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 29): Shares on Bursa Malaysia closed broadly lower on Wednesday (June 29) in sync with the weak regional market sentiment, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.22% or 3.26 points to 1,451.48 from Tuesday's close of 1,454.74.
The benchmark index, which opened 4.29 points lower at 1,450.45, moved between 1,445.23 and 1,459.86 throughout the trading session.
The overall market breadth was negative with decliners outpacing gainers 461 to 368, while 399 counters were unchanged, 1,078 untraded, and 89 others suspended.
Total turnover expanded to 2.37 billion units valued at RM1.77 billion from 2.28 billion units valued at RM1.61 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI tracked the key regional indices, which closed mostly lower following steep selloffs on Wall Street overnight.
He said market sentiment turned negative as the US consumer confidence crumbled to a 16-month low amid rapidly rising inflation.
“As for the local bourse, the FBM KLCI trended in a tight range today (Wednesday) due to lack of buying support.
“Investors are wary on external factors given the increasing regional market volatility and uncertainties on global economic prospects,” he told Bernama.
The online equities broker said the local bourse would likely remain jittery although bargain hunting may prevail in the short term.
"Hence, we expect the FBM KLCI to trend in range bound, hovering within 1,440-1,460 for the remainder of the week, with immediate support at 1,430 and resistance at 1,460,” said Thong.
Among Bursa Malaysia heavyweights, Press Metal Aluminium Holdings Bhd slipped 21 sen to RM4.65, Sime Darby Plantation Bhd slid 10 sen to RM4.43, Public Bank Bhd eased four sen to RM4.42, Petronas Chemicals Group Bhd lost 18 sen to RM9.07, and PPB Group Bhd dropped 40 sen to RM15.70.
Malayan Banking Bhd added one sen to RM8.65 and IHH Healthcare Bhd gained two sen to RM6.50.
Of the actives, Reach Energy Bhd shed half-a-sen to 5.5 sen, Top Glove Corp Bhd increased seven sen to RM1.12, Borneo Oil Bhd was flat at 2.5 sen, Cypark Resources Bhd fell seven sen to 38 sen, and Hibiscus Petroleum Bhd was down four sen to 99 sen.
On the index board, the FBM Emas Index was 26.18 points easier at 10,349.67, the FBM 70 slipped 31.18 points to 12,503.07, the FBM Emas Shariah Index declined 16.49 points to 10,539.25, and the FBMT100 Index lost 23.24 points to 10,087, but the FBM ACE rose 45.23 points to 4,840.09.
Sector-wise, the Financial Services Index dipped 50.99 points to 16,062.87, the Plantation Index was 71.53 points lower at 6,971.64, and the Industrial Products and Services Index eased 3.28 points to 181.28.
Main Market volume decreased to 1.52 billion shares valued at RM1.55 billion from 1.54 billion shares worth RM1.14 billion on Tuesday.
Warrants turnover widened to 463.47 million units worth RM93.38 million against 442.16 million units valued at RM103.18 million on Tuesday.
ACE Market volume swelled to 385.71 million shares valued at RM96.16 million versus 119.4 million shares worth RM96.16 million previously.
Consumer products and services counters accounted for 150.09 million shares traded on the Main Market, industrial products and services (457.18 million), construction (45.48 million), technology (157.99 million), SPAC (nil), financial services (47.36 million), property (91.67 million), plantation (27.66 million), REITs (4.56 million), closed/fund (nil), energy (270.16 million), healthcare (205.09 million), telecommunications and media (34.27 million), transportation and logistics (23.6 million), and utilities (12.32 million).
Source: The Edge
Comments
Post a Comment