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 4): The Malaysian stock market surged on Friday (Nov 4), closing at an intraday high amid a buoyant regional performance driven by hopes that China will soon relax its strict Covid-19 restrictions, dealers said.
At 5pm, the benchmark FBM KLCI jumped 17.9 points, or 1.26%, to end at the intraday high of 1,438.28, compared to Thursday's close of 1,420.38.
The market bellwether opened 5.14 points higher at 1,425.52 and reached the lowest level at 1,422.08.
On the broader market, gainers led decliners 588 to 269, while 391
counters were unchanged, 1,078 untraded, and 19 others suspended.
Turnover was slightly lower at 2.39 billion units valued at RM1.72 billion versus 2.63 billion units worth RM1.89 billion on Thursday.
Malacca Securities Sdn Bhd’s senior analyst Kenneth Leong said the FBM KLCI staged a quick rebound on Friday with more than two-thirds of the key index components closing in the green.
“The positive move was largely in line with gains across regional markets that were driven by optimism that China may relax its strict Covid-19 measures,” he told Bernama.
Rakuten Trade Sdn Bhd's vice president of equity research Thong Pak Leng agrees, saying an imminent relaxation of China's Covid-19 curbs is expected, which will lift economic activity in the world’s second largest economy.
Meanwhile, heavyweight stocks Malayan Banking Bhd (Maybank) added four sen to RM8.45, and Press Metal Aluminium Holdings Bhd rose four sen RM4.39, while IHH Healthcare Bhd gained 13 sen to RM6.04. Kuala Lumpur Kepong Bhd lost four sen to RM20.92.
Public Bank Bhd was unchanged at RM4.36, and Telekom Malaysia Bhd (TM) was flat at RM5.35.
Among the actives, Citaglobal Bhd added 1.5 sen to 30.5 sen, Top Glove Corp Bhd went up 4.5 sen to 76.5 sen, and AwanBiru Technology Bhd was flat at 49.5 sen.
On the index board, the FBM Emas Index expanded 113.97 points to 10,217.49, the FBM 70 was 82.43 points firmer at 12,142.13 and the FBMT 100 Index added 110.72 points to 9,948.92.
The FBM Emas Shariah Index surged 168.54 points to 10,327.09 while the FBM ACE added 32.75 points to 4,919.18.
Sector-wise, the Financial Services Index gained 37.05 points to 16,092.69, the Industrial Products and Services Index edged up 1.52 points to 173.78 and the Plantation Index climbed 103.99 points to 6,821.02.
The Energy Index grew 17.24 points to 725.28.
The Main Market volume fell to 1.53 billion shares worth RM1.47 billion from 1.84 billion shares worth RM1.63 billion on Thursday.
Warrant turnover widened to 406.11 million units valued at RM94.98 million from 244.84 million units valued at RM49.21 million.
The ACE Market volume was lower at 438.38 million shares worth RM153.12 million from 537.29 million shares worth RM209.44 million previously.
Consumer products and services counters accounted for 191.52 million shares traded on the Main Market, industrial products and services (522.3 million), construction (66.29 million), technology (130.57 million), SPAC (nil), financial services (76.96 million), property (137.1 million), plantation (28.78 million), REITs (5.3 million), closed/fund (100,200), energy (164.49 million), healthcare (148.39 million), telecommunications and media (18.51 million), transportation and logistics (32.76 million), and utilities (10.13 million).
Source: The Edge
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