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 17): Bursa Malaysia bucked the regional trend to end higher for three straight days on bargain hunting in selected heavyweights led by Tenaga Nasional Bhd and Top Glove Corp Bhd.
The two counters contributed a combined 4.45 points to the barometer index, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 17.37 points or 1.17% to end at its intraday high of 1,502.01 compared with 1,484.64 at Thursday’s close.
The index opened 0.79 of-a-point better at 1,485.43 and subsequently hit a low of 1,482.39.However, on the broader market, losers led gainers 434 to 425, while 427 counters were unchanged, 1,040 untraded, and 43 others suspended.
Turnover declined to 2.81 billion units valued at RM2.74 billion from Thursday’s 2.83 billion units valued at RM2.35 billion.
A dealer said Bursa Malaysia saw volatile trading in early session with the FBM KLCI opening marginally higher but retreated thereafter before turning into positive territory again at mid-morning to end the session higher.
“The local market was in range-bound trading for most of the day but last-minute buying in heavyweights lifted the barometer index 1.17% higher.
“The local bourse also bucked the regional trend which was mostly lower, following the overnight weakness in US equities, which ended in the red again, led by selloffs in technology stocks and consumer discretionary,” he shared.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama the key regional markets ended mostly in negative territory after several countries imposed stricter measures on movements to curb the spread of the Omicron variant.
“Sentiment on Asian bourses remained cautious as investors digest the outcome of major central bank decisions, in tackling the spike in global inflation as well as lingering concerns over the Omicron variant,” he added.
Regionally, Japan's Nikkei 225 fell 1.79% to 28,545.68, Hong Kong’s Hang Seng Index slipped 1.2% to 23,192.63, Singapore’s Straits Times Index eased 0.28% to 3,119.97, while South Korea’s Kospi improved 0.38% to 3,017.73.
Among heavyweights, Public Bank Bhd added five sen to RM4.08, Petronas Chemicals Group Bhd rose 12 sen to RM8.80, Tenaga surged 27 sen to RM9.51, IHH Healthcare Bhd perked up four sen to 6.54, CIMB Group Holdings Bhd advanced nine sen to RM5.32 but Malayan Banking Bhd slipped three sen to RM8.08.
Of the actives, Sapura Energy Bhd eased half-a-sen to 4.5 sen while ATA IMS Bhd, Permaju Industries Bhd, Saudee Group Bhd and Lambo Group Bhd were all flat at 68 sen, four sen, six sen, and 4.5 sen, respectively.
On the index board, the FBM Emas Index was 90.65 points higher at 10,920.32, the FBMT 100 Index expanded 99.88 points to 10,622.71, and the FBM Emas Shariah Index increased 107.87 points to 11,744.63.
The FBM 70 improved 39.79 points to 13,999.85 but the FBM ACE eased 0.29 of-a-point to 6,277.82.
Sector-wise, the Financial Services Index put on 61.49 points to 15,283.08, the Industrial Products and Services Index improved 2.07 points to 196.8, and the Plantation Index rose 70.81 points to 6,429.97.
The Main Market volume narrowed to 1.91 billion shares valued at RM2.51 billion versus Thursday’s 2.0 billion shares valued at RM2.16 billion.
Warrants turnover decreased to 194.05 million units worth RM26.73 million against 248.97 million units worth RM35.14 million on Thursday.
The ACE Market volume swelled to 704.9 million shares valued at RM201.6 million from 580.95 million shares valued at RM160.68 million previously.
Consumer products and services counters accounted for 439.82 million shares traded on the Main Market, industrial products and services (559.37 million), construction (54.5 million), technology (200.37 million), SPAC (nil), financial services (108.06 million), property (71.91 million), plantation (29.74 million), REITs (12.22 million), closed/fund (177,600), energy (190.12 million), healthcare (146.94 million), telecommunications and media (36.04 million), transportation and logistics (24.07 million), and utilities (33.93 million).
Source: The Edge
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