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 8): Bursa Malaysia ended in negative territory on Thursday (Dec 8) on lack of fresh market-moving catalysts, in line with the downbeat performance in most regional peers.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,465.93, down 0.95 of-a-point or 0.06%, from Wednesday's closing of 1,466.88.
The market bellwether opened 0.49 of-a-point higher at 1,467.37 and moved in a tight range at between 1,461.78 and 1,469.12 throughout the day.
Market breadth was also negative with losers beating gainers 567 to 369, while 396 counters were unchanged, 923 untraded, and 11 others suspended.
Turnover fell to 3.19 billion units worth RM1.83 billion from Wednesday's 3.35 billion units worth RM2.25 billion.
SPI Asset Management managing partner Stephen Innes said trading in the local market could be bumpy between now and the US Federal Open Market Committee (FOMC) meeting next week.
"A lot of goodness has been priced into the local markets, so we are nearing the point where we need to see some of that reopening proof in the pudding.
"I see two issues going forward, namely skyrocketing Covid-19 cases as zero-Covid strategy hits the off-ramp in China, as well as a more hawkish FOMC meeting next week,” he told Bernama.
On the local bourse, heavyweights Tenaga Nasional Bhd (TNB) advanced eight sen to RM9.15, Hong Leong Bank Bhd perked up 10 sen to RM20.44, Digi.Com Bhd rose 10 sen to RM3.85, Press Metal Aluminium Holdings Bhd was five sen higher at RM4.85, Malayan Banking Bhd (Maybank) fell three sen to RM8.62, Public Bank Bhd eased one sen to RM4.41, and Petronas Chemicals Group Bhd shed 14 sen to RM8.41.
Of the actives, Borneo Oil Bhd inched up half-a-sen to 2.5 sen, CN Asia Corp Bhd rose three sen to 30 sen, KNM Group Bhd was flat at five sen, MQ Technology Bhd fell 1.5 sen to five sen, Advance Synergy Bhd gave up one sen to 16.5 sen, and AH Holdings Bhd slid four sen to 14.5 sen.
On the index board, the FBM Emas Index declined 19.05 points to 10,524.61, the FBMT 100 Index shrank 16.87 points to 10,228.65, the FBM 70 dwindled 62.19 points to 12,839.13, while the FBM Emas Shariah Index gained 2.21 points to 10,689.27, and the FBM ACE added 3.31 points to 5,502.02.
Sector-wise, the Financial Services Index fell 63.74 points to 16,419.82, the Industrial Products and Services Index eased 0.94 of-a-point to 180.43, the Plantation Index put on 6.48 points to 6,732.79, while the Energy Index dipped 13.28 points to 775.11.
The Main Market volume declined to 2.07 billion shares worth RM1.55 billion from Wednesday's 2.10 billion shares worth RM1.83 billion.
Warrants turnover increased to 352.7 million units valued at RM76.1 million from 331.56 million units valued at RM71.61 million on Wednesday.
The ACE Market volume fell to 763.30 million shares worth RM209.50 million against 918.33 million shares worth RM343.59 million previously.
Consumer products and services counters accounted for 564.69 million shares traded on the Main Market, industrial products and services (628.26 billion), construction (59.51 million), technology (203.67 million), SPAC (nil), financial services (69.33 million), property (106.14 million), plantation (22.86 million), REITs (6.48 million), closed/fund (nil), energy (260.25 million), healthcare (74.97 million), telecommunications and media (25.69 million), transportation and logistics (40.45 million), and utilities (11.37 million).
Source: The Edge
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