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 24): Bursa Malaysia ended almost flat on Wednesday due to the absence of fresh catalysts, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.61 of-a-point to finish at 1,522.27 from 1,522.88 on Tuesday.
The index opened 1.33 points better at 1,524.21 and moved between 1,521.12 and 1,525.98 throughout the day.
On the broader market, decliners led gainers 506 to 402, while 440 counters were unchanged, 993 untraded and 45 others suspended.
Turnover increased to 3.04 billion units worth RM2.09 billion from Tuesday's 2.7 billion units worth RM2.35 billion.
Key regional indices, however, ended mixed on bargain hunting.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said foreign funds continued to flow into the region while valuations on the local market remained attractive as compared to regional peers.
"Hence, we anticipate the FBM KLCI to hover within the range of 1,525-1,535 for the remaining of the week. From a technical point of view, immediate support is unchanged at 1,520 while resistance is at 1,565,” he told Bernama.
Regionally, Japan's Nikkei 225 declined 1.58% to 29,302.66, Singapore's Straits Times Index dipped 0.02% to 3,226.83 but Hong Kong's Hang Seng Index rose 0.14% to 24,685.5.
On the home front, heavyweights Petronas Chemicals Group Bhd and Axiata Group Bhd both went up three sen to RM8.34 and RM3.97, respectively, Public Bank Bhd was flat at RM4.07, Malayan Banking Bhd slid four sen to RM8.12, IHH Healthcare Bhd eased one sen to RM6.69, and Tenaga Nasional Bhd shed six sen to RM9.44.
Of the actives, VSolar Group Bhd edged up half-a-sen to 1.5 sen, Dagang NeXchange Bhd rose 1.5 sen to 88 sen, G3 Global Bhd was up four sen to 13.5 sen, WZ Satu Bhd ticked up two sen to 25 sen, ATA IMS Bhd slipped three sen to RM1.17, while both MY EG Services Bhd and Bumi Armada Bhd fell one sen to RM1.08 and 46.5 sen, respectively.
On the index board, the FBMT 100 Index slipped 19.77 points to 10,849.28, the FBM Emas Index dipped 20.26 points to 11,193.15, the FBM Emas Shariah Index weakened 20.98 points to 12,136.17, the FBM 70 went down 87.11 points to 14,631.06, while the FBM ACE improved 35 points to 6,751.31.
Sector-wise, the Financial Services Index was 14.97 points lower at 15,269.72, the Industrial Products and Services Index inched down 0.32 of-a-point to 199.2, but the Plantation Index expanded by 26.28 points to 6,601.31.
The Main Market volume went up to 1.96 billion shares worth RM1.79 billion from Tuesday's 1.85 billion shares worth RM2.05 billion.
Warrants turnover improved to 343.07 million units worth RM76.05 million from 316.03 million units worth RM63.74 million on Tuesday.
The volume on the ACE Market expanded to 716.62 million shares valued at RM226.51 million from Tuesday's 526.74 million shares valued at RM236.77 million.
Consumer products and services counters accounted for 311.21 million shares traded on the Main Market, industrial products and services (655 million), construction (71.2 million), technology (342.38 million), SPAC (nil), financial services (48.43 million), property (119.47 million), plantation (17.88 million), REITs (13.38 million), closed/fund (449,400), energy (218.76 million), healthcare (59.41 million), telecommunications and media (37.59 million), transportation and logistics (45.91 million), and utilities (18.13 million).
Source: The Edge
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