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 22): Bursa Malaysia ended higher on Wednesday (Dec 22) on buying support in selected heavyweights led by Malayan Banking Bhd (Maybank) and Top Glove Corp Bhd, in line with positive performance in regional markets, on favourable outlook of the global economic recovery.
The two counters contributed a combined 2.92 points to the rise in the barometer index, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.73 points or 0.52% to end at 1,500.32 compared with 1,492.59 at Tuesday’s close.
The index opened 0.15 of-a-point higher at 1,492.74 and fluctuated between 1,492.74 and 1,502.19 throughout the day.On the broader market, gainers thumped losers 450 to 347, while 445 counters were unchanged, 1,058 untraded, and 15 others suspended.
Turnover rose to 3.12 billion units valued at RM1.6 billion from Tuesday’s 2.45 billion units worth RM1.67 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Malaysian equities ended higher due to bargain-hunting in selected heavyweights such as glove, banks and gaming counters.
“Key regional indices also trended higher following overnight gains on Wall Street. Nonetheless, investors remain cautious, assessing the risk and impact of the Omicron virus strain.
“As for the local bourse, we reckon investor sentiment to remain jittery, hence, we expect the FBM KLCI to trend in range bound and hovering within the 1,490-1,505 range for the remaining of the week.
“Based on technical analysis, we shall see immediate resistance at 1,515 while support at 1,475,” he told Bernama on Wednesday.
Japan's Nikkei 225 rose 0.16% to 28,562.21, Hong Kong’s Hang Seng Index gained 0.57% to 23,102.33, Singapore’s Straits Times Index slipped 0.12% to 3,081.31, and South Korea’s Kospi added 0.32% to 2,984.48.
Among the heavyweights, Maybank rose eight sen to RM8.22, Public Bank Bhd and IHH Healthcare Bhd gained two sen each to RM4.10 and RM6.55, CIMB Group Holdings Bhd advanced five sen to RM5.38, while Petronas Chemicals Group Bhd declined two sen to RM8.77.
Of the actives, ATA IMS Bhd added 2.5 sen to 71.5 sen, while Fintec Global Bhd, Pasukhas Group Bhd and DGB Asia Bhd were flat at one sen, two sen and three sen, respectively.
On the index board, the FBM Emas Index was 49.53 points higher at 10,884.95, the FBMT 100 Index improved 50.49 points to 10,593.97, and the FBM Emas Shariah Index increased 44.94 points to 11,658.38.
The FBM 70 rose 48.43 points to 13,889.29 and the FBM ACE gained 45.41 points to 6,218.16.
Sector-wise, the Financial Services Index gained 78.43 points to 15,366.49, the Industrial Products and Services Index earned 0.15 of-a-point to 194.41, and the Plantation Index perked up 10.62 points to 6,385.35.
The Main Market volume rose to 1.97 billion shares valued at RM1.40 billion versus Tuesday’s 1.53 billion shares valued at RM1.45 billion.
Warrants turnover increased to 208.36 million units worth RM28.12 million compared with 157.22 million units worth RM26.3 million on Tuesday.
The ACE Market volume jumped to 939.87 million shares valued at RM166.53 million from 762.83 million shares valued at RM189.78 million previously.
Consumer products and services counters accounted for 223.76 million shares traded on the Main Market, industrial products and services (1.14 billion), construction (26.81 million), technology (131.14 million), SPAC (nil), financial services (46.09 million), property (149.34 million), plantation (5.87 million), REITs (5.97 million), closed/fund (nil), energy (91.53 million), healthcare (57.9 million), telecommunications and media (22.45 million), transportation and logistics (46.82 million), and utilities (20.6 million).
Source: The Edge
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