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 (April 13): Bursa Malaysia pared earlier losses to end marginally lower as bargain hunting emerged in selected heavyweight counters during the final hour of trading.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.52 of a point to 1,434.22 from Wednesday's close of 1,434.74.
The barometer index opened 0.87 points lower at 1,433.87 and moved between 1,430.89 and 1,435.01 throughout the day.
Gains by Tenaga Nasional Bhd helped lift the key index by 1.334 points.
The market breadth was negative as decliners surpassed gainers 443 to 429, while 427 counters were unchanged, 976 untraded and 29 others suspended.
Turnover stood at 3.07 billion units worth RM2.03 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said regional indices were mostly in the red following negative cues from Wall Street overnight after US Federal Reserve (Fed) officials warned of a mild recession in the US this year.
“After the [cooling] in the US Consumer Price Index data, the market was expecting the Fed's interest rate cycle to ease off but instead the focus shifted to the Fed’s warning [of a mild recession],” he told Bernama.
The FBM KLCI is expected to trend within the range of 1,430-1,440 towards the weekend, he said.
Among the heavyweight counters, Public Bank Bhd was down by three sen to RM3.99, CIMB Group Holdings Bhd slipped four sen to RM5.20, and CelcomDigi Bhd edged down one sen to RM4.39.
Malayan Banking Bhd climbed up one sen to RM7.41, and Petronas Chemicals Group Bhd rose 10 sen to RM7.40.
Among the actives, MyEG Services Bhd rallied 10.5 sen to 87.5 sen, Top Glove Corp Bhd put on three sen to RM1.15 while BSL Corp Bhd was flat at five sen, Hong Seng Consolidated Bhd was unchanged at 13 sen, and Jade Marvel Group Bhd was flat at 30 sen.
On the index board, the FBM Emas Index gained 15.46 points to 10,571.42, the FBMT 100 Index bagged 17.07 points to 10,251.65 and the FBM Emas Shariah Index added 37.31 points to 10,940.28.
The FBM ACE Index was 60.29 points higher at 5,369.19 and the FBM 70 index climbed up 108.97 points to 13,923.84.
Sector-wise, the Financial Services Index garnered 2.36 points to 15,787.28, the Energy Index added 3.76 points to 886.32 and the Industrial Products and Services Index inched up 0.28 of-a-point to 175.49.
The Plantation Index improved by 19.37 points to 6,877.34.
The Main Market volume climbed to 2.15 billion units worth RM1.77 billion from 1.90 billion units worth RM1.56 billion on Wednesday.
Warrant turnover strengthened to 334.62 million units worth RM53.38 million against 316.66 million units worth RM44.99 million previously.
The ACE Market volume advanced to 576.09 million shares worth RM204.63 million versus 574.44 million shares worth RM176.68 million on Wednesday.
Consumer products and services counters accounted for 300.13 million shares traded on the Main Market, industrial products and services (533.71 million), construction (70.53 million), technology (529.11 million), SPAC (nil), financial services (68.7 million), property (194.36 million), plantation (24.56 million), REITs (6.65 million), closed/fund (75,400), energy (141.21 million), healthcare (124.01 million), telecommunications and media (59.32 million), transportation and logistics (69.58 million), and utilities (36.34 million).
Source: The Edge
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