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 (Nov 5): Bursa Malaysia ended the week on a mixed note on Friday with the barometer index lifted marginally higher by late bargain hunting in selected heavyweights, led by telecommunications and media sector, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.4 of-a-point to 1,531.73 from Wednesday's close of 1,531.33.
Maxis Bhd gained 12 sen to RM4.70 and Digi.Com Bhd added 10 sen to RM4.30, both of which lifted the key index by a combined 3.06 points.
The FBM KLCI opened 4.44 points higher at 1,535.77 and fluctuated between 1,525.45 and 1,540.61 throughout the trading session.
The market was closed on Thursday for Deepavali.
However, the broader market was negative as decliners outpaced gainers 582 to 441, while 446 counters were unchanged, 822 untraded, and 31 others suspended.
Turnover slipped to 3.15 billion units valued at RM2.32 billion from Wednesday’s 3.42 billion units valued at RM2.35 billion.
A dealer said Bursa Malaysia opened higher on Friday, taking a cue from the stronger overnight Nasdaq performance, as investors mulled the US Federal Reserve’s decision to begin tapering asset purchases later this month.
He said the market turned lower at mid-morning as investors off-loaded heavyweight stocks, but ended marginally higher on last-minute buying support.
The market also saw technology stock Malaysian Pacific Industries Bhd (MPI) as the top gainer on Friday, rising 98 sen to RM48.98, he noted.
“However, the local bourse's upside potential was seen still limited by market sentiment brought on by the Budget 2022 prosperity tax and stamp duty changes, which continued to be unfavourable to investors,” he said.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama despite rebounding on last-minute buying, the FBM KLCI remained in consolidation mode amid a lacklustre trading day.
“The performance was in line with key regional markets which ended mostly lower as selldown on China and Hong Kong property stocks dampened investor sentiment,” he said.
Regionally, Japan's Nikkei 225 slipped 0.61% to 29,611.74, Hong Kong’s Hang Seng Index fell 1.41% to 24,870.51, South Korea’s Kospi shaved off 0.47% to 2,969.27, while Singapore’s Straits Times Index improved 0.6% to 3,238.9.
Among the heavyweights, Malayan Banking Bhd added one sen to RM8.01, IHH Healthcare Bhd bagged six sen to RM6.58 and Tenaga Nasional Bhd increased three sen to RM9.61, while Public Bank Bhd and Petronas Chemicals Group Bhd reduced one sen each to RM4.03 and RM8.30 respectively.
Of the actives, NWP Holdings Bhd perked up two sen to 32 sen, KNM Group Bhd and Scope Industries Bhd rose 1.5 sen each to 21 sen and 40 sen respectively, ARB Bhd slipped seven sen to 20 sen, and Alam Maritim Resources Bhd shed 1.5 sen to three sen.
On the index board, the FBM Emas Index increased 5.62 points to 11,364.13, the FBMT 100 Index gained 6.17 points to 10,990.93, the FBM Emas Shariah Index added 12.09 points to 12,411.74, the FBM 70 rose 21.31 points to 15,112.52, and the FBM ACE advanced 50.53 points to 7,124.49.
Sector-wise, the Industrial Products and Services Index inched down 0.49 of-a-point to 202.56, the Plantation Index gave up 61.93 points to 6,726.57, and the Financial Services Index fell 20.21 points to 15,166.88.
The Main Market volume declined to 2.15 billion shares worth RM1.97 billion from 2.29 billion shares worth RM2 billion on Wednesday.
Warrants turnover decreased to 241.21 million units worth RM43.46 million versus 264.64 million units worth RM42.79 million previously.
Volume on the ACE Market shrank to 752.96 million shares valued at RM310.93 million from Wednesday’s 856.9 million shares valued at RM313.42 million.
Consumer products and services counters accounted for 226.68 million shares traded on the Main Market, industrial products and services (708.53 million), construction (122.21 million), technology (378.23 million), SPAC (nil), financial services (61.87 million), property (166.28 million), plantation (22.58 million), REITs (3.92 million), closed/fund (8,400), energy (332.13 million), healthcare (46.57 million), telecommunications and media (21.67 million), transportation and logistics (48.82 million), and utilities (14.56 million).
Source: The Edge
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