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 26): Bursa Malaysia ended broadly lower on Friday in line with regional markets amid weak sentiment following the emergence of a new Covid-19 variant in South Africa as well as a recent surge in new infections in Europe which dampen investor sentiment.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 5.38 points or 0.35% to finish at 1,512.22 from 1,517.6 on Thursday.
The index opened 0.57 of-a-point higher at 1,518.17 and moved between 1,508.97 and 1,518.44 throughout the day.
On the broader market, decliners thumped gainers 993 to 195, while 303 counters were unchanged, 821 untraded, and 39 others suspended.
Turnover jumped to 4.9 billion units worth RM3.48 billion from Thursday’s 3.81 billion units worth RM2.42 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI has broken the 1,520 support level and may test the 1,500 psychological level in the near term.
“We believe the benchmark index will see some downside though bargain-hunting activities may emerge as well,” he told Bernama.
Regionally, Japan’s Nikkei 225 declined 2.53% to 28,751.62, Singapore’s Straits Times Index dipped 1.72% to 3,166.27, and Hong Kong’s Hang Seng Index went down 2.67% to 24,080.52.
On Bursa Malaysia, heavyweights Petronas Gas Bhd advanced six sen to RM16.36, Tenaga Nasional Bhd was flat at RM9.38, Malayan Banking Bhd and Petronas Chemicals Group Bhd eased one sen each to RM8.10 and RM8.43, respectively, while Public Bank Bhd slipped one sen to RM4 and IHH Healthcare Bhd slumped 11 sen to RM6.56.
Of the actives, Careplus Group Bhd soared 25 sen to RM1.22, Top Glove Corp Bhd surged 39 sen to RM2.64, VSolar Group Bhd and Borneo Oil Bhd were flat at 1.5 sen and 2.5 sen, respectively, while Dagang NeXchange Bhd trimmed four sen to 81.5 sen, and Sapura Energy Bhd eased half-a-sen to nine sen.
On the index board, the FBM 70 dipped 180.86 points to 14,454.61, the FBMT 100 Index shed 62.72 points to 10,762.65, the FBM Emas Index gave up 80.44 points to 11,079.13, the FBM Emas Shariah index slipped 67.07 points to 12,040.74, and the FBM ACE lost 188.9 points to 6,463.31.
Sector-wise, the Industrial Products and Services Index slid 3.18 points to 196.21, the Financial Services Index was 85.85 points lower at 15,143.67, and the Plantation Index fell 114.14 points to 6,465.04.
Meanwhile, ATA IMS Bhd shares extended their losses to hit limit down on Friday, plunging 30 sen or 36.59% to 52 sen, as UK high-tech home appliance designer and manufacturer Dyson Ltd had cut ties with the electronics manufacturing firm over alleged labour practices.
The counter was among the top losers on the bourse this morning.
The Main Market volume went up to 3.05 billion shares worth RM2.93 billion from Thursday’s 2.35 billion shares worth RM2.13 billion.
Warrants turnover surged to 465.64 million units worth RM100.01 million against 258.24 million units worth RM36.88 million on Thursday.
The volume on the ACE Market increased to 1.38 billion shares valued at RM456.49 million from 1.2 billion shares valued at RM247.51 million on Thursday.
Consumer products and services counters accounted for 470.43 million shares traded on the Main Market, industrial products and services (1.01 billion), construction (102.88 million), technology (406.72 million), SPAC (nil), financial services (79.13 million), property (209.73 million), plantation (33.05 million), REITs (19.32 million), closed/fund (65,500), energy (358.5 million), healthcare (226.14 million), telecommunications and media (43.9 million), transportation and logistics (64.63 million), and utilities (19.21 million).
Source: The Edge
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