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 27): Bursa Malaysia closed broadly lower on selling in heavyweights led by Petronas Chemicals Group Bhd and Press Metal Aluminium Holdings Bhd, amid a mixed regional market performance due to uncertainties and heightened market volatility, dealers said.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 10.7 points or 0.67% lower to 1,585.98 from Tuesday’s close of 1,596.68.
The index opened 5.03 points weaker at 1,591.65 and moved between 1,585.17 and 1,593.34 throughout the day.
Market breadth was broadly negative with losers surpassing gainers 645 to 300, while 425 counters were unchanged, 921 untraded, and 43 others suspended.Total turnover fell marginally to 2.21 billion units worth RM1.89 billion from 2.25 billion units worth RM1.92 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the key regional markets ended mixed due to mixed sentiment amid the increasing global market risks.
Shanghai’s SSE Composite meanwhile rebounded strongly to close higher as investors took the opportunity to bargain hunt for cheaper stocks following the recent selldown.
“On the domestic front, we expect the FBM KLCI to remain in consolidation mode over the short term due to many uncertainties and heightened market volatility.
“We foresee the benchmark index to move within the 1,580-1,600 range for the remaining week with immediate resistance at 1,615 and support at 1,580,” he told Bernama.
Thong said that additionally, the index is seemingly quite well supported at the 1,580 level, hence he expects the accumulation of stocks to persist on dips.
Across the region, the Singapore Straits Times Index fell 0.07% to 3,319.82, Japan’s Nikkei 225 dipped 1.17% to 26,386.63, South Korea's Kospi decreased 1.1% to 2,639.06, while Shanghai’s SSE Composite soared 2.49% to 2,958.28, and Hong Kong’s Hang Seng Index was marginally higher by 0.06% to 19,946.36.
On the local bourse, heavyweights Malayan Banking Bhd gained three sen to RM8.98, Public Bank Bhd fell one sen to RM4.71, Petronas Chemicals was down 30 sen to RM9.92, IHH Healthcare Bhd slipped eight sen to RM6.57, and CIMB Group Holdings Bhd lost four sen to RM5.15.
Of the actives, Cheetah Holdings Bhd rose three sen to 20.5 sen, Vizione Holdings Bhd added one sen to 10.5 sen and its warrants gained half-a-sen to two sen, while both Techna-X Bhd and Dagang NeXchange Bhd were flat at 11 sen and RM1.02, respectively.
On the index board, the FBM Emas Index was 83.32 points weaker at 11,337.8, FBM Emas Shariah Index trimmed 112.41 points to 11,881.95, FBM 70 dropped 119.32 points to 13,528.79, FBMT 100 Index dipped 79.45 points to 10,997.68, and the FBM ACE lost 47.64 points to 5,570.77.
Sector-wise, the Industrial Products and Services Index declined 3.96 points to 206.17, the Plantation Index went down 70.27 points to 8,718.19, and the Financial Services Index fell 34.47 points to 16,800.02.
Main Market volume rose to 1.63 billion shares worth RM1.73 billion compared with 1.46 billion shares worth RM1.76 billion on Tuesday.
Warrants turnover shrank to 229.22 million units valued at RM43.5 million against 351.29 million units valued at RM52.98 million.
ACE Market volume dwindled to 351.21 million shares worth RM120.22 million versus 431.23 million shares worth RM111.73 million previously.
Consumer products and services counters accounted for 358.12 million shares traded on the Main Market, industrial products and services (361.13 million), construction (192.43 million), technology (174.46 million), SPAC (nil), financial services (59.26 million), property (151.17 million), plantation (77.57 million), REITs (6.61 million), closed/fund (147,200), energy (158.62 million), healthcare (30.9 million), telecommunications and media (24.39 million), transportation and logistics (19.31 million), and utilities (15.97 million).
Source: The Edge
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