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 15): Bursa Malaysia ended slightly higher on Wednesday (Dec 15) on bargain hunting in selected heavyweights amid cautious trading, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.89 points to 1,482.81 from 1,480.92 at Tuesday’s close.
The index, which opened 1.2 points better at 1,482.12, moved between 1,475.37 and 1,484.63 throughout the trading session.
On the broader market, losers led gainers 442 to 418, while 424 counters were unchanged, 1,033 untraded, and 20 others suspended.Turnover increased to 2.82 billion units valued at RM1.74 billion from Tuesday’s 2.68 billion units valued at RM1.78 billion.
A dealer said the local bourse opened higher on bargain hunting after experiencing heavy sell-off on Tuesday, but turned easier from mid-morning until the end of the morning session as selling in heavyweights emerged, led by telecommunication stocks, which weighed on the barometer index.
“In the afternoon session, the market saw buying intersperse with selling in selected heavyweights, keeping the market in range-bound trading before ending on a positive note,” he noted.
Asian markets were mixed on Wednesday amid cautious sentiment as investors considered the impact of the Omicron variant on global economic recovery, while awaiting the US Federal Reserve's (Fed) announcement on interest rates for market direction. The US central bank is holding its meeting on Dec 14-15.
“The Fed is highly anticipated by investors to accelerate its timetable for reducing bond purchases and start raising interest rates, especially with inflation remaining at an elevated rate," he told Bernama.
Regionally, Japan's Nikkei 225 added 0.1% to 28,459.72, Hong Kong’s Hang Seng Index decreased 0.91% to 23,420.76, South Korea’s Kospi improved 0.05% to 2,989.39, and Singapore’s Straits Times Index shed 0.25% to 3,113.17.
Among the heavyweights, Malayan Banking Bhd and Public Bank Bhd added one sen each to RM8.10 and RM4.01 respectively, Tenaga Nasional Bhd increased six sen to RM9.29, IHH Healthcare Bhd slid two sen to RM6.48, while Petronas Chemicals Group Bhd was flat at RM8.61.
Of the actives, ATA IMS Bhd rose 14.5 sen to 69.5 sen, Pasukhas Group Bhd shed one sen to 2.5 sen, Kanger International Bhd eased half-a-sen to two sen, while BCM Alliance Bhd and Permaju Industries Bhd were flat at 2.5 sen and four sen, respectively.
On the index board, the FBM Emas Index was 22.25 points higher at 10,815.44, the FBMT 100 Index advanced 22.32 points to 10,509.17, and the FBM Emas Shariah Index bagged 24.24 points to 11,640.27.
The FBM 70 rose 65.1 points to 13,939.3 and the FBM ACE gained 12.63 points to 6,198.13.
Sector-wise, the Industrial Products and Services Index edged up 0.59 of-a-point to 193.92 and the Financial Services Index perked up 28.28 points to 15,106.92, but the Plantation Index lost 43.46 points to 6,387.04.
The Main Market volume widened to 1.76 billion shares valued at RM1.53 billion versus Tuesday’s 1.67 billion shares valued at RM1.59 billion.
Warrants turnover expanded to 263.92 million units worth RM44.33 million against 219.22 million units worth RM32.98 million on Tuesday.
The ACE Market volume rose to 794.2 million shares valued to RM165.63 million from 777.32 million shares valued at RM157.04 million previously.
Consumer products and services counters accounted for 418.51 million shares traded on the Main Market, industrial products and services (698.32 million), construction (40 million), technology (170.46 million), SPAC (nil), financial services (51.05 million), property (64.41 million), plantation (20.42 million), REITs (8.28 million), closed/fund (271,800), energy (110.21 million), healthcare (93.75 million), telecommunications and media (30.72 million), transportation and logistics (24.85 million), and utilities (25.07 million).
Source: The Edge
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