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 19): Bursa Malaysia reversed Monday's (July 18) gains to end marginally lower on Tuesday after a lacklustre trading session, as investors seemed reluctant to make more significant moves due to the absence of buying catalysts, an analyst said.
At 5pm, the barometer index slipped 0.78 point, or 0.05%, to 1,428.76 from Monday’s close of 1,429.54.
The index, which opened 0.85 point weaker at 1,428.69, moved between 1,417.16 and 1,430.86 throughout the day.
On the broader market, losers outpaced gainers 431 to 330, while 399 counters were unchanged, 1,129 untraded, and eight others suspended.
Total turnover fell to 1.73 billion units worth RM1.32 billion from 2.4 billion units valued at RM1.28 billion on Monday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regionally, key indices trended mixed due to different reactions to Wall Street’s negative performance, as investors continued to worry about the economic outlook ahead of next week's US Federal Reserve monetary policy meeting.
Meanwhile, the new wave of Covid-19 infections in China also continued to hurt market sentiment amid supply and demand concerns, he added.
"On the domestic front, we prefer to stay [cautious] as the near-term direction of the local market is still very much dependent on the regional volatility. Nonetheless, we expect accumulation of stocks to persist on dips," he told Bernama.
Thong forecast the FBM KLCI would hover between 1,420 and 1,450 for the week with immediate support at 1,410 and resistance at 1,460.
Among the heavyweights, Malayan Banking Bhd shed two sen to RM8.56, Public Bank Bhd and CIMB Group Holdings Bhd added one sen each to RM4.40 and RM5.10, respectively, Petronas Chemicals Group Bhd gained eight sen to RM8.30, and IHH Healthcare Bhd was flat at RM6.42.
Of the actives, Hibiscus Petroleum Bhd lost five sen to 84 sen, MY EG Services Bhd slid 3.5 sen each to 77 sen, Dagang NeXchange Bhd was 2.5 sen lower at 73 sen, MMAG Holdings Bhd eased half-a-sen to five sen, and Metronic Global Bhd was unchanged at 8.5 sen.
On the index board, the FBM Emas Index trimmed 5.08 points to 10,132.03, the FBM Emas Shariah Index decreased 8.1 points to 10,216.44, the FBM 70 was 11.25 points lower at 12,128.43, the FBMT 100 Index narrowed 6.29 points to 9,895.91, and the FBM ACE weakened 41.3 points to 4,592.72.
Sector-wise, the Plantation Index reduced 14.8 points to 6,761.13, the Financial Services Index fell 8.21 points to 16,005.41 and the Energy Index eased 3.35 points to 625.51, while the Industrial Products and Services Index was 1.21 points higher at 170.92.
Main Market volume shrank to 1.17 billion shares worth RM1.17 billion against 1.34 billion shares worth RM1.06 billion on Monday.
Warrants turnover decreased to 285.73 million units valued at RM66.18 million versus 383.78 million units valued at RM79.97 million previously.
ACE Market volume dipped to 275.74 million shares worth RM80.31 million from 678.1 million shares worth RM130.84 million previously.
Consumer products and services counters accounted for 181.87 million shares traded on the Main Market, industrial products and services (402.55 million), construction (50.83 million), technology (140.38 million), SPAC (nil), financial services (40.43 million), property (86.71 million), plantation (24.54 million), REITs (5.6 million), closed/fund (nil), energy (139.13 million), healthcare (53.01 million), telecommunications and media (16.91 million), transportation and logistics (16.24 million), and utilities (10.1 million).
Source: The Edge
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