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 8): Bursa Malaysia reversed early gains to end marginally lower on Tuesday (Nov 8), weighed down by persistent profit taking, in tandem with the weakness in most regional peers as investors remain cautious ahead of the US inflation data due on Thursday, said a dealer.
At 5pm, the benchmark FBM KLCI eased 0.77 of-a-point, or 0.05%, to end at 1,441.35 compared to Monday's close of 1,442.12.
The market bellwether, which opened five points firmer at 1,447.12, moved between 1,433.29 and 1,447.85 throughout the day.
On the broader market, losers outpaced gainers 470 to 361, while 381
counters were unchanged, 1,103 untraded, and nine others suspended.
Turnover increased to 3.04 billion units valued at RM1.57 billion versus 2.79 billion units worth RM1.64 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said investors were likely to stay cautious due to increasing market volatility on the domestic front.
"As such, we anticipate the benchmark index to trend sideways, slightly bias towards positive, within the 1,430-1,460 range for the remainder of the week, with immediate support at 1,420 and resistance at 1,460,” he told Bernama.
Meanwhile, Bursa Malaysia heavyweights Malayan Banking Bhd (Maybank) added two sen to RM8.50, Public Bank Bhd rose three sen to RM4.38, CIMB Group Holdings Bhd gained seven sen to RM5.42, while Petronas Chemicals Group Bhd was both flat at RM8.55, and IHH Healthcare Bhd was unchanged at RM6.
Among the actives, Advance Synergy Bhd ticked up 3.5 sen to 12.5 sen, Top Glove Corp Bhd improved 5.5 sen to 84.5 sen, Malayan United Industries Bhd went up 1.5 sen to 10.5 sen, Tanco Holdings Bhd shed 5.5 sen to 38.5 sen, and Borneo Oil Bhd was unchanged at two sen.
On the index board, the FBM Emas Index declined 18.25 points to 10,226.64, the FBM 70 was 70.85 points weaker at 12,122.48 and the FBMT 100 Index fell 17.57 points to 9,961.46.
The FBM Emas Shariah Index slipped 53.5 points to 10,308.36 and the FBM ACE slid 8.4 points to 4,941.43.
Sector-wise, the Financial Services Index rose 59.22 points to 16,161.36, the Plantation Index climbed 10.07 points to 6,835.06, the Industrial Products and Services Index eased 0.69 of-a-point to 173.62 and the Energy Index shed 3.66 points to 724.46.
The Main Market volume widened to 2.27 billion shares worth RM1.35 billion from 2.06 billion shares worth RM1.42 billion on Monday.
Warrants turnover shrank to 217.63 million units valued at RM49.35 million from 323.34 million units valued at RM81.72 million.
The ACE Market volume swelled to 556.79 million shares worth RM166.19 million from 408.32 million shares worth RM140.39 million previously.
Consumer products and services counters accounted for 783.67 million shares traded on the Main Market, industrial products and services (485.83 million), construction (80.03 million), technology (109.62 million), SPAC (nil), financial services (52.16 million), property (308.95 million), plantation (18.56 million), REITs (4.69 million), closed/fund (nil), energy (137.67 million), healthcare (191.1 million), telecommunications and media (22.62 million), transportation and logistics (65.44 million), and utilities (13.2 million).
Source: The Edge
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