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 (Nov 7): Bursa Malaysia reversed earlier losses to close higher on Monday (Nov 7) amid improved regional market sentiment and last-minute buying in local equities led by Maxis Bhd and PPB Group Bhd, a dealer said.
At 5pm, the benchmark FBM KLCI improved 3.84 points, or 0.27%, to end at 1,442.12 compared to Friday's close of 1,438.28.
The market bellwether opened 2.9 points better at 1,441.18 and hit the day's high of 1,442.66 in the early morning session.
On the broader market, gainers led losers 441 to 438, while 380
counters were unchanged, 1,066 untraded, and 18 others suspended.
Turnover increased to 2.79 billion units valued at RM1.64 billion versus 2.39 billion units worth RM1.72 billion last Friday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key indices in regional bourses trended mostly higher, following the broadly positive cues from global markets on Friday.
"As for the local bourse, we are cautiously optimistic given the improvement in the local market sentiment and the returning of foreign funds," he told Bernama.
He also expects the market uptrend to continue and anticipated the FBM KLCI to trend within the 1,430-1,470 range for the week, with immediate resistance at 1,460 and support at 1,400.
Meanwhile, SPI Asset Management managing partner Stephen Innes said the gains will be limited ahead of the US consumer price index data on Thursday, which is set to be the next marker for the Federal Open Market Committee's (FOMC) decision on interest rates.
"Asian traders are looking for signs of a China reopening, and the markets will pre-position for a reopening by buying regional equities,” he said.
Meanwhile, Bursa Malaysia heavyweights Maxis added 10 sen to RM3.89, PPB Group gained 46 sen to RM16.66, Digi.Com Bhd rose eight sen to RM3.88, Axiata Group Bhd increased five sen to RM2.86, and Malayan Banking Bhd (Maybank) climbed three sen to RM8.48.
Among the actives, Advance Synergy Bhd ticked up 2.5 sen to nine sen, Tanco Holdings Bhd went up three sen to 44 sen, Top Glove Corp Bhd perked up 2.5 sen to 79 sen, TWL Holdings Bhd eased half-a-sen to three sen, and Borneo Oil Bhd was flat at two sen.
On the index board, the FBM Emas Index expanded 27.39 points to 10,244.89, the FBM 70 was 51.2 points firmer at 12,193.33 and the FBMT 100 Index added 30.11 points to 9,979.03.
The FBM Emas Shariah Index bagged 34.77 points to 10,361.86 while the FBM ACE added 30.65 points to 4,949.83.
Sector-wise, the Financial Services Index garnered 9.44 points to 16,102.14, the Industrial Products and Services Index inched up 0.53 of-a-point to 174.31, the Plantation Index climbed 3.97 points to 6,824.99, and the Energy Index put on 2.84 points to 728.12.
The Main Market volume rose to 2.06 billion shares worth RM1.42 billion from 1.53 billion shares worth RM1.47 billion on Friday.
Warrants turnover shrank to 323.34 million units valued at RM81.72 million from 406.11 million units valued at RM94.98 million.
The ACE Market volume dipped to 408.32 million shares worth RM140.39 million from 438.38 million shares worth RM153.12 million previously.
Consumer products and services counters accounted for 496.07 million shares traded on the Main Market, industrial products and services (507.18 million), construction (51.59 million), technology (186.66 million), SPAC (nil), financial services (54.76 million), property (378.89 million), plantation (22.39 million), REITs (4.58 million), closed/fund (34,300), energy (160.43 million), healthcare (110.63 million), telecommunications and media (21.33 million), transportation and logistics (59.46 million), and utilities (8.9 million).
Source: The Edge
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