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 17): Bursa Malaysia ended higher on Tuesday (May 17) as bargain hunting emerged in selected heavyweights, led by the industrial products and services and plantation counters.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.19 points to 1,548.6 from Friday's close of 1,544.41.
Bursa Malaysia and its subsidiaries were closed on Monday for the Wesak Day replacement holiday.
The benchmark index, which opened 11.27 points higher at 1,555.68, moved steadily between 1,548.02 and 1,558.11 throughout the day.On the broader market, gainers surpassed decliners 575 to 424, while 408 counters were unchanged, 848 untraded and 10 others suspended.
Total turnover widened to 5.51 billion units worth RM2.79 billion from 3.17 billion units worth RM2.51 billion last Friday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the benchmark index had closed in positive territory after rising by 0.27%.
“Key regional markets are also in positive territory with high buying interest in technology stocks.
“Sentiments also rose on news that Shanghai plans to gradually reopen after spending more than six weeks in lockdown," he told Bernama.
On the FBM KLCI, Thong said Rakuten Trade is cautiously optimistic given the improvement in the local market sentiment and foreign support, while on the other hand, investors shall stay alert to the increasing market volatility and external uncertainties.
“Hence, we anticipate the benchmark index to trend sideways within the 1,540-1,560 range, with immediate support at 1,530 and resistance at 1,575," he added.
Among the heavyweights, Malayan Banking Bhd and IHH Healthcare Bhd eased one sen each to RM8.95 and RM6.43 respectively, while Public Bank Bhd was flat at RM4.53.
Petronas Chemicals Group Bhd gained three sen to RM10.02 and CIMB Group Holdings Bhd was two sen higher at RM5.06.
Of the actives, Serba Dinamik Holdings Bhd rose 4.5 sen to 16.5 sen, Sapura Energy Bhd increased three sen to 7.5 sen, KNM Group Bhd gained half-a-sen to 18 sen, Hibiscus Petroleum Bhd was 12 sen higher at RM1.47, while Techna-X Bhd declined 3.5 sen to eight sen.
Nestle (Malaysia) Bhd stood as the top gainer on Tuesday after rising by RM1.30 to RM132.80, followed by Petron Malaysia Refining & Marketing Bhd, which strengthened 69 sen to RM6.71, and Hengyuan Refining Company Bhd, which added 42 sen to RM7.40, while Press Metal Aluminum Holdings Bhd gained 34 sen to RM5.38 and Panasonic Manufacturing Malaysia Bhd bagged 30 sen to RM28.30.
On the index board, FBM ACE increased 20.61 points to 5,363.24, FBM Emas Index advanced 49.61 points to 11,060.41, FBMT 100 Index firmed 37.82 points to 10,725.08, FBM Emas Shariah Index widened 80.86 points to 11,549.27, and FBM 70 added 82.24 points to 13,138.85.
Sector-wise, the Financial Services Index perked up 0.12 of-a-point to 16,534.49, the Industrial Products and Services Index was 3.63 points higher at 200.42, and the Plantation Index climbed 80.91 points to 8,260.19.
Main Market volume widened to 4.72 billion shares worth RM2.59 billion from 2.12 billion shares worth RM2.32 billion on Friday.
Warrants turnover reduced to 271.92 million units valued at RM55.55 million versus 305.24 million units valued at RM58.76 million.
ACE Market volume declined to 514.4 million units worth RM144.57 million from 736.17 million units worth RM132.24 million previously.
Consumer products and services counters accounted for 286.34 million shares traded on the Main Market, industrial products and services (509 million), construction (120.73 million), technology (210.91 million), SPAC (nil), financial services (80.96 million), property (194.29 million), plantation (66.14 million), REITs (7.64 million), closed/fund (28,800), energy (3.08 billion), healthcare (58.92 million), telecommunications and media (40.56 million), transportation and logistics (42.21 million), and utilities (24.05 million).
Source: The Edge
Comments
Post a Comment