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 11): Bursa Malaysia ended marginally higher on Wednesday (May 11) with the FTSE Bursa Malaysia KLCI (FBM KLCI) rising by 0.09% as investors continued to bargain-hunt stocks, particularly plantation and banking heavyweights, a dealer said.
At 5pm, the barometer index rose 1.35 points to 1,555.93 from Tuesday’s close of 1,554.58.
The benchmark index, which opened 0.9 of-a-point higher at 1,555.48, moved between 1,552.94 and 1,559.46 throughout the day.
On the broader market, gainers surpassed losers 443 to 440, while 429 counters were unchanged, 931 untraded and 14 others suspended.
Total turnover declined to 2.4 billion units worth RM1.91 billion from 2.75 billion units worth RM2.25 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng foresees the performance of FBM KLCI to remain steady, supported by improving fundamentals of the local economy.
“Nevertheless, market sentiments are still in cautious mode given the increasing market volatility both local and regionally.
“Hence, we expect the FBM KLCI to stay in consolidation mode and hover within 1,545-1,565 for the remainder of the week, with immediate support at 1,545 followed by 1,530 while resistance will be at 1,580,” Thong said.
Meanwhile, Bank Negara Malaysia (BNM) on Wednesday announced that the overnight policy rate (OPR) will be increased by 25 basis points to 2% after its third Monetary Policy Committee (MPC) meeting this year.
The central bank said the sustained reopening of the global economy and the improvement in labour market conditions have continued to support the recovery of economic activity.
Among the heavyweights, Malayan Banking Bhd improved 10 sen to RM9.10, Public Bank Bhd rose one sen to RM4.65, CIMB Group Holdings Bhd inched up two sen to RM5.10, Petronas Chemicals Group Bhd stayed flat at RM9.89, while IHH Healthcare Bhd slipped one sen to RM6.42.
Of the actives, Serba Dinamik Holdings Bhd fell 1.5 sen to six sen, Techna-X Bhd and Widad Group Bhd stayed flat at 11.5 sen and 36 sen respectively, CSH Alliance Bhd inched up one sen to 12.5 sen, while MY EG Services Bhd eased 1.5 sen to 88.5 sen.
Across the index board, FBM Emas Index rose 1.88 points to 11,112.34, FBMT 100 Index erased 1.56 points to 10,785.93, FBM Emas Shariah Index gave up 33.42 to 11,515.12, FBM ACE slipped 13.94 points to 5,359.14 and FBM 70 reduced 46.61 points to 13,254.57.
Sector-wise, the Financial Services Index expanded 105.68 points to 16,766.12, the Industrial Products and Services Index was 0.22 of-a-point higher at 197.38 and the Plantation Index added 87.92 points to 8,234.02.
Main Market volume narrowed to 1.74 billion shares worth RM1.74 billion from 1.98 billion shares worth RM2.08 billion on Tuesday.
Warrants turnover declined to 251.33 million units valued at RM46.66 million from 352.23 million units valued at RM61.16 million on Tuesday.
ACE Market volume shrank to 406.83 million shares worth RM118.36 million versus 415.82 million shares worth RM113.96 million previously.
Consumer products and services counters accounted for 210.56 million shares traded on the Main Market, industrial products and services (458.43 million), construction (74.01 million), technology (132.83 million), SPAC (nil), financial services (94.33 million), property (104.82 million), plantation (79.61 million), REITs (11.89 million), closed/fund (10,100), energy (494.8 million), healthcare (29.90 million), telecommunications and media (17.93 million), transportation and logistics (18.07 million), and utilities (11.41 million).
Source: The Edge
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