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 17): Bursa Malaysia ended the week broadly lower with the FTSE Bursa Malaysia KLCI (FBM KLCI) declining 1.09% amid market volatility in tandem with the weak regional peers’ performance, a dealer said.
At 5pm, the barometer index fell 16.03 points to 1,456.74 from Thursday's close of 1,472.77.
The benchmark index opened 11.84 points lower at 1,460.93 and fell further to a 24-month low of 1,445.64, with the lowest level last seen on May 29, 2020 (1,448.84).
The index moved between 1,445.64 and 1,461.03 throughout the day.
On the broader market, losers trumped gainers 726 to 267, while 344 counters were unchanged, 942 untraded and 21 others suspended.
Total turnover improved to 3.06 billion units worth RM3.02 billion from 2.48 billion units worth RM1.84 billion on Thursday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regional indices trended on mixed sentiment following the negative cues overnight from global markets
"This is mainly due to rising concerns of a possible recession in the foreseeable future due to aggressive policy tightening by central banks around the world," he added.
On the domestic front, he said the FBM KLCI’s performance had been volatile due to various external factors such as the US Federal Reserve's interest rate hike, increasing market risks and volatility in global markets.
Bursa heavyweights Malayan Banking Bhd rose 16 sen to RM8.88, while Public Bank Bhd and IHH Healthcare Bhd fell six sen to RM4.49 and RM6.28 respectively, Petronas Chemicals Group Bhd slid 11 sen to RM9.52 and CIMB Group Holdings Bhd lost 10 sen to RM4.92.
Of the actives, Sapura Energy Bhd decreased half-a-sen to 4.5 sen, Hibiscus Petroleum Bhd shed nine sen to RM1.08, Dagang NeXchange Bhd lost three sen to 81 sen, while Top Glove Corp Bhd rose 3.5 sen to RM1.01.
On the index board, the FBM Emas Index slipped 96.72 points to 10,397.87, FBM Emas Shariah Index declined 137.14 points to 10,526.49, FBM 70 lost 25.73 points to 12,614.41, the FBMT 100 Index dipped 90.21 points to 10,137.01, while FBM ACE gained 19.24 points to 4,833.98.
Sector-wise, the Financial Services Index contracted 53.43 points to 16,305.84, the Plantation Index shed 99.84 points to 7,218.23 and the Industrial Products and Services Index was 2.51 points lower at 186.31.
Main Market volume widened to 2.21 billion shares worth RM2.83 billion from 1.34 billion shares worth RM1.57 billion on Thursday.
Warrants turnover shrank to 482.55 million units valued at RM95.77 million against 605.09 million units valued at RM116.87 million on Thursday.
ACE Market volume dwindled to 362.23 million shares worth RM93.03 million from 530.35 million shares worth RM155.84 million previously.
Consumer products and services counters accounted for 232.11 million shares traded on the Main Market, industrial products and services (410.65 million), construction (47.04 million), technology (233.74 million), SPAC (nil), financial services (110.62 million), property (125.68 million), plantation (60.16 million), REITs (11.47 million), closed/fund (5,000), energy (728.25 million), healthcare (125.51 million), telecommunications and media (37.58 million), transportation and logistics (58.31 million), and utilities (30.1 million).
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