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 7): Bursa Malaysia’s benchmark index closed at its intraday high for the third consecutive day, spurred by buying of selected heavyweights, led by Dialog Group Bhd and small-capitalisation stocks.
After a roller-coaster trading session, the FBM KLCI ended 1.87 points firmer at 1,561.29 against 1,559.42 at Wednesday’s close.
The index, which opened 1.18 points easier at 1,558.24, rebounded after hitting an intraday low of 1,551.98 in early trade.
The overall market breadth was positive with gainers trouncing losers 601 to 432, while 431 counters were unchanged, 805 untraded and 27 others suspended.
Turnover fell to 4.09 billion units valued at RM2.98 billion from 4.54 billion units worth RM3.44 billion on Wednesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key index went through a bumpy session after the midday break but managed to finish strong with gainers led by Dialog and Kuala Lumpur Kepong Bhd (KLK).
Dialog increased 21 sen to RM2.90, while KLK soared 40 sen to RM22.30. Both stocks contributed a combined 2.895 points to the rise in the composite index.
Thong said key regional markets also ended higher following an overnight rally on Wall Street.
“Investor sentiment turned positive after reports that Washington and Beijing had agreed to hold a virtual meeting before year end.
“We prefer to remain cautious as profit-taking activities may emerge as regional volatility could play a part. Thus, we expect the index to trend around the 1,550-1,565 range towards the weekend,” he told Bernama.
Among the heavyweights, Public Bank Bhd gained two sen to RM4.08, IHH Healthcare Bhd added one sen to RM6.63 and CIMB Group Holdings Bhd bagged four sen to RM4.86, while Malayan Banking Bhd (Maybank) shed three sen to RM8.05, Petronas Chemicals Group Bhd (PetChem) erased 1.5 sen to RM8.68 and Tenaga Nasional Bhd (TNB) slipped one sen to RM9.73.
Of the actives, SC Estate Builder Bhd picked up 4.5 sen to 16.5 sen, KNM Group Bhd lost two sen to 22 sen, Nextgreen Global Bhd increased 11 sen to 91.5 sen, SYF Resources Bhd fell 8.5 sen to 34 sen and Opcom Holdings Bhd improved 13 sen to RM1.46.
On the index board, the FBM Emas Index advanced 18.77 points to 11,473.22, the FBMT 100 Index gained 8.34 points to 11,130.92, the FBM Emas Shariah Index garnered 25.28 points to 12,608.19 and the FBM ACE increased 65.02 points to 7,137.1.
The FBM 70, however, declined 8.4 points to 15,024.85.
Sector-wise, the Financial Services Index eased 5.33 points to 15,199.34, the Industrial Products and Services Index shed 0.53 of a point to 207.65, and the Plantation Index rose 43.66 points to 6,960.89.
Main Market volume decreased to 2.63 billion shares worth RM2.55 billion, compared with 2.99 billion shares worth RM3.07 billion on Wednesday.
Warrant turnover increased to 489.5 million units valued at RM76.37 million against 375.76 million units worth RM51.82 million on Wednesday.
ACE Market volume dropped to 964.77 million shares worth RM263.87 million from 1.17 billion shares worth RM321.37 million previously.
Consumer products and services counters accounted for 505.95 million shares traded on the Main Market, followed by industrial products and services (732.82 million), construction (142.75 million), technology (313.37 million), SPAC (nil), financial services (47.72 million), property (157.51 million), plantation (146.9 million), real estate investment trust (9.31 million), closed/fund (4,000), energy (393.37 million), healthcare (42.86 million), telecommunications and media (26.37 million), transportation and logistics (96.63 million), and utilities (11.95 million).
Source: The Edge
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