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 8): Bursa Malaysia ended mixed on Monday with the barometer index closing higher as consistent buying support from the consumer products and services as well as plantation counters halted the downtrend, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.68 points to 1,535.41 from Friday's close of 1,531.73.
Petronas Dagangan Bhd gained 88 sen to RM20.68 while Kuala Lumpur Kepong Bhd added 38 sen to RM21.08, lifting the key index by a combined 2.28 points.
The FBM KLCI opened 2.48 points higher at 1,534.21 and fluctuated between 1,531.42 and 1,538.12 throughout the trading session.
However, the broader market was negative as decliners outpaced gainers 571 to 415, while 427 counters were unchanged, 876 untraded and 27 others suspended.
Turnover slipped to 3.1 billion units valued at RM2.13 billion from Friday’s 3.15 billion units valued at RM2.32 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama on Monday that the FBM KLCI closed higher due to bargain-hunting activities and foreign buying.
“The benchmark index gained 0.24% or 3.68 points to end at 1,535.41, lifted mainly by gaming, banking and oil and gas (O&G) counters. Key regional markets ended mixed on mixed sentiment.
“Investors continue to monitor the impact of inflation on both monetary policy and the pace of economic recovery while [remaining] cautious ahead of the corporate earnings season,” he said.
Back home, he said, bargain-hunting activities are expected to continue given the attractive valuations on the local market compared to regional peers.
“We anticipate the index to trend within the 1,535-1,550 range for the week. Technically, immediate support is unchanged at 1,520 while resistance is at 1,565,” he added.
Among the heavyweights, Malayan Banking Bhd and Petronas Chemicals Group Bhd were flat at RM8.01 and RM8.30 respectively, IHH Healthcare Bhd slipped seven sen to RM6.51 while Public Bank Bhd added one sen to RM4.04 and Tenaga Nasional Bhd improved six sen to RM9.67.
Of the actives, Ecomate Holdings Bhd jumped 15.5 sen to 48.5 sen, NWP Holdings Bhd advanced two sen to 34 sen, KNM Group Bhd earned half-a-sen to 21.5 sen while Kanger International Bhd was flat at 3.5 sen.
On the index board, the FBM Emas Index increased one point to 11,365.13, the FBMT 100 Index gained 6.66 points to 10,997.59, the FBM Emas Shariah Index declined 13.29 points to 12,398.45, the FBM 70 slipped 67.56 points to 15,044.96, and the FBM ACE dipped 70.66 points to 7,053.83.
Sector-wise, the Industrial Products and Services Index inched down 0.16 of-a-point to 202.4, the Plantation Index improved 2.59 points to 6,729.16, and the Financial Services Index perked 4.41 points to 15,171.29.
The Main Market volume declined to 2.06 billion shares worth RM1.79 billion from 2.15 billion shares worth RM1.97 billion on Friday.
Warrants turnover decreased to 182.81 million units worth RM26.59 million versus 241.21 million units worth RM43.46 million previously.
Volume on the ACE Market widened to 848.27 million shares valued at RM313.23 million from Friday’s 752.96 million shares valued at RM310.93 million.
Consumer products and services counters accounted for 377.5 million shares traded on the Main Market, industrial products and services (778.37 million), construction (125.87 million), technology (244.4 million), SPAC (nil), financial services (47.12 million), property (135.84 million), plantation (19.29 million), REITs (4.27 million), closed/fund (4,100), energy (206.42 million), healthcare (38.54 million), telecommunications and media (16.74 million), transportation and logistics (49.1 million), and utilities (12.13 million).
Source: The Edge
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