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 (Aug 4): Bursa Malaysia rebounded after two consecutive days of losses to close at its intraday high on Thursday (Aug 4), with the key index advancing 1.15% on strong buying interest, mainly driven by technology, telecommunications and healthcare counters.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 17.14 points to reach its intraday high of 1,507.71 compared with Wednesday's close of 1,490.57.
The benchmark index opened 1.09 points firmer at 1,491.66.
On the broader market, gainers led decliners 611 to 276, with 392 counters unchanged, 956 untraded, and nine others suspended.
Total turnover increased to 2.65 billion units worth RM1.89 billion from 1.91 billion units worth RM1.35 billion on Wednesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices ended mostly higher following positive cues from Wall Street overnight.
At the same time, he said foreign funds have continued to flow into the region given the growth potential in regional equity markets.
“Back home, we are cautiously optimistic given the improvement in the local market sentiment amid foreign support. As such, we anticipate the benchmark index to (sustain) its uptrend towards the weekend.
“After breaking the 1,500 level, we see the next resistance at 1,530 level, while support is at the 1,460 level,” he told Bernama.
Thong reckons that investors had been more focused on upcoming corporate results than geopolitics in the Taiwan Strait.
“I think investors will be busier looking at corporate results for now,” he said.
State-run media reported on Thursday that China’s military has begun live fire exercises in waters and airspace around Taiwan.
Back home, among the heavyweight stocks, Malayan Banking Bhd rose seven sen to RM8.90, both Public Bank Bhd and IHH Healthcare Bhd were four sen higher at RM4.65 and RM6.46, respectively, CIMB Group Holdings Bhd added two sen to RM5.25, while Petronas Chemicals Group Bhd lost four sen to RM8.86.
Of the actives, Dagang NeXchange Bhd gained seven sen to 88 sen, both PUC Bhd and Zen Tech International Bhd fell half-a-sen each to two sen and three sen, respectively, CSH Alliance Bhd slid one sen to five sen and Metronic Global Bhd went down 2.5 sen to 7.5 sen.
On the index board, the FBM Emas Index surged 122.06 points to 10,694.28, the FBMT 100 Index jumped 120.09 points to 10,443.84, the FBM ACE bagged 94.83 points to 4,885.28, the FBM Emas Shariah Index soared 154.68 points to 10,867.73, and the FBM 70 climbed 154.68 points to 10,867.73.
Sector-wise, the Plantation Index advanced 55.98 points to 7,083.99, the Financial Services Index perked up 95.07 points to 16,665.21, the Industrial Products and Services Index ticked up 0.77 of-a-point to 185.97, and the Energy Index perked up 0.33 of-a-point to 661.07.
Main Market volume strengthened to 1.73 billion shares worth RM1.63 billion against 1.12 billion shares worth RM1.14 billion on Wednesday.
Warrants turnover was higher at 369.91 million units valued at RM58.29 million versus 282.36 million units valued at RM51.49 million on Wednesday.
ACE Market volume increased to 547.97 million shares worth RM197.96 million from 507.42 million shares worth RM162.16 million previously.
Consumer products and services counters accounted for 168.97 million shares traded on the Main Market, industrial products and services (871.1 million), construction (34.48 million), technology (228.47 million), SPAC (nil), financial services (65.87 million), property (61.72 million), plantation (24.84 million), REITs (4.56 million), closed/fund (1,000), energy (108.17 million), healthcare (78.17 million), telecommunications and media (54.56 million), transportation and logistics (15.84 million), and utilities (13.55 million).
Source: The Edge
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