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 11): Bursa Malaysia ended lower for the third consecutive day on Thursday (Nov 11), dragged by continued profit taking on selected industrial products and services as well as plantation counters amid weaker sentiments on regional markets, dealers said.
At 5pm, the benchmark FBM KLCI closed 1.89 points lower at 1,518.85 from Wednesday's close at 1,520.74.
Press Metal Aluminium Holdings Bhd and Sime Darby Plantation Bhd shed eight sen each to RM5.29 and RM3.92 respectively, pulling the key index lower by a combined 2.12 points.
The KLCI opened 0.26 of a point lower at 1,520.48 and fluctuated between 1,517.14 and 1,522.72 throughout the day.
The broader market was slightly negative as decliners outpaced advancers 498 to 447, while 418 counters were unchanged, 929 untraded and 18 others suspended.
Turnover declined to 3.02 billion units valued at RM2.24 billion from Wednesday’s 3.43 billion units valued at RM2.32 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said local equities continued to trade range-bound due to the absence of fresh catalysts.
“The KLCI ended lower, losing 0.12% or 1.89 points to 1,518.85. Meanwhile, key regional indices closed broadly higher. Chinese/Hong Kong stocks finished higher on bets that Beijing will relax policies to prevent a sector-wide collapse.
“Japanese stocks rose as investors sought out bargains, hoping that the new government's fresh round of stimulus could shore up the economy,” the analyst told Bernama on Thursday.
Back home, Thong said the KLCI had broken the 1,520 support level and may test the 1,500 psychological level.
“We believe the benchmark index will see some downside, though bargain hunting may emerge as well. As such, we expect the benchmark index to trade within a tight consolidation range of between 1,515 and 1,525 towards the weekend,” he added.
Among the heavyweights, Malayan Banking Bhd (Maybank) and IHH Healthcare Bhd added one sen each to RM8 and RM6.46 respectively, Tenaga Nasional Bhd (TNB) rose five sen to RM9.63, while Public Bank Bhd and Petronas Chemicals Group Bhd (PetChem) were flat at RM4.02 and RM8.30 respectively.
Of the actives, Dagang NeXchange Bhd (DNeX) went up 2.5 sen to 83 sen, Scope Industries Bhd gained 1.5 sen to 46.0 sen, while XOX Bhd and Permaju Industries Bhd earned half a sen each to four sen and seven sen respectively.
On the index board, the FBM Emas Index decreased 25.39 points to 11,241.19, the FBMT 100 Index reduced 23.30 points to 10,877.24, the FBM Emas Shariah Index declined 45.05 points to 12,233.54 and the FBM 70 slipped 69.73 points to 14,873.77, but the FBM ACE advanced 19.70 points to 6,958.28.
Sector-wise, the Industrial Products and Services Index inched down 0.52 of a point to 200.89, the Plantation Index gave up 13.80 points to 6,616.09, while the Financial Services Index improved 24 points to 15,118.25.
Main Market volume slid to 1.95 billion shares worth RM1.88 billion from 2.26 billion shares worth RM1.9 billion on Wednesday.
Warrant turnover increased to 309.2 million units worth RM57.53 million versus 268.25 million units worth RM42.28 million the day before.
ACE Market volume dwindled to 760.56 million shares valued at RM301.63 million from Wednesday’s 896.43 million shares valued at RM369.91 million.
Consumer products and services counters accounted for 513.06 million shares traded on the Main Market, followed by industrial products and services (578.85 million), construction (51.06 million), technology (381.63 million), special purpose acquisition companies (nil), financial services (72.09 million), property (106.71 million), plantation (12.41 million), real estate investment trusts (3.23 million), closed/funds (9,000), energy (126.96 million), healthcare (32.9 million), telecommunications and media (12.22 million), transportation and logistics (49.78 million) and utilities (7.82 million).
Source: The Edge
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