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 9): Bursa Malaysia extended its decline to end lower on Monday (May 9) in tandem with regional weakness, with persistent selling mainly on plantation, industrial products and services as well as technology stocks, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 15.16 points to 1,549.18 from last Friday's close of 1,564.34.
The barometer index, which opened 0.54 of-a-point lower at 1,563.8 to record its intraday high, hit a low of 1,546.64 in the late afternoon session.
On the broader market, losers thumped gainers 827 to 183, while 333 counters were unchanged, 902 untraded, and 17 others suspended.Total turnover increased to 3.22 billion units worth RM2.03 billion versus 3.1 billion units worth RM2.43 billion last Friday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the key regional markets were weaker, save for Shanghai, following the negative cue from Wall Street last Friday.
"Moreover, the tightening lockdown in Shanghai, China weighed on investor sentiment as this may have impacted the global economic growth," he told Bernama.
On the domestic front, he noted that the FBM KLCI has broken its 1,580 and 1,550 support in two consecutive trading days.
"We believe the market undertone will remain cautious amid weak regional performance although bargain-hunting activities may prevail," he said.
Among the heavyweights, Petronas Chemicals Group Bhd declined 20 sen to RM10, Press Metal Aluminium Holdings Bhd fell 18 sen to RM5.20, while IOI Corporation Bhd and Sime Darby Plantation Bhd both slipped 17 sen to RM4.39 and RM4.92, respectively.
Of the actives, Serba Dinamik Holdings Bhd slid 24 sen to 11 sen, Euro Holdings Bhd dipped 3.5 sen to 19 sen, Techna-X Bhd inched down half-a-sen to 11.5 sen, PUC Bhd was one sen lower at five sen, and Hibiscus Petroleum Bhd eased three sen to RM1.37.
Across the index board, the FBM ACE shed 114.25 points to 5,383.01, the FBM 70 dipped 161.52 points to 13,224.55, the FBM Emas Index slid 121.95 points to 11,083.61, the FBMT 100 Index slipped 111.21 points to 10,744.3, and the FBM Emas Shariah Index erased 165.78 points to 11,527.97.
Sector-wise, the Financial Services Index fell 67.79 points to 16,608.04, the Industrial Products and Services Index was 3.91 points lower at 200.19, and the Plantation Index declined 281.67 points to 8,251.43.
Main Market volume rose to 2.4 billion shares worth RM1.9 billion compared with 1.82 billion shares worth RM2.24 billion last Friday.
Warrants turnover dwindled to 207.99 million units valued at RM21.89 million from 348.95 million units valued at RM61.01 million previously.
ACE Market volume shrank to 613.79 million shares worth RM107.08 million versus 932.12 million shares worth RM130.62 million.
Consumer products and services counters accounted for 341.26 million shares traded on the Main Market, industrial products and services (446.53 million), construction (117.56 million), technology (137.07 million), SPAC (nil), financial services (68.89 million), property (115.73 million), plantation (81.53 million), REITs (13.87 million), closed/fund (2,000), energy (955.77 million), healthcare (33.6 million), telecommunications and media (30.12 million), transportation and logistics (23.53 million), and utilities (28.99 million).
Source: The Edge
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