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 (May 2): Bursa Malaysia closed higher on Tuesday (May 2) due to bargain hunting, led by banking, gaming, and oil and gas stocks.
At 5pm, the FBM KLCI had risen 0.72%, or 10.16 points, to 1,426.11, from last Friday’s close at 1,415.95.
The index opened 0.26 of a point better at 1,416.21, and moved between 1,415.92 and 1,428.32 throughout the day.
Market breadth was positive, with gainers outnumbering decliners 433 to 403, while 397 counters were unchanged, 1,006 untraded, and 18 others suspended.
Turnover rose to 2.90 billion units valued at RM1.52 billion, from 2.64 billion units worth RM1.48 billion last Friday.
The market was closed on Monday for Labour Day.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices were also in positive territory, following positive economic data from Hong Kong, South Korea, and Thailand.
On the domestic front, he said the online brokerage is cautiously optimistic given the improvement in the regional market sentiment.
“Nonetheless, investors will stay alert due to increasing market volatility, especially in the US and Europe.
“We expect some bargain hunting to continue, given the cheap valuations of the local market compared to regional peers.
“We see the benchmark index trade within the range of 1,420 to 1,435 for the week. Based on technical analysis, the immediate support is at 1,400, and resistance at 1,440,” Thong told Bernama.
Among banking stocks, Malayan Banking Bhd (Maybank) added two sen to RM8.68, Public Bank Bhd at RM3.92 and CIMB Group Holdings Bhd at RM5.09 had risen three sen each, Hong Leong Bank Bhd grew 12 sen to RM20.26, and RHB Bank Bhd gained four sen to RM5.52.
Among other heavyweight counters, Petronas Chemicals Group Bhd climbed 12 sen to RM7.20, Tenaga Nasional Bhd perked up seven sen to RM8.97, and CelcomDigi Bhd was flat at RM4.40.
As for the active stocks, Hong Seng Consolidated Bhd edged down half a sen each to 12.5 sen, VinVest Capital Holdings Bhd was flat at 20.5 sen, Fitters Diversified Bhd was half a sen higher at five sen, and MyEG Services Bhd bagged three sen to 82 sen.
On the index board, the FBM Emas Index was up 58.61 points to 10,455.00, the FBMT 100 Index climbed 60.94 points to 10,141.16, and the FBM Emas Shariah Index added 61.01 points to 10,797.80.
The FBM ACE Index fell 51.76 points to 5,316.62, but the FBM 70 index ticked up 34.72 points to 13,557.30.
Sector-wise, the Industrial Products and Services Index edged up 0.99 of a point to 172.44, and the Financial Services Index gained 83.18 points to 15,5602.72, while the Energy Index went down 1.55 points to 845.82, and the Plantation Index was down 24.44 points at 6,792.94.
The Main Market volume increased to 2.05 billion units valued at RM1.30 billion, from 1.78 billion units worth RM1.25 billion last Friday.
Warrant turnover strengthened to 323.60 million units worth RM67.76 million, against 235.24 million units valued at RM46.98 million previously.
The ACE Market volume dropped to 529.03 million shares worth RM152.17 million, versus 624.27 million shares worth RM183.73 million.
Consumer products and services counters accounted for 325.86 million shares traded on the Main Market, followed by industrial products and services (531.20 million), construction (99.78 million), technology (452.92 million), special purpose acquisition companies (nil), financial services (53.75 million), property (233.74 million), plantation (21.76 million), real estate investment trusts (7.45 million), closed/funds (1,000), energy (69.10 million), healthcare (77.37 million), telecommunications and media (102.91 million), transportation and logistics (43.59 million), and utilities (32.50 million).
Source: The Edge
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