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 18): Bursa Malaysia finished trading on an easier note on Thursday, dragged down by losses in glove, banking, and gaming counters, and in sync with most key regional bourses.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 1.34 points to 1,523.79, having fluctuated between 1,519.91 and 1,525.12 throughout the day.
The index opened 0.55 of-a-point easier at 1,524.58 compared with 1,525.13 at Wednesday’s close.
On the broader market, decliners surpassed gainers 560 to 387, while 407 counters were unchanged, 969 untraded and 21 others suspended.Turnover fell to 2.81 billion shares worth RM2.12 billion from Wednesday’s 3.15 billion shares worth RM2.46 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI remained in consolidation mode due to the absence of fresh catalysts.
“Key regional markets are also in negative territory due to overnight losses on Wall Street.
“Investors are also cautious about the increasing market volatility across the region,” he told Bernama.
On the domestic front, he said the local bourse is expected to be muted going forward as third quarter corporate results may have been impacted by the movement control order.
“Nonetheless, we reckon results from the banks and plantation players will remain strong.
“The market sentiment has remained cautious with the FBM KLCI moving in a tight consolidation mode, however it managed to close above the 1,520 support level,” he noted.
Nonetheless, some bargain-hunting activities are expected to emerge with the benchmark index ranging between 1,520-1,530 towards the weekend, he said.
Regionally, the Singapore Straits Times Index rose 0.12% to 3,236.49, the South Korean Kospi shed 0.51% to 2,947.38 while Shanghai’s SSE eased 0.47% to 3,520.71.
Japan’s Nikkei was 0.3% easier at 29,598.66 and Hong Kong’s Hang Seng Index shed 1.29% to 25,319.72.
Among the heavyweights, Malayan Banking Bhd eased three sen to RM8.04, while Public Bank Bhd and Petronas Chemicals Group Bhd were flat at RM4.05 and RM8.31 respectively and IHH Healthcare Bhd fell two sen to RM6.53.
Of the actives, WZ Satu Bhd rose one sen to 23.5 sen, VSolar Group Bhd and Fintec Global Bhd were flat at 1.5 sen respectively and KNM Group Bhd went up one sen to 18 sen.
On the index board, the FBM Emas Index trimmed 19.92 points to 11,231.46, the FBMT 100 Index decreased 13.86 points to 10,887.51 and the FBM Emas Shariah Index dipped 18.18 points to 12,212.36.
The FBM ACE strengthened 12.74 points to 6,816.88, and the FBM 70 was 35.49 points lower at 14,790.
Sector-wise, the Financial Services Index fell 19.76 points to 15,172.99, the Industrial Products and Services Index inched up 0.63 of-a-point to 199.13, and the Plantation Index added 47.64 points to 6,591.54.
The Main Market volume retreated to 1.81 billion shares worth RM1.81 billion from two billion shares worth RM2.09 billion on Wednesday.
Warrants turnover shrank to 244.27 million units worth RM50.32 million versus 301.88 million units worth RM61.42 million previously.
The volume on the ACE Market fell to 746.13 million shares valued at RM257.14 million from Wednesday’s 824.87 million shares valued at RM308.96 million.
Consumer products and services counters accounted for 273.75 million shares traded on the Main Market, industrial products and services (725.12 million), construction (38.99 million), technology (236.97 million), SPAC (nil), financial services (48.03 million), property (114.8 million), plantation (10.2 million), REITs (8.11 million), closed/fund (8,800), energy (188.5 million), healthcare (92.05 million), telecommunications and media (21.48 million), transportation and logistics (41.76 million), and utilities (13.2 million).
Source: The Edge
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