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 9): Bursa Malaysia eked out small gains at the close after another yo-yo trading session, lifted by late buying of selected heavyweights led by Axiata Group Bhd.
At 5pm on Thursday (Dec 9), the FBM KLCI settled 7.76 points higher at its intraday high of 1,501.79, compared with 1,494.03 at Wednesday’s close.
The market bellwether opened 0.97 of a point lower at 1,493.06 and subsequently hit a low of 1,491.82.
Despite the gains in the index, less than 20% of stocks on the local bourse were in positive territory.
There were 458 gainers and 401 losers, while 448 counters were unchanged. Some 996 stocks were untraded and 51 others were suspended.
Turnover decreased to 2.73 billion units valued at RM1.59 billion from Wednesday’s 3.74 billion units valued at RM2.05 billion.
An analyst said there was a lack of fundamental factors to drive the domestic stock market.
“Axiata was in the limelight as investors were positive over its future prospects,” he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors were also anxiously awaiting the US inflation data that might influence the US Federal Reserve's decision on when it would roll back its stimulus package.
He believes the KLCI may get a boost from cheap valuations on the local market as well as a positive performance across the region.
The Shanghai Composite Index, Hang Seng Index, KOSPI Composite Index and Straits Times Index were all positive on Thursday.
At home, heavyweights Axiata jumped 14 sen to RM3.84, Tenaga Nasional Bhd and Sime Darby Plantation Bhd ticked up nine sen each to RM9.11 and RM3.85 respectively, Petronas Dagangan Bhd was 70 sen higher at RM20.30 and MISC Bhd gained five sen to RM6.52.
IHH Healthcare Bhd and and Dialog Group Bhd rose two sen each to RM6.57 and RM2.47 respectively.
However, CIMB Group Holdings Bhd dropped four sen to RM5.24, Hartalega Holdings Bhd eased seven sen to RM5.52 and Top Glove Corp Bhd lost three sen to RM2.41.
Of the actives, Sapura Energy Bhd, Key Alliance Group Bhd and NWP Holdings Bhd trimmed half a sen each to five sen, 1.5 sen and 27 sen respectively, ATA IMS Bhd improved one sen to 50.5 sen and G3 Global Bhd shed four sen to 11 sen.
On the index board, the FBM Emas Index put on 51.66 points to 10,951.83, the FBMT 100 Index gained 52.73 points to 10,654.58 and the FBM Emas Shariah Index was 77.31 points higher at 11,841.39.
The FBM 70 rose 60.91 points to 14,175.48 but the FBM ACE went down 7.22 points to 6,282.08.
Sector-wise, the Industrial Products and Services Index edged up 0.91 of a point to 194.33, the Financial Services Index slid 1.26 points to 15,165.13 and the Plantation Index improved 64.91 points to 6,495.00.
Main Market volume narrowed to 1.76 billion shares valued at RM1.4 billion versus Wednesday’s 2.02 billion shares valued at RM1.83 billion.
Warrant turnover dwindled to 219.15 million units worth RM43.81 million against 309.01 million units worth RM50.96 million.
ACE Market volume slipped to 624.22 million shares valued at RM144.37 million from 1.35 billion shares valued at RM173.76 million.
Consumer products and services counters accounted for 361.39 million shares traded on the Main Market, followed by industrial products and services (615.93 million), construction (55.76 million), technology (199.78 million), special purpose acquisition companies (nil), financial services (53.46 million), property (56.16 million), plantation (11.38 million), real estate investment trusts (3.45 million), closed/funds (49,100), energy (276.73 million), healthcare (50.73 million), telecommunications and media (31.49 million), transportation and logistics (32.03 million), and utilities (12.48 million).
Source: The Edge
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