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 (June 16): Bursa Malaysia ended higher on Thursday (June 16) with the FTSE Bursa Malaysia KLCI (FBM KLCI) rising by 0.94%, supported by continuous bargain hunting in selected heavyweights, amid mixed regional market performance, a dealer said.
On the broader market, however, losers outnumbered gainers 556 to 392, while 412 counters were unchanged, 919 untraded, and 13 others suspended.
At 5pm, the barometer index rose 13.72 points to 1,472.77 from Wednesday's close of 1,459.05.
The index opened 10.05 points higher at 1,469.1 and moved between 1,461.94 and 1,476.02 throughout the day.Total turnover improved marginally to 2.48 billion units worth RM1.84 billion from 2.43 billion units worth RM1.82 billion on Wednesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng told Bernama that the key regional markets were mixed due to various reactions relating to the US Federal Reserve’s interest hike of 0.75%.
On the home front, he said the local market remained cheap compared to regional peers resulting in the emergence of bargain hunting.
"However, due to heightened market volatility across the region, we anticipate the benchmark index to move range-bound within 1,460-1,480 towards the weekend, with immediate support at 1,450 and resistance at 1,490," he said.
Among the heavyweights, Malayan Banking Bhd rose nine sen to RM8.72, Public Bank Bhd gained seven sen to RM4.55, Petronas Chemicals Group Bhd added 10 sen to RM9.63, and IHH Healthcare Bhd advanced 15 sen to RM6.34.
Of the actives, Top Glove Corp Bhd and Dagang NeXchange Bhd lost 3.5 sen each to 97.5 sen and 84 sen, respectively, while BCM Alliance Bhd perked up half-a-sen to three sen, LGMS Bhd climbed one sen to RM78 sen, and Yong Tai Bhd was flat at 8.5 sen.
On the index board, the FBM Emas Index improved 62.83 points to 10,494.59, the FBM Emas Shariah Index advanced 46.45 points to 10,663.63, the FBM 70 was 0.79 of-a-point higher at 12,640.14, the FBMT 100 Index increased 73.19 points to 10,227.22, while the FBM ACE declined 73.93 points to 4,814.74.
Sector-wise, the Financial Services Index put on 191.2 points to 16,359.27, the Industrial Products and Services Index was 1.47 points higher at 188.82, while the Plantation Index lost 64.43 points to 7,318.07.
Main Market volume shrank to 1.34 billion shares worth RM1.57 billion from 1.39 billion shares worth RM1.6 billion on Wednesday.
Warrants turnover expanded to 605.09 million units valued at RM116.87 million against 437.06 million units valued at RM77.75 million on Wednesday.
ACE Market volume dwindled to 530.35 million shares worth RM155.84 million from 594.64 million shares worth RM141.12 million previously.
Consumer products and services counters accounted for 186.4 million shares traded on the Main Market, industrial products and services (355.2 million), construction (49.44 million), technology (172.82 million), SPAC (nil), financial services (51.45 million), property (171.23 million), plantation (44.18 million), REITs (9.32 million), closed/fund (3,000), energy (101.25 million), healthcare (123.91 million), telecommunications and media (31.27 million), transportation and logistics (25.74 million), and utilities (16.22 million).
Source: The Edge
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