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 29): Bursa Malaysia closed lower on Monday as the market remained under pressure throughout the day due to lack of buying interest and was further dampened by the spillover effects of regional selldown, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 0.11% or 1.65 points to end at 1,510.57 from 1,512.22 last Friday.
The index, which opened 4.43 points weaker at 1,507.79, moved between 1,501.51 and 1,516.6 throughout the trading session.
On the broader market, decliners thumped gainers 790 to 351, while 376 counters were unchanged, 795 untraded, and 78 others suspended.Turnover increased to 6.14 billion units worth RM5.19 billion from Friday’s 4.9 billion units worth RM3.48 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional markets also ended lower as investors were cautious over the recently discovered Omicron Covid-19 variant, which may potentially reinstate full lockdowns in some countries and possibly slowing down the economic recovery.
“We reckon investor sentiment will remain jittery, hence, we expect the FBM KLCI to trend in a range bound and hovering within the 1,500-1,520 range for the week.
“From a technical point of view, we see the immediate support at 1,500 and resistance at 1,530,” he told Bernama.
On Bursa Malaysia, Malayan Banking Bhd dropped five sen to RM8.05, Public Bank Bhd eased four sen to RM3.96, Petronas Chemicals Group Bhd shed 22 sen to RM8.21, Tenaga Nasional Bhd dipped 12 sen to RM9.26, while IHH Healthcare Bhd rose four sen to RM6.60.
Of the actives, AT Systematization Bhd was flat at 5.5 sen, Careplus Group Bhd added 10 sen to RM1.32 and Top Glove Corp Bhd jumped 55 sen to RM3.19.
On the index board, the FBM Emas Index decreased 24.26 points to 11,054.87, the FBMT 100 Index slid 22.41 points to 10,740.24, and the FBM Emas Shariah Index gained 20.18 points to 12,060.92.
The FBM 70 lost 72.29 points to 14,382.32 but the FBM ACE climbed 52.6 points to 6,515.9.
Sector-wise, the Industrial Products and Services Index eased 4.16 points to 192.05, the Financial Services Index reduced 100.26 points to 15,043.41, and the Plantation Index fell 108.72 points to 6,356.32.
The Main Market volume went up to 3.44 billion shares valued at RM4.38 billion versus Friday’s 3.05 billion shares worth RM2.93 billion.
Warrants turnover surged to 518.29 million units worth RM66.39 million against 465.64 million units valued at RM100.01 million previously.
The volume on the ACE Market increased to 2.17 billion shares valued at RM747.12 million from 1.38 billion shares valued at RM456.49 million on Friday.
Consumer products and services counters accounted for 524.46 million shares traded on the Main Market, industrial products and services (1.03 billion), construction (112.95 million), technology (446.38 million), SPAC (nil), financial services (107.32 million), property (204.45 million), plantation (25.67 million), REITs (16.23 million), closed/fund (40,800), energy (270.65 million), healthcare (583.13 million), telecommunications and media (44.87 million), transportation and logistics (38.91 million), and utilities (31.15 million).
Source: The Edge
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