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 29): Bursa Malaysia closed lower as profit taking persisted in most heavyweights led by Malayan Banking Bhd (Maybank), Public Bank Bhd and Petronas Chemicals Group Bhd.
Maybank lost six sen to RM8.90, Public Bank slid four sen to RM4.63 and Petronas Chemicals shed 20 sen to RM9.58.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.53 points or 0.91% to 1,583.42 from 1,597.95 at Monday’s close.
The key index opened 0.02 of-a-point lower at 1,597.93 and fluctuated between 1,579.27 and 1,598.21 throughout the trading session.
On the broader market, losers outpaced gainers 430 to 348, while 555 counters were unchanged, 967 untraded, and 35 others suspended.
Total turnover increased to 2.63 billion units worth RM1.98 billion from 2.41 billion units worth RM1.89 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said local equities closed broadly lower as investors continued to take profit, particularly in banking and plantation stocks.
He said the key regional indices were mostly higher, riding on the broadly positive cues from Wall Street overnight with buying interest centred mainly on technology and financial stocks.
“On the domestic front, we believe the benchmark index will stay in consolidation mode on cautious sentiment although foreign buying and bargain-hunting activities may emerge as well.
“As such, we expect the FBM KLCI to remain in a range-bound mode at around 1,575-1,590 for the remainder of the week, with immediate support at 1,580 and resistance at 1,600,” he told Bernama.
Hong Kong's Hang Seng Index added 1.12% to 21,927.63, while Japan's Nikkei 225 gained 1.1% to 28,252.42, and South Korea’s Kospi rose 0.42% to 2,741.07, while Singapore’s Straits Times Index fell 0.2% to 3,425.
Among other heavyweights, IHH Healthcare Bhd slipped 15 sen to RM6.25, CIMB Group Holdings Bhd dipped one sen to RM5.32, Tenaga Nasional Bhd dropped 10 sen to RM9.21, Hong Leong Bank Bhd shed eight sen to RM20.16, while Press Metal Aluminium Holdings Bhd gained 11 sen to RM6.20.
Of the actives, Sapura Energy Bhd and CSH Alliance Bhd added half-a-sen each to four sen and 15 sen, respectively, BSL Corp Bhd lost 1.5 sen to 17 sen, while SMTrack Bhd and Pasukhas Group Bhd eased half-a-sen each to eight sen and two sen, respectively.
On other developments, Axiata Group Bhd fell five sen to RM3.75 following news involving its wholly-owned unit Celcom Axiata Bhd and the latter’s 100%-owned unit Celcom Mobile Sdn Bhd.
The High Court (commercial division) on Tuesday reportedly granted an injunction preventing Celcom Mobile’s 5.25 million shares in Tune Talk Sdn Bhd from being included in the sale of Celcom Axiata to Digi.Com Bhd, under the proposed merger of the two telecommunication companies’ businesses.
On the index board, the FBM 70 declined by 91.69 points to 13,625.44, FBM Emas Index was 89.41 points lower at 11,318.88, FBM Emas Shariah Index dropped 98.34 points to 11,894.32, FBMT 100 Index lost 94.68 points to 11,002.22, and the FBM ACE slid 7.77 points to 5,558.39.
Sector-wise, the Industrial Products and Services Index inched down 0.69 of-a-point to 204.15, the Plantation Index weakened 29.45 points to 7,987.72, and the Financial Services Index slipped 101.23 points to 16,667.35.
The Main Market volume rose to 1.8 billion shares worth RM1.81 billion compared with 1.63 billion shares worth RM1.7 billion on Monday.
Warrants turnover shrank to 298.83 million units valued at RM52.11 million against 390.72 million units valued at RM64.15 million.
The ACE Market volume increased to 534.97 million shares worth RM118.04 million versus 388.23 million shares worth RM123.22 million previously.
Consumer products and services counters accounted for 308.39 million shares traded on the Main Market, industrial products and services (625.3 billion), construction (81.51 million), technology (136.08 million), SPAC (nil), financial services (55.56 million), property (138.39 million), plantation (50.45 million), REITs (73.34 million), closed/fund (140,700), energy (293.72 million), healthcare (36.63 million), telecommunications and media (25.57 million), transportation and logistics (15.44 million), and utilities (29.04 million).
Source: The Edge
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