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 13): Bursa Malaysia ended in the negative territory for the eighth consecutive day on Monday (June 13), with the benchmark index declining 1.95% as market sentiment was hit by heavy selling across the board, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 29.12 points to 1,464.83 from Friday's close of 1,493.95.
The barometer index opened 10.19 points lower at 1,483.76, its intraday high, and hit its low of 1,458.85 year-to-date in the afternoon session.
On the broader market, losers thumped gainers 1,084 to 138, while 253 counters were unchanged, 799 untraded, and 21 others suspended.Total turnover rose to 3.27 billion units worth RM2.26 billion compared to 2.26 billion units worth RM1.69 billion on Friday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI had broken several support levels in the past two trading weeks and slumped to a YTD low on Monday, in tandem with regional weakness, influenced by steep falls on Wall Street overnight.
"The market undertone remains jittery amid the heightened global market risks and volatility.
"Notwithstanding this, we believe the market is oversold, hence providing opportunities for investors to accumulate stocks at attractive levels given their cheaper valuations," he told Bernama.
Meanwhile, he said key regional indices also edged lower due to a surprise US inflation data that raised the possibility of an intensified monetary tightening from the US Federal Reserve.
Regionally, Singapore’s Straits Times Index shed 1.33% to 3,139.35, Japan’s Nikkei 225 slipped 3.01% to 26,987.44, Hong Kong’s Hang Seng fell 3.39% to 21,067.58, and China’s SSE Composite Index dipped 0.89% to 3,225.55.
Among the heavyweights, Malayan Banking Bhd eased seven sen to RM8.68, Public Bank Bhd lost five sen to RM4.48, IHH Healthcare Bhd shed 23 sen to RM6.22, Petronas Chemicals Group Bhd slid 14 sen to RM9.56, and CIMB Group Holdings Bhd inched down 11 sen to RM4.93.
Of the actives, Fintech Global Bhd eased half-a-sen to one sen, Top Glove Corp Bhd was down 10 sen to RM1.03, while both Sapura Energy Bhd and BCM Alliance Bhd were flat at five sen and 2.5 sen, respectively.
On the index board, the FBM Emas Index was 256.45 points lower at 10,477.2, the FBM Emas Shariah Index fell 316.59 points to 10,680.65, the FBM 70 declined 433.96 points to 12,679.62, the FBM ACE shed 217.7 points to 4,916.66, and the FBMT 100 Index decreased 236.96 points to 10,192.39.
Sector-wise, the Financial Services Index dropped 240.22 points to 16,179.91, the Plantation Index lost 213.74 points to 7,382.91 and the Industrial Products and Services Index was 4.51 points easier at 188.82.
Main Market volume expanded to 1.83 billion shares worth RM2.02 billion from 1.35 billion shares worth RM1.47 billion on Friday.
Warrants turnover swelled to 673.16 million units valued at RM96.12 million against 400.01 million units valued at RM65.98 million previously.
ACE Market volume increased to 759.65 million shares worth RM144.19 million from 509.05 million shares worth RM158.21 million last Friday.
Consumer products and services counters accounted for 256.81 million shares traded on the Main Market, industrial products and services (474.09 million), construction (89.29 million), technology (233.91 million), SPAC (nil), financial services (77.37 million), property (169.32 million), plantation (62.65 million), REITs (10.93 million), closed/fund (10,000), energy (242.46 million), healthcare (126.32 million), telecommunications and media (31.49 million), transportation and logistics (29.82 million), and utilities (26.84 million).
Source: The Edge
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