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 19): Bursa Malaysia ended marginally lower on Monday (Dec 19) as buying emerged during the final minutes of trading amid weakness in most key regional markets as concerns over rising interest rates and a potential recession in 2023 weighed on sentiment, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.1% or 1.45 points to 1,477.09 from last Friday's closing of 1,478.54.
The barometer index, which opened 1.82 points lower at 1,476.72, moved between 1,471.57 and 1,477.41 during the day.
On the broader market, decliners thumped advancers 495 versus 393, while 416 counters were unchanged, 941 untraded and 19 others suspended.
Turnover stood at 3.02 billion units worth RM1.79 billion versus 3.33 billion units worth RM2.24 billion last Friday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional indices are mostly in the red as investors are cautiously awaiting several economic data from the US and China, which will be announced this week.
“As for the local bourse, we believe the market undertone would remain cautious amid the weak performance of the global equity market although bargain-hunting activities may prevail.
“As such, we anticipate the index to trend within the 1,470 to 1,490 range for the week. Technically, we see strong support at 1,460 with resistance at 1,500,” he told Bernama.
Among Bursa heavyweights, Malayan Banking Bhd (Maybank) fell one sen to RM8.71, Public Bank Bhd added two sen to RM4.40, and Tenaga Nasional Bhd (TNB) gained 16 sen to RM9.31, while both Petronas Chemicals Group Bhd was flat at RM8.51 and CIMB Group Holdings Bhd was unchanged at RM5.78.
Of the actives, Advance Synergy Bhd gave up 1.5 sen to 20.5 sen, Sunview Group Bhd advanced 11 sen to 61.5 sen, Yew Lee Pacific Group Bhd rose five sen to 42.5 sen, Cosmos Technology International Bhd ticked up 16 sen to 65.5 sen, and Borneo Oil Bhd was flat at 2.5 sen.
On the index board, the FBM Emas Index trimmed 5.21 points to 10,602, the FBMT 100 Index gave up 3.75 points to 10,308.54, and the FBM Emas Shariah Index was 4.19 points weaker at 10,744.23.
However, the FBM 70 Index bagged 22.92 points to 12,949.58, and the FBM ACE Index climbed 15.86 points to 5,477.8.
Sector-wise, the Plantation Index dropped 166.39 points to 6,871.54, the Industrial Products and Services Index eased 0.04 of-a-point to 181.22, the Energy Index slipped 4.15 points to 787.16, and the Financial Services Index was 5.66 points easier at 16,557.84.
The Main Market volume declined to 1.71 billion shares worth RM1.25 billion against 2.29 billion shares worth RM1.91 billion last Friday.
Warrants turnover decreased to 287.06 million units valued at RM68.46 million versus 306.58 million units valued at RM72.03 million.
The ACE Market volume improved to 1.02 billion shares worth RM473.25 million compared to 730.46 million shares worth RM258.38 million previously.
Consumer products and services counters accounted for 538.68 million shares traded on the Main Market, industrial products and services (442.18 million), construction (66.85 million), technology (199.41 million), SPAC (nil), financial services (57.27 million), property (57.2 million), plantation (18.4 million), REITs (3.44 million), closed/fund (10,800), energy (192.33 million), healthcare (58.64 million), telecommunications and media (29.43 million), transportation and logistics (31.95 million), and utilities (18.99 million).
Source: The Edge
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