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 25): Last-minute buying interest in selected heavyweights led by financial services and utilities stocks helped to lift the FTSE Bursa Malaysia KLCI (FBM KLCI) marginally to end at its intraday high on Monday (July 25), a dealer said.
However, on the broader market, losers thumped gainers 531 to 300, while 397 counters were unchanged, 1,068 untraded, and 26 others suspended.
At 5pm, the FBM KLCI rose 3.42 points to its intraday high of 1,469.22, from last Friday’s close of 1,465.8.
The index, which opened 2.02 points easier at 1,463.78, hit a low of
1,461.28 during the mid-morning session before gaining momentum from the
mid-afternoon session towards the end of trading.
Total turnover declined to 2.01 billion units worth RM1.12 billion from 2.05 billion units worth RM1.55 billion last Friday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI closed marginally higher due to late buying after a roller-coaster session amid mixed sentiment in regional markets.
"Regionally, key indices trended mostly lower following heavy selling on Wall Street last Friday.
"Investors are cautiously awaiting this week’s policy decision from the United State's Federal Reserve," he told Bernama.
As for the local bourse, Thong said sentiments are improving, thanks to the continuous buying support from foreign funds.
"We expect the buying to continue after the FBM KLCI has broken the 1,460 resistance level, while at present valuation, the benchmark index remains attractive as compared to its regional peers.
"As such, we anticipate the index to move within the 1,460 to 1,485 range for the week with immediate resistance at 1,500 and support at 1,430," he said.
Among the heavyweights, Public Bank Bhd added five sen to RM4.62, Hong Leong Bank Bhd gained 18 sen to RM20.58, Petronas Chemicals Group Bhd edged up four sen to RM8.64, while Malayan Banking Bhd fell one sen to RM8.80, and IHH Healthcare Bhd shed three sen to RM6.45.
Of the actives, Dolphin International Bhd slid 1.5 sen to three sen, MY EG Services Bhd went down three sen to 74 sen, Metronic Global Bhd added half-a-sen to nine sen, while both Top Glove Corp Bhd and Borneo Oil Bhd were flat at 99.5 sen and 2.5 sen, respectively.
On the index board, the FBM Emas Index was 3.81 points firmer at 10,399.89, the FBMT 100 Index climbed 6.53 points to 10,160.37, the FBM Emas Shariah Index trimmed 15.5 points to 10,446.24, while the FBM 70 was 61.07 points lower at 12,388.96, and the FBM ACE slipped 39.06 points to 4,750.11.
Sector-wise, the Industrial Products and Services Index edged up 0.22 of-a-point to 177.26, the Financial Services Index improved 59.93 points to 16,509.62 the Plantation Index gained 8.12 points to 6,874.37, while the Energy Index slid 10.11 points to 632.73.
Main Market volume widened to 1.46 billion shares worth RM1.00 billion against 1.42 billion shares worth RM1.39 billion last Friday.
Warrants turnover expanded to 274.01 million units valued at RM42.55 million versus 233.95 million units valued at RM43.16 million previously.
Meanwhile, ACE Market volume dwindled to 279.55 million shares worth RM75.54 million from 397.87 million shares worth RM111.15 million last Friday.
Consumer products and services counters accounted for 158.86 million shares traded on the Main Market, industrial products and services (655.48 million), construction (108.92 million), technology (140.24 million), SPAC (nil), financial services (41.96 million), property (83.01 million), plantation (25.89 million), REITs (5.74 million), closed/fund (nil), energy (66.47 million), healthcare (118.65 million), telecommunications and media (21.2 million), transportation and logistics (16.96 million), and utilities (17.02 million).
Source: The Edge
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