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 14): Bursa Malaysia closed marginally lower as selling pressure in most indices was cushioned by some buying interest, led by healthcare and financial stocks, amidst mixed regional peers, analysts said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.05% or 0.78 of-a-point easier at 1,567.44 from 1,568.22 at Friday’s close.
The market bellwether opened 2.48 points higher at 1,570.7 and fluctuated between 1,556.1 and 1,572.6 throughout the day.
The overall market breadth was negative with 637 losers and 317 gainers, while 368 counters were unchanged, 979 untraded, and 13 others suspended.Total turnover widened to 2.51 billion units valued at RM2.22 billion against 2.41 billion units worth RM2.27 billion on Friday.
Rakuten Trade Sdn Bhd vice president of Equity Research Thong Pak Leng said after a roller-coaster trading day, investors took profit during the last minutes of trading, particularly in oil and gas and plantation stocks.
Regionally, key indices were mixed with Japan’s Nikkei 225 rising by 0.58%, while Hong Kong's Hang Seng Index and Shanghai's Stock Exchange Composite Index declined by 4.97% and 2.6%, respectively, due to Covid-19 resurgence and heavy selldown in technology stocks.
“Back home, cautious sentiments may prevail in view of external factors, nevertheless, we believe the FBM KLCI would be well supported by foreign funds.
“Notwithstanding the heightened volatility, we expect the benchmark index to move in the 1,560-1,580 range for the week, with immediate support at 1,540 and resistance at 1,590,” Thong told Bernama.
Of the heavyweights, Malayan Banking Bhd added one sen to RM8.92, Public Bank Bhd rose four sen to RM4.44, Petronas Chemicals Group Bhd slipped 11 sen to RM9.59, IHH Healthcare Bhd shed one sen to RM6.40, Press Metal Aluminium Holdings Bhd lost 22 sen to RM6.28 and CIMB Group Holdings Bhd improved 22 sen to RM5.07.
As for the actives, Velesto Energy Bhd and Fitters Diversified Bhd were down half-a-sen each to 10.5 sen and 16.5 sen, respectively, and Hibiscus Petroleum Bhd gave up seven sen to RM1.11.
On the index board, FBM ACE dipped 37.39 points to 5,22.09, FBM 70 narrowed 102.69 points to 12,970.05, FBM Emas Index shed 34.26 points to 11,080.33, FBMT 100 Index slid 22.43 points to 10,794.79, and FBM Emas Shariah Index fell 52.36 points to 11,710.52.
Sector-wise, the Financial Services Index recovered 7.19 points to 16,257.21, the Industrial Products and Services Index eased 2.77 points to 201.92, and the Plantation Index declined 153.8 points to 8,050.9.
The Main Market volume widened to 1.72 billion shares worth RM2.04 billion from 1.55 billion shares valued at RM2.06 billion on Friday.
Warrants turnover expanded to 433.75 million units valued at RM72.63 million against 429.58 million units worth RM63.94 million previously.
The ACE Market volume declined to 352.27 million shares worth RM106.9 million versus 432.33 million shares valued at RM138.94 million on Friday.
Consumer products and services counters accounted for 244.46 million shares traded on the Main Market, industrial products and services (400.84 million), construction (89.58 million), technology (171.87 million), SPAC (nil), financial services (63.69 million), property (98.9 million), plantation (129.08 million), REITs (93.71 million), closed/fund (76,500), energy (255.62 million), healthcare (162.17 million), telecommunications and media (64.4 million), transportation and logistics (14.65 million), and utilities (22.54 million).
Source: The Edge
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