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 26): Bursa Malaysia ended lower on Wednesday (April 26), in line with regional markets after Wall Street fell overnight, as fears of a banking crisis in the US resurfaced, an analyst said.
At 5pm, the FBM KLCI had lost 10.94 points, or 0.77%, to 1,414.25, from Tuesday’s close at 1,425.19.
The barometer index opened 3.22 points weaker at 1,421.97, and moved between 1,412.75 and 1,422.48 throughout the day.
Market breadth was negative, with decliners leading gainers 473 to
349, while 414 counters were unchanged, 1,058 untraded, and 25 others
suspended.
Turnover was slightly lower at 2.55 billion units valued at RM1.54 billion, from 2.56 billion units valued at RM1.54 billion on Tuesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said adding to the downbeat sentiment, a report on Tuesday showed that confidence among US consumers fell more sharply in April than expected, going down to its lowest level since last July.
“Meanwhile, investors expect the US Federal Reserve to raise interest rates at least one more time next week before pausing. On the domestic front, we believe today's (Wednesday) selldown offers opportunities to bargain-hunt for stocks at lower levels. However, we advise investors to remain vigilant due to the rising volatility and uncertainty globally,” he told Bernama.
As such, he said Rakuten Trade anticipates the KLCI to trend within the 1,410-1,430 range for the remainder of the week, with immediate support at 1,400 and resistance at 1,440.
Among the 30 heavyweight counters, only two stocks advanced, namely Petronas Dagangan Bhd, which gained 26 sen to RM22.40 a share, and Telekom Malaysia Bhd, which added three sen to RM4.97.
Five heavyweights were flat, and the remaining 23 were in the red.
Malayan Banking Bhd (Maybank) at RM8.61 and Public Bank Bhd at RM3.89 had lost four sen each, while Petronas Chemicals Group Bhd deducted five sen to RM7.15.
CIMB Group Holdings Bhd at RM5.05 and Tenaga Nasional Bhd at RM8.82 had slipped 11 sen each. CelcomDigi Bhd fell one sen to RM4.40.
As for the actives, Computer Forms (Malaysia) Bhd inched up half a sen to 27 sen, while Fitters Diversified Bhd at five sen and VinVest Capital Holdings Bhd at 20 sen were both flat.
On the index board, the FBM Emas Index narrowed 71.02 points to 10,392.08, the FBMT 100 Index dropped 71.77 points to 10,077.68, and the FBM Emas Shariah Index decreased 55.76 points to 10,750.77
The FBM ACE Index was 31.02 points better at 5,350.66, and the FBM 70 index dropped 70.89 points to 13,558.72.
Sector-wise, the Industrial Products and Services Index shaved 0.48 of a point to 171.48, the Financial Services Index dipped 131.80 points to 15,492.04, and the Plantation Index went down 44.15 points to 6,884.46.
The Main Market volume rose to 1.73 billion units valued at RM1.43 billion, from 1.72 billion units valued at RM1.30 billion on Tuesday.
Warrant turnover fell to 301.54 million units worth RM56.14 million, against 330.86 million units worth RM46.15 million previously.
The ACE Market volume inched down to 517.42 million shares worth RM170.95 million, versus 517.91 million shares worth RM197.01 million a day earlier.
Consumer products and services counters accounted for 215.20 million shares traded on the Main Market, followed by industrial products and services (456.02 million), construction (87.77 million), technology (219.70 million), special purpose acquisition companies (nil), financial services (63.91 million), property (206.91 million), plantation (28.92 million), real estate investment trusts (59.96 million), closed/funds (nil), energy (82.65 million), healthcare (99.39 million), telecommunications and media (173.79 million), transportation and logistics (23.46 million), and utilities (72.75 million).
Source: The Edge
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