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 9): Bursa Malaysia closed marginally higher on Wednesday (Nov 9), with the key index gaining 0.33%, in sync with the mixed performance in regional markets, said a dealer.
At 5pm, the benchmark FBM KLCI had risen 4.84 points to end at 1,446.19, from Tuesday's close at 1,441.35.
The market bellwether, which opened 2.27 points firmer at 1,443.62, moved between 1,439.69 and 1,447.15 throughout the day.
On the broader market, gainers led losers 425 to 404, while 401 counters were unchanged, 1,085 untraded, and eight others suspended.
Turnover increased to 3.07 billion units valued at RM1.72 billion, versus 3.04 billion units worth RM1.57 billion on Tuesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regionally, the key indices ended mixed, as investors awaited the US midterm election results.
"On top of that, China’s annualised producer prices fell for the first time in October, underlining faltering domestic demand and disruption to production amid strict Covid-19 measures,” he told Bernama.
According to an international news report, China’s producer price index fell by 1.3% in October, the first decline since December 2020.
Back home, Thong expects buying momentum to continue given cheap valuations of local stocks and persistent inflows of foreign funds, despite the cautious market undertone in the region.
"We anticipate the KLCI to hover within the 1,440-1,460 range for the remainder of the week, with immediate support at 1,420 and resistance at 1,460," he said.
Bursa heavyweights Malayan Banking Bhd (Maybank) added 13 sen to RM8.63, Public Bank Bhd gained two sen to RM4.40, CIMB Group Holdings Bhd rose two sen to RM5.44, Petronas Chemicals Group Bhd was unchanged at RM8.55, and IHH Healthcare Bhd dipped three sen to RM5.97.
Among the actives, Advance Synergy Bhd eased one sen to 11.5 sen, Top Glove Corp Bhd lost half a sen to 84 sen, Citaglobal Bhd declined three sen to 26 sen, Avillion Bhd rose 1.5 sen to 10.5 sen, and Euro Holdings Bhd perked up 4.5 sen to 13.5 sen.
On the index board, the FBM Emas Index increased 32.81 points to 10,259.45, the FBM 70 was 34.76 points firmer at 12,157.24, and the FBMT 100 Index rose 32.30 points to 9,993.76.
The FBM Emas Shariah Index perked 15.38 points to 10,323.74, and the FBM ACE slid 9.09 points to 4,932.34.
Sector-wise, the Financial Services Index ticked up 99.47 points to 16,260.84, the Plantation Index rose 14.50 points to 6,849.56, and the Industrial Products and Services Index climbed 0.70 of a point to 174.32, while the Energy Index shed 2.83 points to 721.63.
The Main Market volume declined to 2.24 billion shares worth RM1.52 billion, from 2.27 billion shares worth RM1.35 billion on Tuesday.
Warrant turnover improved to 294.86 million units valued at RM66.88 million, from 217.63 million units valued at RM49.35 million.
The ACE Market volume fell to 528.83 million shares worth RM126.66 million, from 556.79 million shares worth RM166.19 million previously.
Consumer product and service counters accounted for 703.46 million shares traded on the Main Market, followed by industrial products and services (522.73 million), construction (64.29 million), technology (133.33 million), special purpose acquisition companies (nil), financial services (72.51 million), property (200.43 million), plantation (24.25 million), real estate investment trusts (8.08 million), closed/funds (3,100), energy (217.93 million), healthcare (191.55 million), telecommunications and media (21.70 million), transportation and logistics (70.20 million), and utilities (14.59 million).
Source: The Edge
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