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 17): Bursa Malaysia snapped its three-day losing streak to end higher on Thursday (Nov 17), supported by last-minute buying, as some investors took position ahead of the 15th general election (GE15) on Saturday, a dealer said.
At 5pm, the benchmark FBM KLCI index had improved 0.94 point, or 0.06%, to end at 1,449.32, its intraday high, from Wednesday's close at 1,448.38.
The market bellwether opened 1.82 points easier at 1,446.56, and hit an intraday low of 1,441.57 in the afternoon session.
On the broader market, decliners outpaced gainers 521 to 313, while
405 counters were unchanged, 1,093 untraded, and 47 others suspended.
Turnover widened to 2.63 billion units valued at RM1.85 billion, versus 2.32 billion units valued at RM1.71 billion on Wednesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that market sentiment remained cautious amid the uncertainty ahead of the GE15, while the region's negative performance weighed on investor sentiment.
“Key regional indices were mostly in the red today (Thursday), following a negative cue from Wall Street overnight. Investors were also digesting a mixed batch of US economic data.
“Meanwhile, Chinese technology stocks saw sharp losses after its multinational technology and entertainment conglomerate Tencent Holdings Ltd announced the slashing of its US$20 billion stake in Meituan,” he told Bernama.
Back home, Bursa heavyweights Malayan Banking Bhd (Maybank) gained five sen to RM8.56, Public Bank Bhd added one sen to RM4.31, CIMB Group Holdings Bhd pushed up six sen to RM5.41, and IHH Healthcare Bhd grew by two sen to RM5.97, while Petronas Chemicals Group Bhd was flat at RM8.62.
Among the actives, Dagang NeXchange Bhd (DNeX) dropped 25 sen to 50.5 sen, Advance Synergy Bhd gained half a sen to 12.5 sen and Malayan United Industries inched up half a sen to nine sen, Perdana Petroleum Bhd increased two sen to 11 sen, while Top Glove Corp Bhd fell 3.5 sen to 92.5 sen and Citaglobal Bhd eased half a sen to 23 sen.
On the index board, the FBM Emas Shariah Index slipped 54.04 points to 10,398.77, the FBM Emas Index shed 15.72 points to 10,279.24, the FBMT 100 Index slid 13.05 points to 10,010.81, the FBM 70 narrowed 94.55 points to 12,159.50, and the FBM ACE fell by 82.25 points to 4,914.92.
Sector-wise, the Industrial Products and Services Index eased 0.17 of a point to 178.60, and the Plantation Index weakened 21.97 points to 6,880.23, while the Energy Index grew by 3.23 points to 723.33, and the Financial Services Index expanded 86.49 points to 16,175.80.
The Main Market volume improved to 1.85 billion shares worth RM1.65 billion, from 1.64 billion shares worth RM1.52 billion on Wednesday.
Warrant turnover advanced to 399.82 million units valued at RM75.64 million, from 317.42 million units valued at RM60.02 million.
The ACE Market volume went up to 387.19 million shares worth RM120.68 million, from 356.42 million shares worth RM127.41 million previously.
Consumer product and service counters accounted for 480.06 million shares traded on the Main Market, followed by industrial products and services (384.96 million), construction (40.47 million), technology (389.84 million), special purpose acquisition companies (nil), financial services (78.45 million), property (114.98 million), plantation (20.72 million), real estate investment trusts (3.41 million), closed/funds (5,100), energy (141.68 million), healthcare (140.35 million), telecommunications and media (20.66 million), transportation and logistics (20.34 million), and utilities (11.57 million).
Source: The Edge
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