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 (Jan 9): Bursa Malaysia ended at an intraday high of 1,493.42 as the reopening of China's border has bolstered the outlook for global economy, with sustained buying interest seen in selected heavyweight counters led by transportation and logistics stocks, said a dealer.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 12.87 points or 0.87% from Friday's close of 1,480.55.
The market bellwether opened 4.01 points stronger at 1,484.56.
Market breadth also stayed positive with advancers outpacing decliners 589 to 377, while 358 counters were unchanged, 886 untraded, and 19 others suspended.
Turnover added to 3.18 billion units worth RM1.92 billion against Friday's 3.16 billion units worth RM1.62 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key regional indices also closed mostly higher following a positive cue from Wall Street last Friday.
“Investors are expecting less aggressive US rate hikes,” he told Bernama.
He also believed the reopening of China would benefit countries within the region as it will stimulate tourism and consumption, and at the same time mitigates the regional supply chain problem.
Thus, he expects Malaysia to benefit from the spillover effects on local equities and anticipated the FBM KLCI to test the 1,500 resistance this week.
“The next resistance will be seen at 1,530, with support at 1,460,” he said.
Among heavyweights, MISC Bhd gained 28 sen to RM7.49, Dialog Group Bhd added 16 sen to RM2.58, Inari Amertron Bhd expanded seven sen to RM2.80, IOI Corp Bhd grew 10 sen to RM4.01, and Petronas Dagangan Bhd rose 40 sen to RM22.70.
As for the actives, Citaglobal Bhd eased half-a-sen to 34 sen, while CSH Alliance Bhd added 1.5 sen to six sen, L&P Global Bhd gained six sen to 57 sen, Cypark Resources Bhd firmed half-a-sen to 65.5 sen, and Nylex (Malaysia) Bhd was four sen higher at 41.5 sen.
On the index board, the FBM Emas Index climbed 103.93 points to 10,736.27, the FBMT 100 Index bagged 100.64 points to 10,443.06, and the FBM Emas Shariah Index advanced 125.81 points to 10,961.68.
The FBM 70 Index was 173.46 points better at 13,208.17, and the FBM ACE Index inched up 60.27 points to 5,438.17.
Sector-wise, the Transportation and Logistics Index widened 32.3 points to 954.47, and the Technology Index was 1.5 points better to 64.67.
The Financial Services Index rose 106.98 points to 16,522.46, the Plantation Index increased 77.97 points to 6,968.14, the Industrial Products and Services Index ticked up 0.84 of-a-point to 182.51, and the Energy Index perked up 17.94 points to 795.53.
The Main Market volume was flat at 2.09 billion shares worth RM1.54 billion compared to last Friday's 2.09 billion shares worth RM1.19 billion
Warrants turnover rose to 315.55 million units worth RM79.81 million from 279.76 million units worth RM61.91 million previously.
The ACE Market volume shrank to 761.99 million shares worth RM289.73 million from 797.13 million shares worth RM363.43 million last Friday.
Consumer products and services counters accounted for 315.21 million shares traded on the Main Market, industrial products and services (929.17 million), construction (50.53 million), technology (261.06 million), SPAC (nil), financial services (56 million), property (106.07 million), plantation (24.37 million), REITs (10.61 million), closed/fund (400), energy (156.11 million), healthcare (82.42 million), telecommunications and media (27.7 million), transportation and logistics (53.05 million), and utilities (23.98 million).
Source: The Edge
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