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 20): Bursa Malaysia closed higher across the board on Wednesday (July 20) as bargain hunting emerges amid the improving investor sentiment across the region, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.22 points, or 0.58%, to 1,436.98 from Tuesday’s close of 1,428.76.
The barometer index, which opened 1.26 points higher at 1,430.02, moved in an uptrend momentum throughout the day with intraday high recorded at 1,438.37.
On the broader market, gainers outpaced losers 602 to 271, while 385 counters were unchanged, 1,030 untraded and seven others suspended.
Total turnover widened to 2.47 billion units worth RM1.41 billion from 1.73 billion units valued at RM1.32 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional indices closed mostly higher after a sharp rebound in US stocks overnight while some investors speculated that the worst of 2022’s equity rout is over.
“Back home, although we reckon the local bourse to remain in cautious mode, we believe bargain-hunting activities will continue given the reasonable valuations of the FBM KLCI at the moment.
“Additionally, the FBM KLCI remained in oversold position at the present level,” he said.
In view of the greater volatility, Thong anticipates the FBM KLCI to trend within a wider range of 1,420 to 1,450 for the remainder of the week with immediate support at 1,410 and resistance at 1,460.
Among the heavyweights, Malayan Banking Bhd rose four sen to RM8.60, Public Bank Bhd gained three sen to RM4.43, Petronas Chemicals Group Bhd soared 25 sen to RM8.55, IHH Healthcare Bhd increased one sen to RM6.43, while CIMB Group Holdings Bhd was down one sen to RM5.09.
Of the actives, Bintai Kinden Corporation Bhd increased 3.5 sen to 12 sen, Top Glove Corporation Bhd fell three sen to 99 sen, while MMAG Holdings Bhd, Metronic Global Bhd and G3 Global Bhd were flat at five sen, 8.5 sen and four sen respectively.
On the index board, the FBM Emas Index rose 67.94 points to 10,199.97, the FBM Emas Shariah Index increased 82.97 points to 10,299.41, the FBM 70 was 102.6 points higher at 12,231.03, the FBMT 100 Index climbed 63.23 points to 9,959.14 and the FBM ACE improved 95.7 points to 4,688.42.
Sector-wise, the Plantation Index added 28.13 points to 6,789.26, the Financial Services Index gained 61.45 points to 16,066.86, the Energy Index was 6.28 points higher at 631.79, and the Industrial Products and Services Index edged up 2.95 points to 173.87.
Main Market volume advanced to 1.65 billion shares worth RM1.20 billion against 1.17 billion shares worth RM1.17 billion on Tuesday.
Warrants turnover improved to 328.62 million units valued at RM76.62 million versus 285.73 million units valued at RM66.18 million previously.
ACE Market volume strengthened to 483.39 million shares worth RM131.05 million from 275.74 million shares worth RM80.31 million previously.
Consumer products and services counters accounted for 349.64 million shares traded on the Main Market, industrial products and services (680.33 million), construction (34.98 million), technology (144.93 million), SPAC (nil), financial services (43.44 million), property (90.11 million), plantation (21.37 million), REITs (4.24 million), closed/fund (3,000), energy (162.62 million), healthcare (75.83 million), telecommunications and media (20.48 million), transportation and logistics (18.86 million), and utilities (6.93 million).
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