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 15): Bursa Malaysia closed lower on lack of buying interest while investors continue to take profit on oil and gas, plantation and technology stocks, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.64% or 10.03 points weaker at 1,557.41 from 1,567.44 at Monday’s close.
After opening 2.54 points lower at 1,564.9, the benchmark index fluctuated between 1,554.17 and 1,566.74 throughout the trading session.
On the broader market, the local bourse saw 759 losers and 234 gainers, while 356 counters were unchanged, 952 untraded and 14 others suspended.
Total turnover widened to 2.69 billion units valued at RM2.5 billion compared with 2.51 billion units valued at RM2.22 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional indices were also in the red with Hong Kong’s Hang Seng Index falling 5.72% due to heavy selldown on technology stocks while the Shanghai Stock Exchange Composite Index lost 4.95% due to resurgence of Covid-19 in Shenzhen, resulting in a full lockdown of the city.
Japan's Nikkei 225, however, gained 1.37% thanks to falling crude oil price.
“On the domestic front, we reckon investor sentiment to be cautious for the short term due to the heightened regional market volatility.
“Nonetheless, we foresee any further dips may attract some bargain-hunting activities due to attractive valuations and continuous strong foreign inflow,” Thong said.
He said the benchmark index is likely to trade within the range of 1,550-1,570 for the remainder of the week.
“Technically, immediate support for the benchmark index would be seen at 1,540 with resistance at 1,590,” he added.
Bursa heavyweights Petronas Chemicals Group Bhd dipped 39 sen to RM9.20 and Press Metal Aluminium Holdings Bhd shed 16 sen to RM6.12.
Other heavyweights Malayan Banking Bhd rose five sen to RM8.97, Public Bank Bhd improved four sen to RM4.48, CIMB Group Holdings Bhd improved two sen to RM5.09, Tenaga Nasional Bhd gained six sen to RM9.02, while IHH Healthcare Bhd was flat at RM6.40.
As for the actives, Dagang NeXchange Bhd gave up six sen to 92 sen, Bumi Armada Bhd weakened 2.5 sen to 37.5 sen and Hibiscus Petroleum Bhd fell nine sen to RM1.02.
On the index board, FBM ACE shed 82.38 points to 5,138.71, FBM 70 narrowed 193.01 points to 12,777.04, FBM Emas Index declined 102.8 points to 10,977.53, FBMT 100 Index slid 88.6 points to 10,706.19, and FBM Emas Shariah Index dropped 169.7 points to 11,540.82.
Sector-wise, the Financial Services Index gained 55.35 points to 16,312.56, the Industrial Products and Services Index eased 5.73 points to 196.19, and the Plantation Index fell 146.32 points to 7,904.58.
The Main Market volume was lower at 1.70 billion shares worth RM2.28 billion from 1.72 billion shares worth RM2.04 billion previously.
Warrants turnover expanded to 606.38 million units valued at RM135.38 million against 433.75 million units valued at RM72.63 million on Monday.
The ACE Market volume declined to 384.06 million shares worth RM91.19 million versus 352.27 million shares worth RM106.9 million on Monday.
Consumer products and services counters accounted for 270.61 million shares traded on the Main Market, industrial products and services (424.61 million), construction (58.78 million), technology (230.94 million), SPAC (nil), financial services (91.05 million), property (81.43 million), plantation (105.98 million), REITs (6.81 million), closed/fund (45,500), energy (272.53 million), healthcare (100.23 million), telecommunications and media (23.62 million), transportation and logistics (17.93 million), and utilities (18.90 million).
Source: The Edge
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