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 (Dec 8): Bursa Malaysia ended mixed on Wednesday (Dec 8) after swinging between mild gains and losses throughout the day, mainly due to selling of property, healthcare and consumer products and services stocks.
At 5pm, the FBM KLCI closed 3.94 points lower at 1,494.03 from 1,497.97 at Tuesday’s close.
The market bellwether opened 2.60 points better at 1,500.57 and moved between 1,491.88 and 1,501.24 throughout the day.
The overall broader market was positive with advancers leading decliners 486 to 385, while 450 counters were unchanged, 966 untraded and 20 others suspended.
Turnover decreased to 3.74 billion units valued at RM2.05 billion from Tuesday’s 4.29 billion units valued at RM2.25 billion.
Some investors were seen taking profit after Tuesday's steady gains.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said buying enthusiasm waned amid the lack of market moving news domestically.
“The KLCI is likely to hover within the range of 1,490-1,500 for the remainder of the week,” he told Bernama.
On the global front, the oil market was lower but remained steady even as the latest data pointed to the biggest draw in US stockpiles.
The American Petroleum Institute projected that the inventory draw for crude oil to be 3.09 million barrels this week, with investors awaiting the US Energy Information Administration (EIA) estimate to be released soon.
The EIA in its December Short-Term Energy Outlook indicated that Brent crude oil prices are expected to be at an average of U$70 (about RM295.72) per barrel in 2022, with production likely to rise more quickly than demand.
Back home, heavyweights Axiata Group Bhd dropped nine sen to RM3.70, Hap Seng Consolidated Bhd declined five sen to RM7.50, Hartalega Holdings Bhd declined 15 sen to RM5.59 and Nestlé (Malaysia) Bhd dipped RM1.50 to RM132.30.
Top Glove Corp Bhd lost six sen to RM2.44 and PPB Group Bhd was 16 sen weaker at RM17.06.
Meanwhile, Press Metal Aluminium Holdings Bhd and Sime Darby Bhd gained five sen each to RM5.45 and RM2.17 respectively.
Of the actives, ATA IMS Bhd increased 5.5 sen to 49.5 sen, while Fintec Global Bhd and MLabs Systems Bhd eased half a sen to one sen and three sen respectively.
On the index board, the FBM Emas Index eased 8.52 points to 10,900.17, the FBMT 100 Index slid 11.30 points to 10,601.85 and the FBM Emas Shariah Index was 10.75 points lower at 11,764.08.
The FBM 70, however, went up 51.21 points to 14,114.57 and the FBM ACE edged up 23.60 points to 6,289.30.
Sector-wise, the Industrial Products and Services Index perked up 0.05 of a point to 193.42, the Financial Services Index recovered 2.44 points to 15,166.39 and the Plantation Index improved 4.19 points to 6,430.09.
Main Market volume narrowed to 2.02 billion shares valued at RM1.83 billion versus Tuesday’s 2.22 billion shares valued at RM1.98 billion.
Warrant turnover dwindled to 309.01 million units worth RM50.96 million against 365.83 million units worth RM62.64 million.
ACE Market volume slipped to 1.35 billion shares valued at RM173.76 million from 1.47 billion shares valued at RM204.95 million previously.
Consumer products and services counters accounted for 241.92 million shares traded on the Main Market, followed by industrial products and services (909.97 million), construction (77.65 million), technology (213.42 million), special purpose acquisition companies (nil), financial services (65.88 million), property (121.32 million), plantation (16.62 million), real estate investment trusts (7.60 million), closed/funds (5,000), energy (206.80 million), healthcare (84.47 million), telecommunications and media (28.19 million), transportation and logistics (24.98 million), and utilities (20.84 million).
Source: The Edge
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