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 (Dec 6): Bursa Malaysia ended mixed on Tuesday (Dec 6) on the back of a lacklustre market, in line with the weakness in most key regional markets.
The weak regional sentiment followed cues from the downbeat Wall Street performance overnight, amid renewed fears of a bigger interest rate hike by the US Federal Reserve in its monetary policy meeting next week.
At 5pm, the benchmark FBM KLCI was almost flat at 1,471.55, down by 0.01 of a point from Monday's closing at 1,471.56, after opening 2.57 points easier at 1,468.99.
The index moved in a narrow range at between 1,467.13 and 1,473.52 throughout the day.
Market breadth was slightly positive, with gainers leading losers 504 to 479, while 371 counters were unchanged, 887 untraded, and nine others suspended.
Turnover surged to 4.91 billion units worth RM2.55 billion, from 3.99 billion units worth RM2.07 billion on Monday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said buying activities might emerge soon, as the recent selldown seemed unjustified.
"We believe the overall outlook in the midterm is still positive due to attractive valuations, stronger corporate earnings, and improving economic conditions.
"As such, we see the KLCI trending within the 1,470-1,500 band for the remainder of the week. On a technical point of view, the immediate resistance is unchanged at 1,500, while support is at 1,470,” he told Bernama.
Region-wise, Japan’s Nikkei 225 went up 0.24% to 27,885.87, Singapore’s Straits Times Index eased 0.56% to 3,249.11, Hong Kong’s Hang Seng Index eased 0.40% to 19,441.18, and Indonesia's Jakarta Composite Index slipped 1.36% to 6,892.57.
Among local heavyweights, Malayan Banking Bhd (Maybank) increased three sen to RM8.61 a share, Public Bank Bhd added one sen to RM4.45, Petronas Chemicals Group Bhd advanced six sen to RM8.56, Tenaga Nasional Bhd (TNB) soared 11 sen to RM9.18, Hong Leong Bank Bhd was flat at RM20.50, CIMB Group Holdings Bhd shed seven sen to RM5.57, and IHH Healthcare Bhd declined three sen to RM5.82.
Of the actives, Dataprep Holdings Bhd perked up 3.5 sen to 31 sen, Euro Holdings Bhd improved by three sen to 14.5 sen, AT Systematization Bhd was up by one sen to two sen, PUC Bhd put on half a sen to 3.5 sen, Metronic Global Bhd lost half a sen to two sen, and MQ Technology Bhd inched down half a sen as well to 6.5 sen.
On the index board, the FBM Emas Index decreased 3.69 points to 10,583.0, the FBMT 100 Index eased 3.19 points to 10,275.94, the FBM Emas Shariah Index rose 0.23 of a point to 10,767.68, the FBM 70 declined 16.40 points to 12,930.77, and the FBM ACE garnered 76.32 points to 5,499.49.
Sector-wise, the Financial Services Index dipped 6.43 points to 16,439.42, the Industrial Products and Services Index climbed 1.21 points to 182.77, the Plantation Index gave up 28.03 points to 6,725.03, and the Energy Index trimmed 8.94 points to 805.82.
The Main Market volume expanded to 3.08 billion shares worth RM1.93 billion, from Monday's 2.43 billion shares worth RM1.68 billion.
Warrant turnover declined to 317.95 million units valued at RM62.93 million, from 388.70 million units valued at RM81.06 million.
The ACE Market volume swelled to 1.51 billion shares worth RM553.75 million, from 1.17 billion shares worth RM306.25 million previously.
Consumer product and service counters accounted for 570.50 million shares traded on the Main Market, followed by industrial products and services (1.17 billion), construction (113.78 million), technology (524.56 million), special purpose acquisition companies (nil), financial services (99.80 million), property (132.81 million), plantation (22.38 million), real estate investment trusts (4.43 million), closed/funds (37,000), energy (191.45 million), healthcare (86.93 million), telecommunications and media (46.32 million), transportation and logistics (84.27 million), and utilities (39.89 million).
Source: The Edge
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