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 12): Bursa Malaysia closed lower on Tuesday (April 12) on profit taking across the board, amid a mixed performance in regional peers as investors await the release of US inflation data later on Tuesday.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.48 points or 0.47% easier at 1,597.13, its intraday low, compared with Monday’s close of 1,604.61.
The barometer index opened 0.74 of-a-point easier at 1,603.87 and hit a high of 1,603.98 in the morning session.
On the broader market, losers beat gainers 578 to 340, while 444 counters were unchanged, 891 untraded, and 12 others suspended.Total turnover decreased to 3.9 billion units worth RM2.44 billion from 4.4 billion units worth RM2.37 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices closed mixed as investors continued to monitor high inflation and tighter monetary policy expected in the US and the Covid-19 lockdowns in China.
He said China will release its trade data on Wednesday, with the US releasing retail sales and University of Michigan consumer sentiment data a day later.
Back home, the FBM KLCI moved in a tight consolidation mode since the middle of last month as investors remain cautious as a result of heightened regional volatility.
“We foresee the benchmark index to remain in range-bound mode for the time being due to cautious sentiment although foreign buying and bargain hunting may emerge as well,” he told Bernama.
Thong expects the FBM KLCI to hover within the 1,590-1,610 range for the remainder of the week with immediate resistance at 1,620 and support at 1,580.
Japan's Nikkei 225 lost 1.81% to 26,334.98, South Korea’s Kospi inched down 0.98% to 2,666.76 and Singapore’s Straits Times Index shed 0.99% to 3,330.25, while Hong Kong's Hang Seng Index gained 0.52% to 21,319.13.
On the home front, heavyweights Malayan Banking Bhd fell three sen to RM8.82, IHH Healthcare Bhd dropped four sen to RM6.36, Petronas Chemicals Group Bhd rose six sen to RM10.26, while Public Bank Bhd and CIMB Group Holdings Bhd were flat at RM4.67 and RM5.33, respectively.
Of the actives, Vizione Holdings Bhd rose 2.5 sen to 10.5 sen, Tanco Holdings Bhd added 16 sen to 55.5 sen, Vortex Consolidated Bhd gained three sen to 19.5 sen, ATA IMS Bhd perked up 9.5 sen to 53 sen, while CSH Alliance Bhd was flat at 14 sen.
On the index board, the FBMT 100 Index decreased 47.02 points to 11,096.53, FBM Emas Index was 44.28 points weaker at 11,443.67, FBM Emas Shariah Index fell 58.47 points to 12,056.7, FBM 70 slipped 38.18 points to 13,738.3, while the FBM ACE expanded 10.62 points to 5,805.11.
Sector-wise, the Industrial Products and Services Index eased 1.06 points to 213.02 and the Financial Services Index slipped 36.89 points to 16,718.97, while the Plantation Index gained 0.38 of-a-point to 8,475.34.
Main Market volume rose to 2.85 billion shares worth RM2.21 billion compared with 2.65 billion shares worth RM2.08 billion on Monday.
Warrants turnover fell to 362.51 million units valued at RM64.22 million against 497.35 million units valued at RM78.55 million on Monday.
ACE Market volume dwindled to 686.56 million shares worth RM167.53 million versus 1.24 billion shares worth RM209.86 million previously.
Consumer products and services counters accounted for 334.02 million shares traded on the Main Market, industrial products and services (845.97 million), construction (541.46 million), technology (175.64 million), SPAC (nil), financial services (67.99 million), property (289.42 million), plantation (92.19 million), REITs (4.15 million), closed/fund (21,500), energy (341.28 million), healthcare (71.91 million), telecommunications and media (20.91 million), transportation and logistics (23.60 million), and utilities (47.95 million).
Source: The Edge
Comments
Post a Comment