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 (Feb 23): Bursa Malaysia ended lower on Thursday (Feb 23), amid cautious market sentiment, ahead of the retabling of Budget 2023 on Friday.
At 5pm, the benchmark FBM KLCI had fallen by 6.35 points or 0.43% to end at 1,457.65, from Wednesday's close at 1,464.0.
The index opened 0.58 of a point firmer at 1,464.58, and moved between 1,456.30 and 1,467.63 throughout the trading day.
On the broader market, advancers outpaced decliners 479 to 408, while
421 counters were unchanged, 927 untraded, and 12 others suspended.
Turnover decreased to 3.33 billion units worth RM2.25 billion, from Wednesday's 3.51 billion units worth RM2.07 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the selldown over the past few days would provide sufficient upside for investors, as the valuation of the benchmark index becomes more attractive on the back of improving local economic conditions.
"Hence, we expect profit-taking to prevail, and anticipate the KLCI to trend higher within the range of between 1,460-1,475 towards the weekend,” he said.
Bursa heavyweight Malayan Banking Bhd (Maybank) gained three sen to RM8.69 a share, CIMB Group Holdings Bhd at RM5.47 and Tenaga Nasional Bhd at RM9.65 were both flat, Public Bank Bhd eased one sen to RM4.12, Petronas Chemicals Group Bhd slipped 40 sen to RM7.80, and IHH Healthcare Bhd dipped 10 sen to RM5.89.
As for the active stocks, Dagang NeXchange Bhd rose 2.5 sen to 64.5 sen, MyEG Services Bhd advanced 3.5 sen to 68.5 sen, Sapura Energy Bhd at 4.5 sen and Velesto at 24 sen were both unchanged, Hong Seng Consolidated Bhd trimmed 3.5 sen to 15 sen, and Zen Tech International Bhd inched down half a sen to three sen.
On the index board, the FBM Emas Index slid 25.53 points to 10,613.68, the FBMT 100 Index fell 29.56 points to 10,286.46, the FBM Emas Shariah Index trimmed 37.33 points to 10,931.72, the FBM 70 Index widened 26.82 points to 13,415.68, and the FBM ACE Index climbed 78.58 points to 5,559.17.
Sector-wise, the Financial Services Index was down by 26.40 points to 15,969.07, the Plantation Index decreased 26.65 points to 6,806.36, the Energy Index added 2.44 points to 864.44, and the Industrial Products and Services Index eased 1.73 points to 184.30.
The Main Market volume declined to 2.21 billion shares worth RM1.91 billion, from Wednesday's 2.29 billion shares worth RM1.73 billion.
Warrant turnover dwindled to 327.79 million units worth RM51.70 million, from 364.31 million units worth RM65.77 million on Wednesday.
The ACE Market volume shrank to 735.91 million shares worth RM290.60 million, from 749.65 million shares worth RM271.48 million previously.
Consumer product and service counters accounted for 263.42 million shares traded on the Main Market, followed by industrial products and services (447.89 million), construction (118.85 million), technology (714.06 million), special purpose acquisition companies (nil), financial services (57.50 million), property (172.46 million), plantation (44.19 million), real estate investment trusts (9.45 million), closed/funds (15,000), energy (230.92 million), healthcare (87.44 million), telecommunications and media (25.49 million), transportation and logistics (29.76 million), and utilities (12.56 million).
Source: The Edge
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