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 (March 7): Bursa Malaysia rebounded on Tuesday (March 7) to end higher after the key index recorded two straight days of meagre losses as bargain-hunting activities emerged, amid the upbeat performance in most regional peers.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.99 points or 0.41% to 1,458.67 from Monday’s closing of 1,452.68.
The market bellwether opened 1.29 points better at 1,453.97 and moved between 1,452.64 and 1,461.42 throughout the trading session.
However, on the broader market, decliners beat gainers 454 to 409, while 408 counters were unchanged, 959 untraded and 11 others suspended.
Turnover rose to 2.97 billion units worth RM1.89 billion from Monday's close of 2.84 billion units worth RM1.79 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key regional indices were mostly in positive territory as investors took positions ahead of the US Federal Reserve Chair Jerome Powell’s congressional testimony on Tuesday and Wednesday, which will inform of the central bank’s next moves on its rate hiking decision.
“On the domestic front, we expect investor sentiment to remain cautious ahead of Bank Negara Malaysia's Monetary Policy Committee meeting over the next two days.
“Hence we anticipate the FBM KLCI to remain in sideways pattern within the range of 1,450 to 1,470 for the remainder of the week, with immediate resistance at 1,490 and support at 1,440,” he told Bernama.
Region-wise, Singapore's Straits Times Index climbed 0.18% to 3,245.27, Japan’s Nikkei 225 rose 0.25% to 28,309.16, while South Korea’s Kospi inched up 0.03% to 2,463.35.
However, China’s SSE Composite Index fell 1.11% to 3,285.1 and Hong Kong's Hang Seng Index shed 0.33% to 20,534.48.
At home, heavyweights, Sime Darby Plantation Bhd gained 21 sen to RM4.51, Press Metal Aluminium Holdings Bhd perked up six sen to RM5.21, Public Bank Bhd increased three sen to RM4.13, IOI Corp Bhd improved eight sen to RM3.98, and Dialog Group Bhd put on nine sen to RM2.40.
Of the actives, Hong Seng Consolidated Bhd added half-a-sen to 14.5 sen, Capital A Bhd rose three sen to 77 sen, SMTrack Bhd was flat at 4.5 sen, and Bumi Armada Bhd was unchanged at 70 sen, while Minda Global Bhd eased half a sen to 12.5 sen.
On the index board, the FBM Emas Index garnered 32.39 points to 10,631.36, the FBMT 100 Index advanced 31.01 points to 10,306.85, the FBM Emas Shariah Index perked up 46.01 points to 10,899.47, and FBM ACE Index expanded 9.21 points to 5486.49.
Conversely, the FBM 70 Index slipped 8.08 points to 13,498.95.
Sector-wise, the Financial Services Index rose 10.32 points to 16,116.28, the Plantation Index jumped 130.82 points to 7,010.00, the Energy Index increased 5.37 points to 895.32, while the Industrial Products and Services Index eased 0.34 of a point to 177.81.
The Main Market volume declined to 1.83 billion shares worth RM1.56 billion, from Monday's 1.98 billion shares worth RM1.47 billion.
Warrant turnover ballooned to 504.87 million units worth RM90.59 million, from 263.17 million units worth RM44.89 million previously.
The ACE Market volume swelled to 635.19 million shares worth RM245.41 million, from 595.74 million shares worth RM268.61 million.
Consumer product and service counters accounted for 372.63 million shares traded on the Main Market, followed by industrial products and services (476.38 million), construction (61.84 million), technology (194.36 million), special purpose acquisition companies (nil), financial services (50.22 million), property (146.77 million), plantation (30.91 million), real estate investment trusts (8.28 million), closed/funds (7,800), energy (201.69 million), healthcare (159.31 million), telecommunications and media (41.97 million), transportation and logistics (57.08 million), and utilities (25.51 million).
Source: The Edge
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