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 7): Bursa Malaysia ended at the day’s low on Tuesday (June 7), extending its losses for the fourth consecutive day amid persistent selling pressure in selected heavyweights as weak sentiment prevailed in the region, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 11.9 points lower, erasing 0.77% at last Friday’s close of 1,537.83.
The index, which opened 0.91 points better at 1,538.74, moved between 1,525.93 and 1,541.43 throughout the trading session.
On the broader market, losers thumped gainers 592 to 365, while 395 counters were unchanged, 903 untraded and nine others suspended.Total turnover was higher at 2.62 billion units worth RM1.78 billion from 2.23 billion units worth RM1.67 billion last Friday.
A dealer said Bursa Malaysia opened higher on Tuesday morning, taking the cue from overnight positive performance on Wall Street, but turned into negative territory at mid-morning to end lower, succumbing to selling pressure on selected heavyweight stocks while tracking the mixed performance of regional peers.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said Wall Street ended broadly higher last Friday but well off earlier highs as investors continued to fret about inflation and rising interest rates, while also speculating about whether this year's selloff may have touched bottom.
Meanwhile, key regional indices ended mixed with markets swinging between gains and losses as investors remained concerned whether the Federal Reserve’s rate hikes could cool inflation that was running at a four-decade high without tipping the US economy into recession, he said.
"As for the local bourse, investors seemed reluctant to make more significant moves due to the absence of buying catalysts.
"We expect the FBM KLCI to consolidate further, hence anticipating it to trend sideways within the range of 1,520 to 1,540 for the week with immediate support at 1,520 followed by 1,500 while resistance is at 1,570," he told Bernama.
Regionally, Singapore’s Straits Times Index eased 0.06% to 3,224.78, Japan’s Nikkei 225 gained 0.1% to 27,943.95, Hong Kong’s Hang Seng slipped 0.56% to 21,531.67, South Korea’s KOSPI decreased 1.66% to 2,626.3, and China's SSE Composite Index rose 0.17% to 3,241.76.
Among the heavyweights, Malayan Banking Bhd and CIMB Group Holdings Bhd lost four sen each to RM8.84 and RM5.06, respectively, Public Bank Bhd declined six sen to RM4.52, Petronas Chemicals Group Bhd fell 13 sen to RM9.86, and IHH Healthcare Bhd was flat at RM6.50.
Of the actives, ACE Market debutant Yew Lee Pacific Group Bhd added one sen to 29 sen, Green Packet Bhd and G3 Global Bhd edged up half-a-sen each to 7.5 sen and five sen, respectively, Kumpulan Jetson Bhd rose 6.5 sen to 31.5 sen, and Sapura Energy Bhd eased half-a-sen to five sen.
On the index board, the FBM 70 shed 51.91 points to 13,272.28, the FBM ACE slipped 22.07 points to 5,249.88, the FBMT 100 Index lost 73.17 points to 10,629.56, the FBM Emas Index dropped 71.36 points to 10,941.58, and the FBM Emas Shariah Index tumbled 87.7 points to 11,276.79.
Sector-wise, the Industrial Products and Services Index trimmed 2.64 points to 197.13, the Financial Services Index declined 72.01 points to 16,546.78, and the Plantation Index dipped 124.71 points to 7,786.92.
Main Market volume rose to 1.71 billion shares worth RM1.56 billion from 1.57 billion shares worth RM1.51 billion last Friday.
Warrants turnover jumped to 412.99 million units valued at RM75.26 million versus 157.99 million units valued at RM20.56 million.
ACE Market volume slipped to 494.63 million shares worth RM138.17 million from 499.67 million shares worth RM140.63 million previously.
Consumer products and services counters accounted for 324.66 million shares traded on the Main Market, industrial products and services (334.17 million), construction (60.69 million), technology (109.30 million), SPAC (nil), financial services (51.59 million), property (154.89 million), plantation (42.16 million), REITs (5.86 million), closed/fund (6,000), energy (369.1 million), healthcare (69 million), telecommunications and media (134.76 million), transportation and logistics (25.71 million), and utilities (27.85 million).
Source: The Edge
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