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 31): Bursa Malaysia ended sharply higher to close at its intra-day high on New Year's Eve, after wallowing in the red all day, owing primarily to bargain-hunting activities in the final hour of trading, a dealer said.
As at 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) soared 23.92 points or 1.15% to end at 1,567.53 compared with 1,543.61 at Thursday's close.
The index opened 0.62 of-a-point weaker at 1,542.99 on Friday morning, stayed in the red territory throughout the day, hit a low of 1,531.81 before rebounding to its intra-day high 10 minutes before closing.
On the broader market, gainers led losers 479 to 413 while 416 counters were unchanged, 982 untraded, and 31 others suspended.Turnover rose to 2.52 billion units valued at RM1.86 billion from Thursday’s 2.24 billion units valued at RM1.51 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the company expected bargain-hunting activities to continue given the improving market sentiment.
“The confirmation of a RM1,000 cap on stamp duty is certainly good news for the local bourse and we expect this should boost overall trading activities. On the other hand, we remain cautious given the heightened market volatility and still unresolved Covid-19 pandemic,” he told Bernama.
Meanwhile, key regional markets closed mixed following the overnight selldown on Wall Street and trading activity was also somewhat subdued as some traders looked to get a head start on New Year's festivities.
Japan’s Nikkei 225 lost 0.4% to 28,791.71, South Korea’s KOSPI fell 0.52% to 2,977.65, Singapore’s Strait Times Index was down 0.09% to 3,123.68, but Hong Kong’s Hang Seng rose 1.24% to 23,397.67.
Among heavyweights, IHH Healthcare Bhd added 56 sen to RM7.34, Axiata Group Bhd gained 31 sen to RM4.16, Maxis Bhd rose 36 sen to RM4.85, and Digi.Com Bhd was 32 sen better at RM4.36.
Other heavyweights, Malayan Banking Bhd was flat at RM8.30, Public Bank Bhd perked up one sen to RM4.16, Petronas Chemicals Group Bhd was 13 sen better at RM8.92, and CIMB Group Holdings Bhd gained four sen to RM5.45.
Of the actives, XOX Bhd and AT Systematization Bhd were unchanged at three sen respectively, SMTrack Bhd added 1.5 sen to 19 sen, AirAsia Group Bhd's warrant jumped 20.5 sen to 21 sen, but BSL Corp Bhd's warrant shed half-a-sen to 20 sen.
On the index board, the FBM Emas Shariah Index soared 182.98 points to 12,263.1, the FBM Emas Index jumped 118.74 points to 11,308.79, the FBMT 100 Index improved 124.84 points to 11,015.13 and the FBM ACE put on 25.94 points to 6,419.6.
In contrast, the FBM 70 fell 26.99 points to 14,209.95.
Sector-wise, the Financial Services Index added 53.1 points to 15,565.64, the Industrial Products and Services Index rose 1.11 points to 202.71, but the Plantation Index fell 36.37 points to 6,552.11.
The Main Market volume expanded to 1.41 billion shares valued at RM1.66 billion versus Thursday's 1.23 billion shares valued at RM1.32 billion.
Warrants turnover increased to 157.66 million units worth RM22.45 million compared with 140.92 million units worth RM18.53 million on Thursday.
The ACE Market volume improved to 903.15 million shares valued at RM147.29 million from 873.75 million shares valued at RM165.78 million previously.
Consumer products and services counters accounted for 366.62 million shares traded on the Main Market, industrial products and services (455.9 million), construction (31.67 million), technology (115 million), SPAC (nil), financial services (44.83 million), property (107.79 million), plantation (13.86 million), REITs (8.71 million), closed/fund (15,000), energy (60.74 million), healthcare (97.53 million), telecommunications and media (50.81 million), transportation and logistics (30.57 million), and utilities (23.21 million).
Source: The Edge
Comments
Post a Comment