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 23): Bursa Malaysia snapped a three-day losing streak on Wednesday (Nov 23) despite the continuing uncertainty on the domestic political front as investors looked ahead to the US Federal Reserve’s (Fed) meeting minutes, which could offer clues on further interest rate hikes by the US.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.21 points to end the day at its intra-day high of 1,443.5 compared with 1,441.29 on Tuesday.
The market bellwether, which opened 9.39 points weaker at 1,431.9 on Wednesday morning, moved in a volatile pattern to as low as 1,431.61 as the market weighed the pending outcome of the selection of Malaysia's 10th prime minister.
Gains in Press Metal Aluminium Holdings Bhd, Sime Darby Plantation
Bhd, Petronas Chemicals Group Bhd, and IHH Healthcare Bhd lifted the
composite index by a combined 4.838 points.
On the broader market, gainers and decliners were almost equal at 389 to 382, while 417 counters were unchanged, 1,113 untraded, and 84 others suspended.
Turnover decreased sharply to 2.68 billion units worth RM1.63 billion versus 4.57 billion units worth RM2.11 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said market participants stayed on the sidelines on Wednesday as they awaited greater clarity on Malaysia’s political front.
“We reckon that the market sentiment will remain cautious over the next few days until there is more political clarity,” he told Bernama, projecting the FBM KLCI to continue to hover within the 1,430 and 1,450 range on Thursday.
A Special Meeting of the Malay Rulers will be held Thursday at Istana Negara for the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah to seek the views of the Malay Rulers concerning the formation of a new federal government.
Meanwhile, caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob said the caretaker government under his leadership and the caretaker Cabinet, consisting of Members of Parliament that contested in the 15th general election and won their seats, will continue to function.
He said a special Parliament session would be held to table a budget so as to pay the salaries of civil servants before Dec 31 if a new government has not been formed by then.
Among heavyweight stocks on Bursa, Malayan Banking Bhd (Maybank) added one sen to RM8.55, Petronas Chemicals earned eight sen to RM8.78, and IHH Healthcare rose seven sen to RM5.99. CIMB Group Holdings Bhd was flat at RM5.51.
Public Bank Bhd trimmed one sen to RM4.28, Tenaga Nasional Bhd (TNB) shed two sen to RM8.42, while Hong Leong Bank Bhd lost eight sen to RM20.48.
As for the actives, Advance Synergy Bhd slipped half-a-sen to 17.5 sen, Eden Inc Bhd gained 1.5 sen to 19 sen, and Malayan United Industries Bhd was flat at 10 sen. ACE Market debutant ECA Integrated Solution Bhd soared 58.5 sen to finish at 75.5 sen, with 144.45 million shares changing hands.
On the index board, the FBM Emas Index was 19.06 points higher at 10,266.22, the FBMT 100 Index rose 20.8 points to 9,997.43, and the FBM Emas Shariah Index bagged 37.47 points to 10,416.73. The FBM 70 gained 47.61 points to 12,251.24, and the FBM ACE added 1.3 points to 4,973.73.
Sector-wise, the Industrial Products and Services Index edged up 1.01 points to 179.86, the Energy Index advanced 14.58 points to 743.86, and the Plantation Index improved 25.47 points to 6,867.69.
The Financial Services Index, however, trimmed 3.7 points to 16,168.21.
The Main Market volume shrank to 1.84 billion shares worth RM1.33 billion from 3.94 billion shares worth RM1.94 billion on Tuesday.
Warrant turnover reduced to 259.02 million units valued at RM48.58 million from 320.19 million units valued at RM58.11 million.
The ACE Market volume expanded to 583.73 million shares worth RM256.22 million from 312.46 million shares worth RM115.94 million previously.
Consumer products and services counters accounted for 860.59 million shares traded on the Main Market, industrial products and services (286.44 million), construction (35.04 million), technology (90.1 million), SPAC (nil), financial services (57.06 million), property (112.99 million), plantation (23.39 million), REITs (5.28 million), closed/fund (5,000), energy (112.74 million), healthcare (62.21 million), telecommunications and media (16.61 million), transportation and logistics (29.33 million), and utilities (149.23 million).
Source: The Edge
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