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 (July 28): Bursa Malaysia ended at an intraday high on Thursday (July 28), thanks to the positive local market sentiment and foreign support, in tandem with the uptrend in the regional markets, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 20.49 points, or 1.39%, to 1,491.2 from Wednesday’s close of 1,470.71.
The index opened 1.68 points better at 1,472.39 and gained momentum towards the end of the trading day.
On the broader market, gainers trounced losers 653 to 264, while 393 counters were unchanged, 988 untraded and 66 others suspended.
Total turnover increased to 2.83 billion units worth RM1.81 billion from 2.19 billion units worth RM1.36 billion on Wednesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the key regional indices trended broadly higher following upbeat cues on Wall Street overnight.
"Investors reacted positively to the US Federal Reserve's (Fed) anticipated interest rate hike. Fed Chair Jerome Powell commented that he does not think the [United States] is currently in a recession, adding that the central bank will likely slow rate increases at some point," he told Bernama.
Regionwise, the Singapore's Straits Times Index rose 0.48% to 3,220.65, South Korea's KOSPI added 0.82% to 2,435.27, Japan's Nikkei 225 edged up 0.36% to 27,815.48, and China’s SSE Composite Index put on 0.21% to 3,282.58, but Hong Kong's Hang Seng Index was 0.23% lower at 20,622.68.
Back home, Thong nevertheless said investors should stay alert on the increasing market volatility and external uncertainties.
Hence, he anticipates the benchmark index to trend sideways with a slight bias towards positive, within the range of 1,485 to 1,500 towards the weekend, with immediate support at 1,460 and resistance at 1,500.
Among the heavyweights, Malayan Banking Bhd bagged five sen to RM8.85, Public Bank Bhd gained four sen to RM4.64, Petronas Chemicals Group Bhd added 27 sen to RM8.91, IHH Healthcare Bhd perked up two sen to RM6.39, and CIMB Group Holdings Bhd advanced six sen to RM5.28.
Of the actives, Zen Tech International Bhd eased half-a-sen to four sen, MY EG Services Bhd earned two sen to 76.5 sen, Metronic Global Bhd rose 1.5 sen to 14.5 sen, while Bintai Kinden Corp Bhd and Serba Dinamik Holdings Bhd were flat at 12 sen and 11 sen, respectively.
On the index board, the FBM Emas Index added 148.67 points to 10,578.65, the FBM Emas Shariah Index improved 186.12 points to 10,681.03, the FBMT 100 Index climbed 148.07 points to 10,333.4, the FBM ACE put on 53.29 points to 4,832.49, and the FBM 70 surged 206.22 points to 12,684.69.
Sector-wise, the Plantation Index strengthened 93.96 points to 6,940.26, the Financial Services Index rose 107.38 points to 16,663.4, the Industrial Products and Services Index was 5.12 points higher at 183.66, and the Energy Index edged up 21.41 points to 666.61.
Main Market volume expanded to 2.06 billion shares worth RM1.59 billion against 1.56 billion shares worth RM1.19 billion on Wednesday.
Warrants turnover advanced to 282.68 million units valued at RM49.9 million versus 233.12 million units valued at RM49.73 million on Wednesday.
ACE Market volume swelled to 489.09 million shares worth RM169.77 million from 390.66 million shares worth RM125.68 million previously.
Consumer products and services counters accounted for 177.37 million shares traded on the Main Market, industrial products and services (965.19 million), construction (55.99 million), technology (263.8 million), SPAC (nil), financial services (51.75 million), property (119.17 million), plantation (30.12 million), REITs (7.87 million), closed/fund (13,000), energy (218.34 million), healthcare (88.47 million), telecommunications and media (35.05 million), transportation and logistics (25.02 million), and utilities (17.35 million).
Source: The Edge
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