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 3): The FTSE Bursa Malaysia KLCI (FBM KLCI) reversed earlier losses and finished in positive territory, reaching the 1,490 level due to last-minute buying on heavyweights amid mixed performance by its regional peers.
At 5pm, the benchmark FBM KLCI went up 0.67 of-a-point to 1,490.47 compared with Thursday's close of 1,489.8.
The benchmark index opened 0.76 of-a-point firmer at 1,490.56 and moved between 1,485.25 and 1,493.34 throughout the session.
However, market breadth was negative with losers leading gainers 510 to 443, while 388 counters were unchanged, 829 untraded and 20 others suspended.
Turnover narrowed to 4.36 billion units worth RM2.41 billion against Thursday's 5.14 billion units worth RM2.95 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that on the domestic front, the FBM KLCI was stuck in a consolidation mode as investors seemed reluctant to make significant moves due to the uncertainty of the global economy.
“We can see that the global market is uncertain due to a lack of direction, but for Bursa Malaysia, we still can see strong support from investors,” he told Bernama.
He added that regionally, key indices trended mixed following Wall Street’s cue overnight as disappointing earnings from US tech giants undermined sentiment ahead of the US payrolls report.
The regional key indices were mixed, with Japan's Nikkei 225 adding 0.39% to 27,509.46, while Hong Kong's Hang Seng fell 1.36% to 21,660.47, Singapore's Strait Times Index perked up 0.49% to 3,380.04 and South Korea's Kospi added 0.47% to 2,480.4.
Back home, gainers among heavyweights were led by Petronas Chemicals Group Bhd, which climbed nine sen to RM8.31. IHH Healthcare Bhd added eight sen to RM6.03, Press Metal Aluminium Holdings Bhd rose six sen to RM5.36, MR DIY Group (M) Bhd gained five sen to RM1.90, while Kuala Lumpur Kepong Bhd raked in 26 sen to RM22.02.
Other heavyweights Malayan Banking Bhd was one sen lower at RM8.71, Public Bank Bhd was flat at RM4.21, and CIMB Group Holdings Bhd lost four sen at RM5.66.
As for the actives, Borneo Oil Bhd was unchanged at two sen, Hong Seng Consolidated Bhd lost 2.5 sen at 19 sen, Zen Tech International Bhd slipped half-a-sen to 6.5 sen, Sapura Energy Bhd dipped half-a-sen to 4.5 sen, while Ta Win Holdings Bhd was flat at seven sen.
On the index board, the FBM Emas Index advanced 8.35 points to 10,886.35, the FBMT 100 Index rose 8.8 points to 10,547.89 and the FBM Emas Shariah Index jumped 27.25 points to 11,212.27.
The FBM 70 Index added 28.95 points to 13,884.99 and the FBM ACE Index shot up 31.91 points to 5,843.23.
Sector-wise, the Industrial Products and Services Index was up 1.48 points to 191.75, the Plantation Index was 23.57 points stronger at 6,927.24 but the Energy Index lost 1.46 points to 906.11 and the Financial Services Index dipped 26.82 points to 16,314.82.
The Main Market volume decreased to 2.93 billion shares worth RM1.89 billion compared with Thursday’s 3.93 billion shares worth RM2.54 billion.
Warrants turnover increased to 290.29 million units worth RM54.02 million from 324.53 million units worth RM54.48 million previously.
The ACE Market volume ballooned to 1.13 billion shares worth RM454.44 million from 887.88 million shares worth RM349.22 million on Thursday.
Consumer products and services counters accounted for 301.22 million shares traded on the Main Market, industrial products and services (1.02 billion), construction (88.45 million), technology (583.41 million), SPAC (nil), financial services (74.09 million), property (184.27 million), plantation (48.53 million), REITs (10.78 million), closed/fund (2,000), energy (459.2 million), healthcare (60.27 million), telecommunications and media (31.6 million), transportation and logistics (61.54 million), and utilities (12.61 million).
Source: The Edge
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