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 (May 10): Bursa Malaysia ended mixed on Tuesday (May 10) with the FTSE Bursa Malaysia KLCI (FBM KLCI) snapping three consecutive days of losses to rise by 0.35%, as bargain hunting emerged in telecommunications and banking heavyweights, a dealer said.
On the broader market, however, losers thumped gainers 640 to 331, while 444 counters were unchanged, 828 untraded, and 14 others suspended.
At 5pm, the barometer index rose 5.4 points to 1,554.58 from Monday’s close of 1,549.18.
The benchmark index, which opened 2.37 points higher at 1,551.55, moved between 1,548.73 and 1,559.04 throughout the day.
Total turnover declined to 2.75 billion units worth RM2.25 billion from 3.22 billion units worth RM2.03 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said investors remained in cautious mode with most regional key indices ending in the negative territory as sentiment was affected by the sharp decline on Wall Street overnight.
"As for the local bourse, we believe investors will continue to bargain hunt for stocks at reduced levels following the recent selldown, despite the volatility in regional markets.
"We anticipate the FBM KLCI to move within the 1,545-1,560 range for the remainder of the week with immediate support at 1,545, followed by 1,530, and resistance at 1,580," he told Bernama.
Among the heavyweights, Malayan Banking Bhd was flat at RM9, Public Bank Bhd gained eight sen to RM4.64, IHH Healthcare Bhd rose seven sen to RM6.43, while Petronas Chemicals Group Bhd lost 11 sen to RM9.89, and CIMB Group Holdings Bhd eased two sen to RM5.08.
Of the actives, Serba Dinamik Holdings Bhd erased 3.5 sen to 7.5 sen, Hibiscus Petroleum Bhd slid two sen to RM1.35, both Dagang NeXchange Bhd and Widad Group Bhd were flat at RM1 and 36 sen, respectively, and Ta Win Holdings Bhd inched up half-a-sen to 13.5 sen.
Across the index board, the FBM 70 advanced 76.63 points to 13,301.18, the FBM Emas Index added 26.85 points to 11,110.46, the FBMT 100 Index expanded 43.19 points to 10,787.49, and the FBM Emas Shariah Index climbed 20.57 points to 11,548.54, while the FBM ACE shed 9.93 points to 5,373.08,
Sector-wise, the Financial Services Index improved 52.4 points to 16,660.44, while the Industrial Products and Services Index was 3.03 points lower at 197.16, and the Plantation Index gave up 105.33 points to 8,146.1.
The Main Market volume declined to 1.98 billion shares worth RM2.08 billion from 2.4 billion shares worth RM1.9 billion on Monday.
Warrants turnover improved to 352.23 million units valued at RM61.16 million from 207.99 million units valued at RM21.89 million on Monday.
The ACE Market volume shrank to 415.82 million shares worth RM113.96 million versus 613.79 million shares worth RM107.08 million previously.
Consumer products and services counters accounted for 274.11 million shares traded on the Main Market, industrial products and services (409.23 million), construction (148.77 million), technology (161.85 million), SPAC (nil), financial services (81.72 million), property (112.89 million), plantation (82.67 million), REITs (10.88 million), closed/fund (15,400), energy (592.07 million), healthcare (33.27 million), telecommunications and media (26.45 million), transportation and logistics (24.88 million), and utilities (16.66 million).
Source: The Edge
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