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 12): Last-minute buying interest in selected heavyweights led by utilities as well as consumer products and services stocks helped to lift the FTSE Bursa Malaysia KLCI (FBM KLCI) to end Tuesday's (July 12) session on a positive note, a dealer said.
However, on the broader market, losers thumped gainers 569 to 292, while 357 counters were unchanged, 1,022 untraded, and eight others suspended.
At 5pm, the FBM KLCI rose marginally by 0.29 of-a-point to 1,426.08 from Friday's close of 1,425.79.
The benchmark index, which opened 0.4 of-a-point higher at its
intraday high of 1,426.19, slipped to its low of 1,418.5 in late
afternoon before clawing back into the positive territory.
Total turnover advanced to 2.36 billion units valued at RM1.27 billion from Friday's close of 1.62 billion units valued at RM1.12 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said most key regional indices trended lower following the negative cues from Wall Street overnight.
"Investors are cautious as they await the upcoming United States' inflation report and China's economic data later this week,” he told Bernama.
On the domestic front, he said sentiment remained jittery given the heightened market volatility although bargain hunting may prevail.
"We believe the FBM KLCI remains oversold at the present level. We expect the index to trend within a wider range of 1,410 to 1,440 for the remainder of the week," he said.
Among the heavyweights, Malayan Banking Bhd rose two sen to RM8.64, Public Bank Bhd was flat at RM4.40, Petronas Chemicals Group Bhd trimmed 19 sen to RM8.28, IHH Healthcare Bhd gained three sen to RM6.39, Tenaga Nasional Bhd advanced 11 sen to RM8.03, and PPB Group Bhd improved 40 sen to RM16.
Of the actives, TWL Holdings Bhd gained half-a-sen to seven sen, Yong Tai Bhd dropped two sen to six sen, Metronic Global Bhd fell 1.5 sen to eight sen, Top Glove Corp Bhd increased two sen to RM1.01, and Widad Group Bhd gave up half-a-sen to 36.5 sen.
On the index board, the FBM Emas Index fell 20.45 points to 10,116.08, the FBM Emas Shariah Index slid 37.01 points to 10,156.91, the FBM 70 lost 91.67 points to 12,104.64, the FBMT 100 Index was 15.92 points lower at 9,877.16, and the FBM ACE dropped 89.3 points to 4,578.51.
Sector-wise, the Financial Services Index perked up 11.1 points to 16,088.22, the Industrial Products and Services Index shed 2.62 points to 170.21, and the Plantation Index climbed 85.07 points to 6,719.93.
Main Market volume expanded to 1.64 billion shares worth RM1.10 billion against 1.04 billion shares worth RM907.02 million last Friday.
Warrants turnover swelled to 452.94 million units valued at RM86.22 million from 371.77 million units valued at RM72.25 million previously.
ACE Market volume declined to 267.91 million shares worth RM86.74 million versus 329.36 million shares worth RM100.21 million.
Consumer products and services counters accounted for 165.92 million shares traded on the Main Market, industrial products and services (368.51 million), construction (33.07 million), technology (128.2 million), SPAC (nil), financial services (38.24 million), property (561.63 million), plantation (29.25 million), REITs (4.03 million), closed/fund (19,500), energy (116.78 million), healthcare (154.64 million), telecommunications and media (19.21 million), transportation and logistics (15.39 million), and utilities (8.19 million).
Source: The Edge
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