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 (March 1): Bursa Malaysia closed lower on Tuesday (March 1) due to profit-taking activities, mainly in banking, oil and gas and telecommunication counters despite the positive regional market performance, a dealer said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 11.84 points to 1,596.44 from 1,608.28 at Monday’s close after opening 0.28 of-a-point better at 1,608.56.
The key index fluctuated between 1,593.57 and 1,620.44 throughout the trading session.
The overall market breadth was negative with decliners trouncing advancers 566 to 404, while 424 counters were unchanged, 853 untraded and 18 others suspended.
Total turnover fell to 3.21 billion units worth RM3.25 billion against Monday’s 3.47 billion units worth RM3.97 billion.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional markets ended higher as investors were relieved after the completion of the first round of Russia-Ukraine talks.
“Meanwhile some investors are taking opportunities to bargain-hunt stocks at reduced levels following the recent sell-off,” he told Bernama.
Thong said the local market undertone would remain solid despite profit-taking activities as the index was well supported by continuous inflow of foreign funds.
“Nonetheless, we are cautious of the increased market volatility. Hence, we anticipate the FBM KLCI to trend on a wider range of 1,590-1,620 for the remaining of the week with immediate resistance at 1,618 with support at 1,570,” he added.
As for heavyweights, Public Bank Bhd shed three sen to RM4.42, CIMB Group Holding Bhd lost 42 sen to RM5.29, Malayan Banking Bhd added 14 sen to RM8.90, Petronas Chemicals Group Bhd gained five sen to RM9.60 and Tenaga Nasional Bhd lost six sen to RM9.11.
Of the actives, SMTrack Bhd fell 1.5 sen to 22.5 sen, Bumi Armada Bhd dropped one sen to 46.5 sen and Hibiscus Petroleum Bhd added two sen to RM1.22.
On the index board, the FBM ACE inched down 15.43 points to 5,872.35, FBM 70 gained 43.96 points to 13,520.02, FBM Emas Index lost 55.93 points to 11,370.85, FBMT 100 Index decreased 56.38 points to 11,049.48, and the FBM Emas Shariah Index narrowed 26.1 points to 12,091.49.
Sector-wise, the Financial Services Index gave up 76.22 points to 16,448.68, the Industrial Products and Services Index was 1.06 points lower at 209.82, and the Plantation Index climbed 8.31 points to 8,323.82.
The Main Market volume declined to 2.2 billion shares worth RM3.02 billion from 2.34 billion shares worth RM3.7 billion on Monday.
Warrants turnover rose to 330.69 million units worth RM40.15 million against 314.05 million units worth RM46.12 million on Monday.
The ACE Market volume narrowed to 680.13 million shares valued at RM188.22 million versus 822.68 million shares valued at RM219.19 million previously.
Consumer products and services counters accounted for 342.25 million shares traded on the Main Market, industrial products and services (532.07 million), construction (90.4 million), technology (207.36 million), SPAC (nil), financial services (167.42 million), property (164.14 million), plantation (229.67 million), REITs (6.37 million), closed/fund (4,000), energy (310.32 million), healthcare (69.05 million), telecommunications and media (24.23 million), transportation and logistics (40.01 million), and utilities (19.07 million).
Source: The Edge
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