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 24): Bursa Malaysia ended the last day of the week on a higher note, with buying interest seen mainly in technology and healthcare stocks and selling in plantation counters, said a dealer.
At 5pm on Friday (June 24), the benchmark FBM KLCI settled 5.65 points, or 0.39%, higher at 1,436.70 from Thursday’s close at 1,431.05.
The key index, which opened 0.25 of a point higher at 1,431.30, fluctuated between 1,431.30 and 1,440.73 throughout the day.
On the broader market, gainers beat losers 519 to 345, while 405 counters were unchanged, 1,020 untraded and 10 others suspended.Total turnover expanded to 2.46 billion units worth RM1.47 million from 2.34 billion units worth RM1.56 billion on Thursday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the KLCI trended higher due to bargain-hunting activities amid improving sentiment across the region.
"The key regional markets continued to trend higher following positive cues from Wall Street overnight," he told Bernama.
Back home, he said, Rakuten has been cautiously optimistic given the overall improved sentiment both regionally and globally, with the local market expected to remain in an oversold position.
"Nonetheless, investors should remain cautious as the market has been turbulent in recent weeks, with investors trying to determine whether a recession is looming," he said.
Looking at the increasing market volatility, Thong anticipates the KLCI to trend in a wider range of 1,430-1,460 next week, with immediate support at 1,430 and resistance at 1,490.
Among Bursa heavyweights, Inari Amertron Bhd added seven sen to RM2.53, Hartalega Holdings Bhd lifted five sen to RM2.74, IHH Healthcare Bhd gained six sen to RM6.36 and Malayan Banking Bhd (Maybank) rose four sen to RM8.56, while Top Glove Corp Bhd was unchanged at RM1.05.
Of the actives, Dagang NeXchange Bhd (DNeX) improved one sen to 75.5 sen, Cypark Resources Bhd added 4.5 sen to 42 sen, Reach Energy Bhd gained three sen to 5.5 sen, TWL Holdings Bhd was flat at seven sen and Hibiscus Petroleum Bhd shed three sen to 93.5 sen.
On the index board, the FBM Emas Index climbed 50.15 points to 10,257.39, the FBM 70 added 100.27 points to 12,444.15, the FBMT 100 Index gained 49.08 points to 9,998.18, the FBM Emas Shariah Index increased 61.65 points to 10,414.64 and the FBM ACE rose 23.28 points to 4,769.89.
Sector-wise, the Financial Services Index advanced 43.86 points to 15,964.45 and the Industrial Products and Services Index firmed 2.09 points to 183.37, while the Plantation Index tumbled 36.55 points to 6,917.73.
The Main Market volume widened to 1.56 billion shares worth RM12.48 billion from 1.38 billion shares worth RM1.32 billion on Thursday.
Warrant turnover expanded to 507.65 million units valued at RM117.54 million against 422.8 million units valued at RM100.04 million on Thursday.
The ACE Market volume dropped to 399.79 million shares worth RM112.33 million from 535.47 million shares worth RM137.41 million previously.
Consumer products and services counters accounted for 175.91 million shares traded on the Main Market, followed by industrial products and services (456.27 million), construction (43.71 million), technology (157.05 million), special purpose acquisition companies (nil), financial services (28.59 million), property (186.12 million), plantation (33.13 million), real estate investment trusts (6.49 million), closed/funds (nil), energy (308.95 million), healthcare (112.18 million), telecommunications and media (20.76 million), transportation and logistics (21.3 million), and utilities (10.01 million).
Source: The Edge
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