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 30): Bursa Malaysia rebounded to close marginally higher on Tuesday due to bargain hunting in selected heavyweights, particularly telecommunications, oil and gas and plantation stocks, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.23% or 3.41 points to 1,513.98 from 1,510.57 at Monday’s closing.
The benchmark index opened 2.01 points firmer at 1,512.58 and moved between 1,511.27 and 1,519.62 throughout the trading session.
On the broader market, gainers led losers 576 to 464, while 392 counters were unchanged, 873 untraded, and 63 others suspended.
Turnover decreased to 5.67 billion units valued at RM7.97 billion from Monday’s 6.14 billion units worth RM5.19 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Tuesday’s gainers were led by Kuala Lumpur Kepong Bhd, which increased 90 sen to RM21.04; PPB Group Bhd, which rose 82 sen to RM17.82; and Petronas Gas Bhd, which was up 52 sen to RM16.82.
He said key regional indices, however, closed mostly lower as investors in the region continued to track developments surrounding the Omicron variant while Moderna chief executive Stéphane Bancel said he expected existing vaccines to struggle with Omicron variant.
“As for the local bourse, we expect sentiment [to] continue to be cautious while external uncertainties to be a major setback for the market.
“Hence we expect the benchmark index to remain range bound at around 1,510-1,520 for the remainder of the week with immediate resistance at 1,530 and support at 1,500,” he told Bernama.
Among the heavyweights, Petronas Chemicals Group Bhd recovered 29 sen to RM8.50, Malayan Banking Bhd shed seven sen to RM7.98, while Public Bank Bhd, Tenaga Nasional Bhd, and IHH Healthcare Bhd eased two sen each to RM3.94, RM9.24 and RM6.58, respectively.
Of the actives, ATA IMS Bhd eased seven sen to 45 sen, Inari Amertron Bhd added four sen to RM4.19, and Supermax Corp Bhd lost 27 sen to RM1.88.
On the index board, the FBM Emas Index increased 28.91 points to 11,083.78, the FBMT 100 Index perked up 29.33 points to 10,769.57, and the FBM Emas Shariah Index gained 67.7 points to 12,128.62.
The FBM 70 advanced 59.3 points to 14,441.62 and the FBM ACE climbed 14.03 points to 6,529.94.
Sector-wise, the Industrial Products and Services Index was 2.99 points higher at 195.04, the Financial Services Index fell 8.89 points to 15,034.52, and the Plantation Index ticked up 76.32 points to 6,432.64.
The Main Market volume went up to 4.24 billion shares valued at RM7.49 billion versus Monday’s 3.44 billion shares valued at RM4.38 billion.
Warrants turnover dwindled to 422.05 million units worth RM71.79 million against 518.29 million units worth RM66.39 million previously.
The volume on the ACE Market decreased to 997.19 million shares valued at RM403.62 million from 2.17 billion shares valued at RM747.12 million on Monday.
Consumer products and services counters accounted for 327.95 million shares traded on the Main Market, industrial products and services (1.68 billion), construction (61.95 million), technology (667.2 million), SPAC (nil), financial services (250.91 million), property (120.95 million), plantation (29.13 million), REITs (24.29 million), closed/fund (77,000), energy (247.98 million), healthcare (649.02 million), telecommunications and media (99.2 million), transportation and logistics (59 million), and utilities (29.32 million).
Source: The Edge
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