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 29): Bursa Malaysia ended the day in negative territory as profit-taking activities continue following the strong rally last Thursday (Nov 24).
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the benchmark index closed off its day’s low as buying activities emerged in the afternoon trading session.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.58 points to 1,476.96 from last Friday's closing of 1,486.54.
The market bellwether opened 2.77 points easier at 1,483.77 and moved between 1,467.26 and 1,486.68 throughout the session.
However, market breadth was positive with gainers leading losers 564 to 409, while 358 counters were unchanged, 927 untraded, and 67 others suspended.
Turnover dropped to 3.4 billion units worth RM2.47 billion versus 4.41 billion units worth RM2.75 billion last Friday.
Bursa Malaysia Bhd and its subsidiaries were closed on Monday (Nov 28) in conjunction with the special public holiday announced by Prime Minister Datuk Seri Anwar Ibrahim last Thursday.
Meanwhile, Thong said key regional indices closed mostly higher, boosted by Chinese property companies after the securities regulator in China lifted the ban on equity refinancing for listed property firms.
“Back home, we reckon buying activities to return following two days of selling as investor sentiment should improve amid the improving political landscape, hence we expect the FBM KLCI re-test the 1,500 mark soon.
“In comparison, valuations of local equities are still cheaper than their regional peers,” he said.
He said from a technical point of view, Rakuten Trade shall see immediate resistance at 1,500 followed by 1,530 with support at 1,470.
“As we enter December, we expect some portfolio realignments and window dressing activities to occur,” he added.
Regionally, Japan’s Nikkei 225 fell 0.48% to 28,027.84, Hong Kong’s Hang Seng went up 5.24% to 18,204.68, and Singapore’s Straits Times Index was 1.12% higher at 3,276.36.
Among heavyweights, Malayan Banking Bhd (Maybank) was up three sen to RM8.70, CIMB Group Holdings Bhd gained two sen to RM5.82, while Public Bank Bhd fell 11 sen to RM4.41, Petronas Chemicals Group Bhd dipped 56 sen to RM8.52, and IHH Healthcare Bhd lost five sen to RM5.95.
Of the actives, Advance Synergy Bhd erased one sen to 19.5 sen, Top Glove Corp Bhd lost 3.5 sen to 87.5 sen, while MQ Technology Bhd was one sen higher at five sen, SMTrack Bhd rose one sen to six sen, and MMAG Holdings Bhd was flat at three sen.
On the index board, the FBM Emas Index shed 32.28 points to 10,544.51, the FBMT 100 Index shaved off 39.78 points to 10,259.91, and the FBM Emas Shariah Index slipped 25.05 points to 10,662.57.
The FBM ACE climbed 5.08 points to 5,196.72, and the FBM 70 added 58.02 points to 12,696.37.
Sector-wise, the Financial Services Index fell 50.11 points to 16,649.05, the Industrial Products and Services Index decreased 3.78 points to 181.58, the Plantation Index declined 9.92 points to 6,807.23, while the Energy Index gained 4.82 points to 763.91.
The Main Market volume was lower at 2.16 billion shares worth RM2.18 billion against 2.87 billion shares worth RM2.43 billion last Friday.
Warrants turnover narrowed to 356.10 million units valued at RM68.81 million from 522.23 million units valued at RM49.65 million.
The ACE Market volume contracted to 880.66 million shares worth RM226.95 million from 1.02 billion shares worth RM270.37 million previously.
Consumer products and services counters accounted for 545.1 million shares traded on the Main Market, industrial products and services (502.51 million), construction (73.47 million), technology (229.78 million), SPAC (nil), financial services (114.13 million), property (192.06 million), plantation (31.74 million), REITs (7.69 million), closed/fund (5,100), energy (197.08 million), healthcare (131.01 million), telecommunications and media (42.04 million), transportation and logistics (42.50 million), and utilities (49.63 million).
Source: The Edge
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