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 8): Bursa Malaysia ended higher on the week’s last day of trading amid strong buying interests across the regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 7.1 points, or 0.5%, to finish the day at 1,425.79 from Thursday's close of 1,418.69.
The benchmark index opened 2.57 points firmer at 1,421.26 and moved between 1,420.63 and 1,427.2 throughout the day.
The overall market breadth was positive as gainers outnumbered losers 445 to 343, while 425 counters were unchanged, 1,027 untraded, and eight others suspended.
Total turnover decreased to 1.62 billion units valued at RM1.12 billion from Thursday's closing of 1.94 billion units valued at RM1.45 billion.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional indices trended broadly higher following a rally in the US markets, sparked by hopes that policymakers can tackle inflation without causing a recession.
Japan’s Nikkei 225 added 0.1% to 26,517.19, Hong Kong’s Hang Seng Index advanced 0.3% to 21,725.78 and Singapore’s Straits Times Index eased 0.1% to 3,126.35.
The market was also bolstered by the possibility of a major stimulus in China as well as hopes that policymakers can get inflation under control without causing a global economic downturn, he added.
“Back home, we reckon that the FBM KLCI remained in an oversold position despite the rebound, hence we expect the uptrend to continue next week.
"As such we expect the FBM KLCI to trade within the 1420-1,450 range, with immediate resistance at 1,400 and support at 1,450,” he told Bernama.
Among the heavyweights, Malayan Banking Bhd and Public Bank Bhd increased four sen each to RM8.62 and RM4.40, respectively, Petronas Chemicals Group Bhd jumped 13 sen to RM8.47, IHH Healthcare Bhd gained three sen to RM6.36, CIMB Group Holdings Bhd rose five sen to RM5.14 and Tenaga Nasional Bhd shed four sen to RM7.92.
Of the actives, both Metronic Global Bhd and Widad Group Bhd edged up half-a-sen each to 9.5 sen and 37 sen, respectively, while Yong Tai Bhd was flat at eight sen and Top Glove Corp Bhd fell two sen to 99 sen.
On the index board, FBM Emas Index bagged 44.4 points to 10,132.53, FBM Emas Shariah Index improved 41.35 points to 10,193.92, FBM 70 went up 34.28 points to 12,196.31, FBM ACE increased 63.81 points to 4,667.81 and the FBMT 100 Index put on 44.25 points to 9,893.08.
Sector-wise, the Financial Services Index was 79.87 points higher at 16,077.12, the Industrial Products and Services Index rose 1.03 points to 172.83, and the Plantation Index jumped 46.39 points to 6,634.86.
Main Market volume fell to 975.89 million shares worth RM936 million from Thursday’s 1.24 billion shares worth RM1.31 billion.
Warrants turnover went down to 387.31 million units worth RM91.2 million against 468.15 million units worth RM77.6 million on Thursday.
ACE Market volume increased to 252.58 million shares worth RM90.26 million from 240.47 million shares worth RM61.11 million previously.
Consumer products and services counters accounted for 128.71 million shares traded on the Main Market, industrial products and services (275.25 million), construction (34.57 million), technology (99.21 million), SPAC (nil), financial services (31.8 million), property (121.9 million), plantation (38.47 million), REITs (1.99 million), closed/fund (1,300), energy (136.07 million), healthcare (67.3 million), telecommunications and media (21.15 million), transportation and logistics (13.61 million), and utilities (5.84 million).
Source: The Edge
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