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 (April 8): Bursa Malaysia ended the week on a firm note, with buying support seen across the board, in tandem with regional peers, dealers said.
At 5pm on Friday (April 8), the benchmark FBM KLCI was 6.50 points, or 0.41%, higher at 1,607.29, compared with Thursday's close at 1,600.79.
The barometer index opened 2.94 points better at 1,603.73 and moved between 1,599.20 and 1,608.11 throughout the day.
On the broader market, gainers surpassed decliners 535 to 396, while 436 counters were unchanged, 869 untraded and 16 others suspended.Total turnover decreased to 2.93 billion units worth RM1.85 billion from 3.34 billion units worth RM2.54 billion on Thursday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the KLCI continued its upward trajectory due to buying support for selected heavyweight counters, mainly banking, glove and telco stocks.
“The KLCI trended in a tight consolidation mode throughout the week. However, it has managed to close above the 1,600 level for two trading days.
“We are cautiously optimistic given the improvement in the local market sentiment and foreign support but investors should stay alert due to the increasing market volatility and external uncertainties.
“As such, we expect the KLCI to trend slightly higher, hovering within the 1,600 to 1,620 range next week. From the technical point of view, immediate resistance is seen at 1,625 and support at 1,580,” he told Bernama.
Asian key regional markets also ended in positive territory, following the overnight positive performance on Wall Street, despite a choppy morning session due to lingering concerns over the war in Ukraine, Covid-19 lockdowns in China and the US Federal Reserve’s aggressive policy tightening plan, he added.
Hong Kong's Hang Seng Index gained 0.29% to 21,872.01, Japan's Nikkei 225 added 0.36% to 26,985.80 and South Korea’s KOSPI climbed up 0.17% to 2,700.39 but Singapore’s Straits Times Index shed 0.53% to 3,386.11.
Back home, market heavyweights Malayan Banking Bhd (Maybank) gained two sen to RM8.85, Petronas Chemicals Group Bhd rose 12 sen to RM10.30 and IHH Healthcare Bhd added four sen to RM6.45, while Public Bank Bhd and CIMB Group Holdings Bhd were flat at RM4.68 and RM5.35 respectively.
Of the actives, Brahim’s Holdings Bhd tumbled eight sen to 3.5 sen, YTL Power International Bhd rose 10 sen to 77.5 sen and TWL Holdings Bhd added one sen to nine sen, while Widad Group Bhd and Techna-X Bhd were flat at 36.5 sen and 9.5 sen respectively.
On the index board, the FBMT 100 Index increased 47.49 points to 11,200.62, the FBM Emas Index was 51.73 points higher at 11,551.59, the FBM Emas Shariah Index rose 68.04 points to 12,202.59, FBM 70 advanced 68.48 points to 14,003.85 and FBM ACE expanded 33.16 points to 5,861.48.
Sector-wise, the Industrial Products and Services Index added 2.91 points to 214.47 and the Plantation Index gained 16.84 points to 8,353.60, while the Financial Services Index climbed up 12.89 points to 16,782.33.
Main Market volume fell to 2.02 billion shares worth RM1.67 billion, compared with 2.33 billion shares worth RM2.32 billion on Thursday.
Warrant turnover dwindled to 279.43 million units valued at RM48.29 million against 429.53 million units valued at RM74.16 million a day ago.
ACE Market volume increased to 624.68 million shares worth RM141.21 million versus 578.69 million shares worth RM146.16 million previously.
Consumer products and services counters accounted for 519.52 million shares traded on the Main Market, followed by industrial products and services (379.84 million), construction (155.29 million), technology (137.62 million), special purpose acquisition companies (nil), financial services (57.88 million), property (316.41 million), plantation (38.03 million), real estate investment trusts (7.31 million), closed/funds (2,000), energy (121.67 million), healthcare (39.36 million), telecommunications and media (27.16 million), transportation and logistics (56.81 million), and utilities (162.45 million).
Source: The Edge
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