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 28): Bursa Malaysia ended broadly higher on Thursday (April 28) due to improving market sentiment across the region, said an analyst.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 11.33 points, or 0.71% firmer at 1,597.31 from Wednesday’s close of 1,585.98.
The benchmark index opened 7.64 points higher at 1,593.62 and moved between 1,590.17 and 1,600.6 throughout the day.
On the broader market, gainers outpaced decliners 584 to 354, while 436 counters were unchanged, 916 untraded, and 82 others suspended.Total turnover rose marginally to 2.48 billion units worth RM2.19 billion from 2.21 billion units worth RM1.89 billion on Wednesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices trended higher as investors took the opportunity to pick up stocks at a bargain after the recent sell-off.
The China State Council's pledge to stabilise employment at its latest meeting also helped lift investor sentiment, he added.
Locally, the FBM KLCI trended higher due to continuous foreign buying, particularly in the plantation, gaming, and banking sectors.
“We see the benchmark index remaining sideways despite the bargain hunting today (April 28) due to strong resistance at 1,600,” he told Bernama.
Thong remains cautious given the growing market volatility.
“Hence, we believe some profit taking will take place and expect the FBM KLCI to trend within the narrow range of between 1,590-1,600 towards the weekend,” he said.
Among the heavyweight counters, Malayan Banking Bhd added six sen to RM9.04, Public Bank Bhd was flat at RM4.17, Petronas Chemicals Group Bhd gained 18 sen to RM10.10, IHH Healthcare Bhd improved eight sen to RM6.65 and CIMB Group Holdings Bhd went up four sen to RM5.19.
Of the actives, MN Holdings Bhd increased 2.5 sen to 23.5 sen, Techna-X Bhd rose one sen to 12 sen, Tanco Holdings Bhd bagged 3.5 sen to 34 sen, Anzo Holdings Bhd lost two sen to 1.5 sen, while Sapura Energy Bhd was flat at 3.5 sen.
On the index board, FBM 70 added 182.48 points to 13,711.27, FBM Emas Index gained 97.68 points to 11,435.48, FBMT 100 Index increased 94.69 points to 11,092.37 and FBM Emas Shariah Index climbed 108.58 points to 11,990.53, while FBM ACE expanded 15 points to 5,585.77.
Sector-wise, the Financial Services Index advanced 111.44 points to 16,911.46, the Industrial Products and Services Index was 3.25 points better at 209.42, and the Plantation Index improved 66.72 points to 8,784.91.
Main Market volume was marginally higher at 1.67 billion shares worth RM1.98 billion compared with 1.63 billion shares worth RM1.73 billion on Wednesday.
Warrants' turnover widened to 268.65 million units valued at RM46.96 million against 229.22 million units valued at RM43.5 million.
ACE Market volume jumped to 544.68 million shares worth RM160.1 million versus 351.21 million shares worth RM120.22 million previously.
Consumer products and services counters accounted for 256.63 million shares traded on the Main Market, industrial products and services (423.55 million), construction (72.03 million), technology (147.07 million), SPAC (nil), financial services (83.51 million), property (150.36 million), plantation (119.35 million), REITs (14.4 million), closed/fund (66,000), energy (300.89 million), healthcare (37.15 million), telecommunications and media (22.66 million), transportation and logistics (21.12 million), and utilities (25.18 million).
Source: The Edge
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