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 10): Bursa Malaysia closed at its intraday high for the second consecutive day on Thursday (Feb 10) with the benchmark composite index rising 1.2%, lifted by banking, technology and plantation counters, amid positive regional market sentiment, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) jumped by 18.59 points to 1,570.1 from 1,551.51 at Wednesday's close.
The index, which opened 1.09 points lower to hit its intraday low of 1,550.42, moved in an uptrend mode throughout the session.
Overall market breadth was positive with advancers outnumbering decliners 567 to 400, while 424 counters were unchanged, 827 untraded, and 24 others suspended.Total turnover improved to 3.2 billion units worth RM2.62 billion versus 2.96 billion units worth RM2.52 billion at Wednesday's close.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI had broken the 1,570 technical resistance and the key index may be heading towards the 1,600 mark.
"Overall, we believe the market undertone remains steady due to improving investor sentiment and reckon that the index will stay positive going forward as foreign funds continue to return although intermittent profit-taking may set in.
"On the other hand, we are also wary of external factors given the increasing regional market volatility amid the looming interest hike by the US Federal Reserve," he told Bernama.
Thong said the market bellwether was expected to trend within the 1,565-1,580 range towards the weekend.
Among the heavyweights, Malayan Banking Bhd and Public Bank Bhd each added five sen to RM8.55 and RM4.35, respectively, Sime Darby Plantation Bhd jumped 26 sen to RM3.92, Press Metal Aluminium Holdings Bhd gained 19 sen to RM6.80, CIMB Group Holdings Bhd rose 14 sen to RM5.54, and Kuala Lumpur Kepong Bhd improved 68 sen to RM22.74.
As for the actives, Dagang NeXchange Bhd rose five sen to RM1.07, SMTrack Bhd and AT Systematization Bhd were half-a-sen higher at 19 sen and three sen, respectively, while MMAG Holdings Bhd was flat at eight sen and BSL Corp Bhd eased two sen to 50 sen.
On the index board, the FBM ACE gained 25.62 points to 6,333.33, the FBM 70 put on 73.7 points to 13,778.69, the FBM Emas Index perked up 109.53 points to 11,267.61, the FBMT 100 Index climbed 113.81 points to 10,952.59, and the FBM Emas Shariah Index improved 111.51 points to 11,959.82.
Sector-wise, the Financial Services Index advanced 169.68 points to 16,282.41, the Industrial Products and Services Index was 2.03 points higher at 209.87, and the Plantation Index rose 204.79 points to 6,888.51.
The Main Market volume increased to 1.84 billion shares worth RM2.31 billion from 1.75 billion shares valued at RM2.23 billion on Wednesday.
Warrants turnover expanded to 492.16 million units worth RM51.08 million against 305.24 million units worth RM38.68 million previously.
The ACE Market volume dwindled to 859.74 million shares valued at RM255.47 million compared to 903.64 million shares valued at RM248.37 million on Wednesday.
Consumer products and services counters accounted for 226.54 million shares traded on the Main Market, industrial products and services (619.35 million), construction (42.51 million), technology (364.66 million), SPAC (nil), financial services (89.73 million), property (150.27 million), plantation (37.36 million), REITs (11.02 million), closed/fund (28,000), energy (146.65 million), healthcare (76.29 million), telecommunications and media (22.27 million), transportation and logistics (33.76 million), and utilities (21.94 million).
Source: The Edge
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