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 30): Bursa Malaysia snapped a three-day winning streak to end lower on monday (May 30) on profit taking in selected plantation counters despite the positive sentiment in regional bourses, a dealer said.
Sime Darby Plantation Bhd lost seven sen to RM4.98, Kuala Lumpur Kepong Bhd fell 36 sen to RM25.80 and IOI Corp Bhd slid three sen to RM4.23, all contributing a total of 1.82 points to the loss in the composite index.
At 5pm, the benchmark index declined 3.74 points, or 0.24%, to 1,543.02 from Friday’s close of 1,546.76, after moving between 1,540.56 and 1,547.02 throughout the day.
The index opened 0.41 of-a-point lower at 1,546.35.Market breadth was negative with losers outpacing gainers 497 to 412, while 419 counters were unchanged, 973 untraded and 64 others suspended.
Total turnover increased to 3.05 billion units worth RM1.82 billion from 2.78 billion units worth RM2.01 billion last Friday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI ended lower after a lacklustre trading session despite the positive performance across the region.
Meanwhile, key regional indices trended higher following the broadly positive cues from Wall Street on Friday.
As for the local bourse, he said investors seemed reluctant to take more significant positions due to the absence of buying catalysts while awaiting corporate results.
“We reckon that investor sentiment will remain jittery although bargain hunting may prevail, hence, we expect the FBM KLCI to move sideways, hovering at the 1,535-1,555 range for the week,” he told Bernama.
Regionally, the Singapore’s Straits Times Index added 0.26% to 3,238.92, Japan’s Nikkei 225 gained 2.19% to 27,369.43, Hong Kong’s Hang Seng rose 2.06% to 21,123.93, South Korea’s KOSPI increased 1.2% to 2,669.66, and China's SSE Composite Index gained 0.6% to 3,149.06.
Back home, heavyweights Malayan Banking Bhd fell one sen to RM8.98, Public Bank Bhd dropped three sen to RM4.59, IHH Healthcare Bhd slid five sen to RM6.55, Petronas Chemicals Group Bhd added two sen to RM10, while Tenaga Nasional Bhd was flat at RM9.25.
Of the actives, G3 Global Bhd decreased 1.5 sen to 5.5 sen, Dagang NeXchange Bhd slipped two sen to 99 sen, both Green Packet Bhd and MNC Wireless Bhd were flat at eight sen and 1.5 sen, respectively, while Sapura Energy Bhd added half-a-sen to 8.5 sen.
On the index board, the FBM ACE climbed 49.47 points to 5,196.17, and the FBM 70 put on 15.54 points to 13,114.1, while the FBM Emas Shariah Index went down 6.62 points to 11,385.27, the FBM Emas Index declined 19.95 points to 10,991.17, and the FBMT 100 Index shed 16.97 points to 10,690.7.
Sector-wise, the Industrial Products and Services Index was 0.34 of-a-point higher at 199.75, while the Plantation Index dipped 66.95 points to 7,942.77, and the Financial Services Index slid 42.81 points to 16,601.6.
Main Market volume increased to 2.31 billion shares worth RM1.64 billion from 1.79 billion shares worth RM1.71 billion last Friday.
Warrants turnover dwindled to 335.84 million units valued at RM60.79 million versus 567.8 million units valued at RM111.38 million previously.
The ACE Market volume was marginally lower at 404.09 million shares worth RM120.34 million from 424.5 million shares worth RM189.64 million last Friday.
Consumer products and services counters accounted for 815.62 million shares traded on the Main Market, industrial products and services (416.65 million), construction (90.31 million), technology (142.27 million), SPAC (nil), financial services (45.3 million), property (95.74 million), plantation (48.39 million), REITs (5.88 million), closed/fund (19,400), energy (369.22 million), healthcare (35.35 million), telecommunications and media (181.41 million), transportation and logistics (46.8 million), and utilities (18.51 million).
Source: The Edge
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