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 23): Bursa Malaysia closed 0.76% higher Wednesday, boosted by improved market sentiment across the region, as buying support emerged primarily in banking, gaming and glove stocks.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 12.07 points better at 1,597.88 from 1,585.81 at Tuesday’s close.
The key index opened 2.97 points better at 1,588.78 to record its intraday low, and hit a high of 1,601.83 about half an hour before the trading session ended.
On the broader market, gainers thumped losers 701 to 322, while 417 counters were unchanged, 863 untraded, and 13 others suspended.Total turnover improved to 3.55 billion units valued at RM2.64 billion from 3.09 billion units valued at RM2.84 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the local bourse tracked the better performance of regional equities following the overnight gains on Wall Street.
“We are cautiously optimistic given the improvement in local market sentiment and foreign support, while on the other hand, investors should stay alert on the increasing market volatility and external uncertainties,” he told Bernama.
For the remainder of the week, Thong anticipated the FBM KLCI to test the 1,600 psychological level.
“After breaking the 1,600 level, we see the next resistance at 1,620 and support at 1,580,” he added.
Regionally, Japan’s Nikkei 225 increased 3% to 28,040.16, Hong Kong’s Hang Seng rose 1.21% to 22,154.08, South Korea's Kospi gained 0.92% to 2,735.05, while Singapore’s Straits Times Index rose 0.42% to 3,364.26.
Local heavyweights Malayan Banking Bhd added 11 sen at RM8.94, Public Bank Bhd and IHH Healthcare Bhd gained three sen each to RM4.65 and RM6.54, respectively, while Petronas Chemicals Group Bhd and Tenaga Nasional Bhd perked up one sen each to RM9.59 and RM9.29, respectively.
Of the actives, CSH Alliance Bhd and AT Systematization Bhd improved half-a-sen to 16.5 sen and 2.5 sen, respectively, XOX Bhd and Pasukhas Group Bhd were both flat at two sen, respectively, while Fitters Diversified Bhd lost two sen to 15 sen, and Sapura Energy Bhd eased half-a-sen to three sen.
Top gainers, Malaysian Pacific Industries Bhd was RM1.90 higher at RM38, Petronas Dagangan Bhd was 46 sen better at RM21.50, Hong Leong Bank Bhd rose 34 sen to RM20.50, and Sam Engineering & Equipment (M) Bhd put on 30 sen to RM4.88.
On the index board, the FBM Emas Index went up 90.72 points to 11,393.01, FBM Emas Shariah Index gained 91.92 points to 12,006.08, FBM 70 added 115.16 points to 13,652.25, FBMT 100 Index advanced 85.95 points to 11,084.29, and the FBM ACE was 147.27 points better at 5,582.68.
Sector-wise, the Industrial Products and Services Index gained 2.13 points to 203.94, the Financial Services Index went up 162.84 points to 16,748.81, while the Plantation Index lost 4.93 points to 8,048.4.
The Main Market volume rose to 2.34 billion shares worth RM2.36 billion compared with 2.26 billion shares worth RM2.67 billion on Tuesday.
Warrants turnover increased to 477.69 million units valued at RM74.24 million against 369.06 million units valued at RM65.29 million.
The ACE Market volume surged to 730.54 million shares worth RM197.54 million versus 462.95 million shares worth RM110.47 million previously.
Consumer products and services counters accounted for 335.91 million shares traded on the Main Market, industrial products and services (1.06 billion), construction (53.48 million), technology (261.62 million), SPAC (nil), financial services (71.32 million), property (135.9 million), plantation (82.28 million), REITs (7.32 million), closed/fund (10,000), energy (194.69 million), healthcare (63.02 million), telecommunications and media (37.74 million), transportation and logistics (17.65 million), and utilities (14.98 million).
Source: The Edge
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