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 17): The FTSE Bursa Malaysia KLCI (FBM KLCI) closed 2.24 points up at an intra-day high of 1,525.13 on Wednesday after erasing losses on last-minute buying in heavyweights, mainly Top Glove Corp Bhd, Kuala Lumpur Kepong Bhd (KLK) and Petronas Dagangan Bhd.
The index, which opened 0.47 of-a-point easier at 1,522.42, moved between 1,519.07 and 1,523.13 throughout the trading session.
On the broader market, losers thumped gainers 715 to 260, while 417 counters were unchanged, 939 untraded and 48 others suspended.
Turnover stood at 3.15 billion shares worth RM2.46 billion from Tuesday’s 3.15 billion shares worth RM2.26 billion.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the FBM KLCI remained lacklustre on Wednesday in line with the regional bourses.
“From a technical standpoint, the FBM KLCI is already in the oversold position with the current support and resistant level at 1,483.75 and 1,533.82 points respectively.
“Concern over the possibility of a sooner-than-expected rise in the United States interest rate coupled with the rising number of Covid-19 cases may have limited the upside potential for the FBM KLCI at the moment,” he told Bernama.
As such, he said the FBM KLCI is expected to range between 1,520 and 1,530 in the immediate term.
Among the heavyweights, Malayan Banking Bhd fell two sen to RM8.07 and Public Bank Bhd rose three sen to RM4.05, while Petronas Chemicals Group Bhd and IHH Healthcare Bhd were flat at RM8.31 and RM6.55 respectively.
Top Glove improved nine sen to RM2.51, KLK advanced 30 sen to RM20.44 and Petronas Dagangan climbed 24 sen to RM19.88.
As for the actives, VSolar Group Bhd was flat at 1.5 sen, Brahim's Holdings Bhd erased eight sen to 14 sen and Dagang NeXchange Bhd was one sen lower at 82 sen.
On the index board, the FBM Emas Index eased 12.09 points to 11,251.38, the FBMT 100 Index decreased 1.41 points to 10,901.37, the FBM Emas Shariah Index dipped 35.95 points to 12,230.54, the FBM ACE weakened 54.09 points to 6,804.14, and the FBM 70 was 69.82 points lower at 14,825.49.
Sector-wise, the Financial Services Index rose 38.76 points to 15,192.75, the Industrial Products and Services Index trimmed 1.55 points to 198.5, and the Plantation Index bagged 22.54 points to 6,543.9.
The Main Market volume decreased to 2.0 billion shares worth RM2.09 billion from 2.12 billion shares worth RM1.95 billion on Tuesday.
Warrants turnover rose to 301.88 million units worth RM61.42 million versus 278.47 million units worth RM58.72 million previously.
Volume on the ACE Market improved to 824.87 million shares valued at RM308.96 million from Tuesday’s 758.86 million shares valued at RM251.03 million.
Consumer products and services counters accounted for 367.02 million shares traded on the Main Market, industrial products and services (658.31 million), construction (61.86 million), technology (325.63 million), SPAC (nil), financial services (59.43 million), property (145.25 million), plantation (12.17 million), REITs (11.87 million), closed/fund (3,000), energy (159.98 million), healthcare (78.55 million), telecommunications and media (18.57 million), transportation and logistics (72.97 million), and utilities (28.11 million).
Source: The Edge
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