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 5): Bursa Malaysia finished trading broadly lower on Thursday (May 5), in sync with regional markets with selling mainly on utilities and technology stocks, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 17.45 points or 1.09% to end at 1,582.98, compared with Friday’s close at 1,600.43.
The barometer index opened 13.91 points higher at 1,614.34 and moved between 1,576.84 and 1,615.17 throughout the day.
On the broader market, losers surpassed gainers 628 to 380 with 421 counters unchanged, 809 untraded, and 16 others suspended.
Total turnover decreased to 2.68 billion units worth RM2.38 billion, from 2.81 billion units worth RM2.07 billion on Friday (April 29).
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regionally, key indices trended lower despite the positive cue on Wall Street overnight as investors took the opportunity to take profit.
“Meanwhile, China equities were in positive territory as they returned to trade following the holiday break,” he told Bernama.
Regionally, the Singapore Straits Times Index fell 0.16% to 3,344.04, South Korea's Kospi slid 0.11%to 2,677.57, Japan’s Nikkei was 0.11% weaker at 26,818.53 and Hong Kong’s Hang Seng Index narrowed 0.36% to 20,793.40.
Thong said the FBM KLCI opened higher with buying mainly on plantation and gaming stocks, however, profit-taking activities emerged when the benchmark index reached its intraday high of 1,615.17 and continued its downtrend till the market closed.
“With the strong resistance at the 1,600 level, we expect the FBM KLCI to stay in consolidation mode for the time being.
“Hence, we anticipate the index to trend within a tight range of between 1,580 and 1,590 towards the weekend,” he said.
On the local bourse, heavyweights Maybank slid eight sen to RM8.99, Public Bank fell six sen to RM4.63, IHH Healthcare slipped one sen to RM6.60, CIMB lost nine sen to RM5.11, while Petronas Chemicals rose eight sen to RM10.30.
Of the actives, both PUC Bhd and Ta Win Holdings eased 1.5 sen to six sen and 13.5 sen respectively, MN Holdings erased 2.5 sen to 22 sen, while Permaju Industries stood at 9.5 sen and Sedania Innovator gained 11 sen to 47 sen.
On the index board, FBM 70 decreased 148.62 points to 13,623.56, FBM Emas Index dropped 116.31 points to 11,349.77, FBMT 100 Index reduced 120.99 points to 10,999.51, FBM Emas Shariah Index slumped 122.28 points to 11,900 and FBM ACE slid 4.11 points to 5,574.56.
Sector-wise, the Financial Services Index shrank 215.48 points to 16,711.32, the Industrial Products and Services Index was 1.24 points lower at 208.79 and the Plantation Index dipped 57.07 points to 8,763.94.
The Main Market volume was higher at 1.71 billion shares worth RM2.17 billion, compared with 1.66 billion shares worth RM1.83 billion on Friday.
The turnover for warrants narrowed to 378.02 million units valued at RM69.70 million against 473.01 million units valued at RM95.58 million.
The ACE Market volume decreased to 595.41 million shares worth RM142.07 million versus 674.39 million shares worth RM135.61 million previously.
Consumer products and services counters accounted for 322.72 million shares traded on the Main Market, industrial products and services (493.41 million), construction (84.07 million), technology (148.33 million), SPAC (nil), financial services (95.47 million), property (94.55 million), plantation (84.76 million), REITs (19.12 million), closed/fund (nil), energy (206.81 million), healthcare (55.56 million), telecommunications and media (33.91 million), transportation and logistics (23.99 million), and utilities (44.99 million).
Bursa Malaysia Bhd and its subsidiaries were closed from May 2 till May 4 in conjunction with Workers’ Day replacement holiday and Hari Raya Aidilfitri holidays.
Source: The Edge
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