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 23): Bursa Malaysia erased early gains to end flat following a choppy trading session amid cautious investors sentiment on concerns over inflation, a dealer said.
At 5 pm on Thursday (June 23), the benchmark FBM KLCI had fallen 0.05 of a point to 1,431.05 from Wednesday's close at 1,431.10.
The key index, which opened 3.40 points firmer at 1,434.50, fluctuated between 1,427.78 and 1,441.47 throughout the day.
On the broader market, losers beat gainers 500 to 348, while 410 counters were unchanged, 1,008 untraded and nine others suspended.Total turnover shrank to 2.34 billion units worth RM1.56 billion from 2.72 billion units worth RM1.9 billion on Wednesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market was dragged down by selling mainly of energy, industrial products and real estate investment trust (REIT) stocks.
Regionally, he said the key indices closed mostly higher due to bargain-hunting activities after the sell-offs on Wednesday.
"Back home, we believe the market undertone will remain cautious amid increasing regional volatility although bargain-hunting activities may prevail," he told Bernama.
As such, he expects the benchmark index to hover in the 1,425-1,445 range towards the weekend, with immediate support at 1,415 and resistance at 1,490.
Bursa heavyweights Malayan Banking Bhd (Maybank) shed four sen to RM8.56, Petronas Chemicals Group Bhd dipped 15 sen to RM9.15 and IHH Healthcare Bhd eased two sen to RM6.36, while Public Bank Bhd and CIMB Group Holdings Bhd were both unchanged at RM4.40 and RM4.90 respectively.
Of the actives, YX Precious Metals Bhd declined one sen to 27 sen, Hibiscus Petroleum Bhd shed 5.5 sen to 93.5 sen, Dagang NeXchange Bhd (DNeX) eased 1.5 sen to 75.5 sen, Yong Tai Bhd was flat at nine sen and Widad Group Bhd added one sen to 37 sen.
On the index board, the FBM Emas Index dipped 4.01 points to 10,207.23, FBM 70 slid 15.63 points to 12,343.88 and the FBMT 100 Index slipped 3.24 points to 9,949.10, while the FBM Emas Shariah Index increased nine points to 10,352.98 and FBM ACE widened 31.12 points to 4,746.61.
Sector-wise, the Financial Services Index tumbled 55.53 points to 15,920.59, the Industrial Products and Services Index shed 1.78 points to 181.28, and the Plantation Index climbed 164.65 points to 6,954.28.
The Main Market volume narrowed to 1.38 billion shares worth RM1.32 billion from 1.73 billion shares worth RM1.65 billion on Wednesday.
Warrant turnover dwindled to 422.8 million units valued at RM100.04 million against 547.89 million units valued at RM106.68 million on Wednesday.
The ACE Market volume rose to 535.47 million shares worth RM137.41 million from 441.9 million shares worth RM137.99 million previously.
Consumer products and services counters accounted for 199.56 million shares traded on the Main Market, followed by industrial products and services (392.24 million), construction (34.49 million), technology (150.44 million), special purpose acquisition companies (nil), financial services (39.04 million), property (150.29 million), plantation (35.89 million), REITs (83.67 million), closed/funds (1,000), energy (229.12 million), healthcare (67.25 million), telecommunications and media (49.60 million), transportation and logistics (17.25 million), and utilities (12.91 million).
Source: The Edge
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