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 (Feb 7): Bursa Malaysia ended higher on Monday (Feb 7) with the key index advancing 0.52% on strong buying interest, mainly lifted by selected heavyweights in glove and banking counters, an analyst said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) improved by 7.89 points to 1,530.65 from 1,522.76 last Friday.
The index opened 2.47 points higher at 1,525.23, its intraday low, and hit a high of 1,535.12 in the morning session.
Overall market breadth was positive with gainers outnumbering losers 539 to 383, while 408 counters were unchanged, 886 untraded, and 22 others suspended.Total turnover improved to 3.08 billion units worth RM2.3 billion against 2.43 billion units worth RM1.65 billion recorded last Friday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors were seen taking positions in glove stocks following the resurgence in the daily Covid-19 cases recorded in the country.
The Ministry of Health reported that the country logged in 11,034 new Covid-19 cases on Monday, bringing the cumulative total to 2,925,254 cases.
"Nonetheless, we believe this is just a short-term play as seen in previous rise in cases domestically," Thong told Bernama.
Among the heavyweights, Top Glove Corp Bhd added 18 sen to RM2.35, Hartalega Holdings Bhd surged 23 sen to RM5.83, Malayan Banking Bhd increased seven sen to RM8.33, Petronas Chemicals Group Bhd gained nine sen to RM9.05, and Press Metal Aluminium Holdings Bhd added eight sen to RM6.29.
As for the actives, SMTrack Bhd and Kanger International Bhd both rose one sen to 18.5 sen and three sen, respectively, while Dagang NeXchange Bhd slipped four sen to 97 sen, and Hibiscus Petroleum Bhd lost one sen to RM1.08.
On the index board, the FBM ACE advanced 62.54 points to 6,248.28, FBM 70 gained 70.16 points to 13,549.41, FBM Emas Index rose 59.29 points to 11,018.86, FBMT 100 Index bagged 55.21 points to 10,698.14, and the FBM Emas Shariah Index climbed 87.69 points to 11,754.5.
Sector-wise, the Financial Services Index expanded 40.93 points to 15,826.62, the Industrial Products and Services Index added 1.31 points to 204.61, and the Plantation Index increased 67.91 points to 6,611.77.
The Main Market volume improved to 1.88 billion shares valued at RM2.04 billion from 1.55 billion shares valued at RM1.39 billion on Friday.
Warrants turnover narrowed to 307.65 million units worth RM33.57 million against 314.12 million units worth RM37.82 million previously.
The ACE Market volume swelled to 891.09 million shares valued at RM232.67 million versus 569.85 million shares valued at RM214.62 million on Friday.
Consumer products and services counters accounted for 259.41 million shares traded on the Main Market, industrial products and services (458.81 million), construction (73.16 million), technology (271.43 million), SPAC (nil), financial services (57.81 million), property (149.18 million), plantation (41.22 million), REITs (9.01 million), closed/fund (21,900), energy (296.83 million), healthcare (183.95 million), telecommunications and media (26.67 million), transportation and logistics (26.21 million), and utilities (25.08 million).
Source: The Edge
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