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 31): Bursa Malaysia recouped Monday's (May 30) losses to close at its intraday high on Tuesday, with the key index surging 1.75% on late buying interest, mostly in heavyweights particularly financial services as well as plantation counters.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 27.08 points to 1,570.1 from 1,543.02 at Monday’s close.
The index opened 1.33 points higher at 1,544.35 and hit a low of 1,537.95 in the morning session.
Market breadth was also positive with gainers leading losers 535 to 395, while 425 counters were unchanged, 924 untraded, and 42 others suspended.Total turnover increased to 3.8 billion units worth RM6.11 billion from 3.05 billion units worth RM1.82 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the local bourse closed higher in tandem with improving sentiment in the region, where the main indices performed mostly higher amid China’s move to ease its key cities' Covid-19 restrictions.
Back home, he said the FBM KLCI ended firmer as bargain hunting emerged during the final hour of trading.
“Nonetheless, we remain cautious given the heightened market risks and volatility, therefore, profit taking may set in.
“As such, we expect the benchmark index to trend slightly lower within the 1,560-1,575 range for the remaining week, with immediate support at 1,565 and resistance at 1,580,” he told Bernama.
Regionally, the Singapore’s Straits Times Index slipped 0.2% to 3,232.49, Japan’s Nikkei 225 fell 0.33% to 27,279.8, Hong Kong’s Hang Seng rose 1.38% to 21,415.2, South Korea’s KOSPI increased 0.61% to 2,685.9, while China's SSE Composite Index gained 1.19% to 3,186.43, and Shenzhen Component put on 1.92% to 11,527.62.
On the home front, heavyweights Malayan Banking Bhd rose 12 sen to RM9.10, Public Bank Bhd rose 14 sen to RM4.73, Petronas Chemicals Group Bhd gained 26 sen to RM10.26, IHH Healthcare Bhd increased 15 sen to RM6.70, but Tenaga Nasional Bhd fell 10 sen to RM9.15.
Of the actives, Sapura Energy Bhd was flat at 8.5 sen, both Dagang NeXchange Bhd and Yong Tai Bhd added four sen to RM1.03 and 10.5 sen, respectively, while MR DIY Group (M) Bhd slid 15 sen to RM3.25, and Westports Holdings Bhd decreased 17 sen to RM3.45.
On the index board, the FBM 70 advanced 125.02 points to 13,239.12, FBMT 100 Index climbed 167.81 points to 10,858.51, FBM Emas Index bagged 160.73 points to 11,151.9, FBM Emas Shariah Index rose 124.36 points to 11,509.63, while the FBM ACE declined 10.53 points to 5,185.64.
Sector-wise, the Industrial Products and Services Index edged up 3.46 points to 203.21, the Plantation Index put on 21.21 points to 7,963.98, and the Financial Services Index improved 309.1 points to 16,910.7.
Main Market volume increased to 3.01 billion shares worth RM5.92 billion from 2.31 billion shares worth RM1.64 billion on Monday.
Warrants turnover expanded to 384.26 million units valued at RM80.84 million versus 335.84 million units valued at RM60.79 million on Monday.
ACE Market volume was marginally lower at 399.22 million shares worth RM103.63 million from 404.09 million shares worth RM120.34 million previously.
Consumer products and services counters accounted for 458.84 million shares traded on the Main Market, industrial products and services (569.55 million), construction (68.7 million), technology (263.88 million), SPAC (nil), financial services (203.31 million), property (243.63 million), plantation (98.06 million), REITs (10.18 million), closed/fund (35,000), energy (597.29 million), healthcare (97.07 million), telecommunications and media (142.18 million), transportation and logistics (185.95 million), and utilities (75.08 million).
Source: The Edge
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