanger International Bhd, Jadi Imaging Holdings Bhd, and Serba Dinamik Holdings Bhd eased half-a-sen each to five sen, 12 sen, and 38 sen respectively.
Hibiscus Petroleum Bhd added three sen to 94.5 sen and Brahim's Holdings Bhd lost 22 sen to 24 sen.
On the index board, the FBM Emas Index went up 58.71 points to 11,768.87, the FBMT 100 Index rose 56.08 points to 11,406.74.94, the FBM Emas Shariah Index increased 68.42 points to 12,877.01, the FBM 70 climbed 134.49 points to 15,444.56, and the FBM ACE gained 24.95 points to 7,186.31.
Sector-wise, the Financial Services Index put on 49.53 points to 15,705.46, the Industrial Products and Services Index inched up 0.78 of-a-point to 212.94, and the Plantation Index bagged 43.19 points to 7,040.04.
The Main Market volume, however, narrowed to 2.86 billion shares worth RM2.57 billion compared with 2.94 billion shares worth RM2.47 billion on Thursday.
Warrants turnover surged to 463.32 million units valued at RM64.75 million against 198 million units valued at RM18.84 million on Thursday.
The volume on the ACE Market swelled to 1.63 billion shares worth RM365.7 million from 938.35 million shares worth RM284.93 million previously.
Consumer products and services counters accounted for 730.75 million shares traded on the Main Market, industrial products and services (704.8 million), construction (135.96 million), technology (297.41 million), SPAC (nil), financial services (52.28 million), property (251.92 million), plantation (34.85 million), REITs (10.91 million), closed/fund (34,300), energy (473.2 million), healthcare (48.06 million), telecommunications and media (26.71 million), transportation and logistics (79.6 million), and utilities (11.94 million).
Source: The Edge
Comments
Post a Comment