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 19): Bursa Malaysia ended the week broadly lower, driven by persistent profit-taking, mostly seen in telecommunications and healthcare companies, amid cautious sentiments in the regional markets, dealers said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 12.18 points to end at 1,504.44, compared with Thursday's close of 1,516.62.
The benchmark index, which opened 0.20 of a point better at 1,516.82 in the morning, moved between 1,502.91 and 1,519.68 throughout the day.
Market breadth was negative as losers led gainers 426 to 395, while
449 counters were unchanged, 1,040 untraded, and 17 others suspended.
Total turnover decreased to 2.11 billion units worth RM1.53 billion, from 2.51 billion units worth RM1.95 billion on Thursday.
Axiata Group Bhd and IHH Healthcare Bhd were among the biggest contributors to the losses in the composite index, declining 12 sen and 10 sen to RM3 and RM6.41 respectively, contributing a combined 3.37 points.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional markets closed mostly lower, as investors were cautious and reluctant to make large moves amid uncertainty about the near-term outlook for the markets, following recent strength.
“Meanwhile, worries prevail that the US Federal Reserve and central banks in Europe and Asia might derail global economic growth, as they hike rates to cool inflation that is running at multi-decade highs,” he told Bernama on Friday (Aug 19).
Among other heavyweights, Maybank (Malayan Banking Bhd) slipped 3.0 sen to RM8.92, Public Bank Bhd was 4.0 sen weaker at RM4.61, Petronas Chemical Group Bhd (PetChem) fell 1.0 sen to RM8.74, CIMB Group Holdings Bhd lost 5.0 sen to RM5.42, and Tenaga Nasional Bhd (TNB) went down 8.0 sen to RM8.70.
Of the actives, Agmo Holdings Bhd rose 2.5 sen to 81 sen, JAKS Resources Bhd gained 3.5 sen to 31 sen, Top Glove Corp Bhd earned half sen to 87 sen, while Hartalega Holdings Bhd advanced 1.0 sen to RM1.81.
On the index board, the FBMT 100 Index fell 54.18 points to 10,423.26, the FBM Emas Shariah Index shed 55.36 points to 10,815.60, the FBM 70 gained 55.16 points to 12,787.44, the FBM ACE improved 14.53 points to 4,986.68, while the FBM Emas Index slid 50.14 points to 10,679.89.
Sector-wise, the Financial Services Index decreased 66.36 points to 16,752.98, the Plantation Index dipped 41.71 points to 7,247.24, the Industrial Products and Services Index earned 0.71 of-a-point to 183.74, and the Energy Index put on 3.81 points to 671.34.
The Main Market volume decreased to 1.35 billion shares worth RM1.23 billion, from 1.57 billion shares worth RM1.49 billion on Thursday.
Warrants turnover widened to 321.76 million units valued at RM48.25 million, versus 275.28 million units valued at RM47.06 million previously.
The ACE Market volume was reduced to 438.85 million shares worth RM252.37 million, from 672.04 million shares worth RM410.63 million on Thursday.
Consumer products and services counters accounted for 223.92 million shares traded on the Main Market, industrial products and services (343.99 million), construction (106.06 million), technology (149.31 million), SPAC (nil), financial services (28.45 million), property (109.93 million), plantation (24.24 million), REITs (7.38 million), closed/fund (nil), energy (168.68 million), healthcare (132.71 million), telecommunications and media (16.79 million), transportation and logistics (17.50 million), and utilities (18.60 million).
Source: The Edge
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