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 7): Bursa Malaysia turned positive on Tuesday after a broad recovery rally, thanks to window-dressing activities and risk-on mode.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 14.52 points or 0.98% to 1,497.97 from 1,483.45 at Monday’s close.
The market recovered most of the losses recorded on Monday, which saw the index hitting its lowest in 13 months.
The market bellwether opened 1.49 points better at 1,484.94 and reached its intraday low of 1,484.35 earlier.On the broader market, gainers led decliners 645 to 320, while 404 counters were unchanged, 917 untraded and 20 others suspended.
Turnover increased to 4.29 billion units valued at RM2.25 billion from Monday’s 3.66 billion units valued at RM2.57 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the market was mostly lifted by banking and gaming heavyweights.
Key regional indices including FBM KLCI ended higher on dwindling worries about the economic impact of the Omicron variant.
On Monday, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia is on track to achieve economic growth of 3% to 4% this year despite the emergence of the new variant.
Tengku Zafrul said exports had gone up by 25% in the first 10 months of this year compared to last year.
Meanwhile, investors cheered China’s latest economic data, which saw exports beat expectations and its government pledged measures to shore up the economy.
China’s exports increased 22% year-on-year while imports jumped 31.7%.
In addition, the oil market's improvement helped to boost sentiment with Brent crude hovering near US$75 per barrel.
However, Thong said he remains cautious on the market outlook despite the bargain-hunting on Tuesday.
At home, heavyweights Public Bank Bhd and Malayan Banking Bhd gained 11 sen to RM3.99 and RM8.10 respectively.
Axiata Group Bhd was 14 sen stronger at RM3.79, MISC Bhd went up 10 sen to RM6.46 and Petronas Chemicals Group Bhd rose 13 sen to RM8.44.
Top Glove Corp Bhd lost seven sen to RM2.50, while Hartalega Holdings Bhd slid 35 sen to RM5.74.
Of the actives, Kanger International Bhd trimmed one sen to two sen and Sapura Energy Bhd eased three sen to five sen, while Green Ocean Corp Bhd and XOX Bhd were flat at three sen each.
On the index board, the FBM Emas Index advanced 98.75 points to 10,908.69, the FBMT 100 Index bagged 94.22 points to 10,613.15, and the FBM Emas Shariah Index was 63.8 points higher at 11,774.83.
The FBM 70 improved 90.47 points to 14,063.36 and the FBM ACE ticked up 52.68 points to 6,265.7.
Sector-wise, the Industrial Products and Services Index inched up 2.31 points to 193.37, the Financial Services Index climbed 196.24 points to 15,163.95 and the Plantation Index added 31.75 points to 6,425.9.
The Main Market volume expanded to 2.22 billion shares valued at RM1.98 billion versus Monday’s 1.98 billion shares valued at RM2.27 billion.
Warrants turnover dwindled to 365.83 million units worth RM62.64 million against 371.27 million units worth RM51.85 million.
The volume on the ACE Market rose to 1.47 billion shares valued at RM204.95 million from 1.19 billion shares valued at RM238.94 million previously.
Consumer products and services counters accounted for 312.61 million shares traded on the Main Market, industrial products and services (524.55 million), construction (70.45 million), technology (282.01 million), SPAC (nil), financial services (68.83 million), property (76.42 million), plantation (10.1 million), REITs (6.06 million), closed/fund (10,000), energy (653.53 million), healthcare (134.45 million), telecommunications and media (30.03 million), transportation and logistics (23.46 million), and utilities (24.83 million).
Source: The Edge
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