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 24): Bursa Malaysia ended the trading week almost flat on weak sentiment, in line with most regional peers, despite the upbeat Wall Street performance overnight, said an analyst.
At 5pm on Friday (Feb 24), the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.85 of-a-point or 0.06% to end at 1,456.80, from Thursday’s close of 1,457.65.
The index opened 1.01 points firmer at 1,458.66 and moved between 1,448.09 and 1,460.19 throughout the trading day.
On the broader market, decliners led advancers 537 to 419, while 386 counters were unchanged, 893 untraded and 28 others suspended.
Turnover increased to 3.43 billion units worth RM2.58 billion, from Thursday’s 3.33 billion units worth RM2.25 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the benchmark index was dragged down by Petronas Chemicals Group Bhd (PetChem), which reported weaker-than-expected fourth quarter financial earnings ended Dec 31, 2022, due to slow demand and higher costs.
PetrChem lost 60 sen or 7.12% to RM7.20, with 22.78 million shares traded.
Other Bursa Malaysia heavyweights Maybank (Malayan Banking Bhd) advanced five sen to RM8.74, Public Bank Bhd added one sen to RM4.13, TNB (Tenaga Nasional Bhd) advanced seven sen to RM9.72, CIMB Group Holdings Bhd was flat at RM5.47, and Press Metal Aluminium Holdings Bhd declined seven sen to RM5.20.
As for active stocks, MyEG Services Bhd climbed five sen to 73.5 sen, Velesto Energy Bhd went up 3.5 sen to 27.5 sen, Perdana Petroleum Bhd rose 1.5 sen to 19.5 sen, Sapura Energy Bhd was flat at 4.5 sen, and MTAG Group Bhd dipped 18 sen to 42.5 sen.
On the index board, the FBM Emas Index ticked up 12.76 points to 10,626.44, the FBMT 100 Index rose 11.36 points to 10,297.82, the FBM 70 Index widened 89.53 points to 13,505.21, the FBM ACE Index climbed 0.88 of-a-point to 5,560.05, while the FBM Emas Shariah Index trimmed 1.13 points to 10,930.59.
Sector-wise, the Financial Services Index put on 52.76 points to 16,021.83, the Energy Index added 26.40 points to 890.84, the Plantation Index decreased 14.03 points to 6,792.33, and the Industrial Products and Services Index eased 4.64 points to 179.66.
The Main Market volume increased to 2.27 billion shares worth RM2.17 billion, from Thursday’s 2.21 billion shares worth RM1.91 billion.
Warrants turnover advanced to 387.71 million units worth RM53.97 million, from 327.79 million units worth RM51.70 million on Thursday.
The ACE Market volume shrank to 729.15 million shares worth RM354.10 million, from 735.91 million shares worth RM290.60 million previously.
Consumer products and services counters accounted for 247.34 million shares traded on the Main Market, industrial products and services (445.18 million shares); construction (73.10 million shares); technology (490.34 million shares); SPAC (nil), financial services (69.77 million shares); property (129.88 million shares); plantation (37.66 million shares); REITs (7.80 million shares), closed/fund (13,000 shares); energy (543.59 million shares); healthcare (91.48 million shares); telecommunications and media (33.20 million shares); transportation and logistics (68.42 million shares); and utilities (28.88 million shares).
Source: The Edge
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