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 16): Bursa Malaysia ended the day marginally higher on bargain hunting in selected heavyweights led by Nestle (Malaysia) Bhd, PPB Group Bhd and Telekom Malaysia Bhd (TM).
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.55 of-a-point to 1,522.89 after moving between 1,518.93 and 1,528.1 in the course of the day
Nestle rose 20 sen to RM133.30, PPB advanced 18 sen to RM17.38 and TM bagged 10 sen to RM5.70, and together they contributed 1.21 points to the barometer index.
The index opened 0.87 of-a-point easier at 1,521.47 compared with Monday’s close of 1,522.34.
The broader market remained negative at the close with decliners outpacing gainers 542 to 392, while 451 counters were unchanged, 931 untraded and 45 others suspended.
Turnover fell to 3.15 billion shares worth RM2.26 billion from Monday’s 3.48 billion shares worth RM2.33 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI rebounded after hitting an intraday low of 1,518.93 when buying activities emerged and ended flat after a tight range-bound trading session.
“Key regional markets closed higher as investors reacted positively to news of the leaders of the United States and China being in a virtual summit.
“Back home, the FBM KLCI seems to be quite well supported at 1,520 level; hence we reckon accumulation of stocks to persist on dips,” he told Bernama.
He said at present valuations, bargain-hunting activities were expected to emerge and the FBM KLCI was anticipated to hover in the 1,525-1,540 range for the rest of the week.
Among the heavyweights, Malayan Banking Bhd fell one sen to RM8.09, Public Bank Bhd added one sen to RM4.02, Petronas Chemicals Group Bhd gained two sen to RM8.31, and Tenaga Nasional Bhd was flat at RM9.59.
Of the actives, PDZ Holdings Bhd was one sen lower at 7.5 sen and KNM Group Bhd eased 1.5 sen to 17 sen, but Brahim's Holdings Bhd increased three sen to 22 sen.
Among the top gainers, Mytech Group Bhd rose 73 sen to RM6.58, BSL Corp Bhd perked up 46 sen to RM2.02 and Yinson Holdings Bhd improved 25 sen to RM6.
The top losers were Rapid Synergy Bhd, which slid 75 sen to RM9.21; TAFI Industries Bhd, which shed 70 sen to RM3.03; and Carzo Holdings Bhd, which lost 69 sen to RM2.87.
On the index board, the FBM Emas Index retreated 8.28 points to 11,263.47, the FBMT 100 Index fell three points to 10,902.78, and the FBM Emas Shariah Index decreased 10.38 points to 12,266.49.
The FBM ACE erased 116.64 points to 6,858.23 and the FBM 70 dropped 31.3 points to 14,895.31.
Sector-wise, the Industrial Products and Services Index edged up 0.11 of-a-point to 200.05 while the Plantation Index declined 34.28 points to 6,521.36 and the Financial Services Index was 1.81 points lower at 15,153.99.
The Main Market volume decreased to 2.12 billion shares worth RM1.95 billion from 2.24 billion shares worth RM1.95 billion on Monday.
Warrants turnover fell to 278.47 million units worth RM58.72 million versus 299.05 million units worth RM55.96 million previously.
Volume on the ACE Market shrank to 758.86 million shares valued at RM251.03 million from Monday’s 936.12 million shares valued at RM322.13 million.
Consumer products and services counters accounted for 382.74 million shares traded on the Main Market, industrial products and services (583.18 million), construction (120.01 million), technology (317.64 million), SPAC (nil), financial services (50.27 million), property (106.91 million), plantation (13.11 million), REITs (6.12 million), closed/fund (200), energy (269.18 million), healthcare (70.3 million), telecommunications and media (20.65 million), transportation and logistics (151.93 million), and utilities (20.41 million).
Source: The Edge
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