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 9): Bursa Malaysia closed slightly lower due to profit-taking on Tuesday (May 9), particularly for banking and plantation stocks, an analyst said.
At 5pm, the FBM KLCI had eased by 1.11 points to 1,432.63, from Monday’s close at 1,433.74.
The benchmark index opened 2.16 points weaker at 1,431.58, and moved between 1,428.52 and 1,432.75 throughout the day.
Market breadth was negative, with decliners surpassing gainers 555 to 328, while 402 counters were unchanged, 957 untraded, and 21 others suspended.
Turnover rose to 3.45 billion units valued at RM2.12 billion, from 3.05 billion units valued at RM1.58 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices closed mixed following cues from Wall Street.
He said investors seemed reluctant to make significant moves, ahead of the release of US inflation data later this week.
At the same time, investors favoured precious metals, such as gold and silver, as alternative assets that act as a long-term store of value and a hedge against inflation.
“On the domestic front, we view the profit taking today (Tuesday) positively, as it allowed the market to digest the recent uptrend.
“Hence, we expect the benchmark index to rebound within the range of 1,425-1,440 for the remainder of the week. From the technical point of view, we spot immediate resistance at 1,440, and support at 1,410,” Thong told Bernama.
Among the heavyweights, Malayan Banking Bhd (Maybank) lost one sen to RM8.75 a share and CIMB Group Holdings Bhd fell five sen to RM5.11, while Public Bank Bhd at RM4.02 and IHH Healthcare Bhd at RM5.90 were one sen higher, and Petronas Chemicals Group Bhd added three sen to RM7.20.
As for the actives, Autocount Dotcom Bhd gained 42 sen to 75 sen, Top Glove Corp Bhd increased 14.5 sen to RM1.09 and Salutica Bhd went up one sen to 93.5 sen, while Bahvest Resources Bhd slid 5.5 sen to 13.5 sen and Eduspec Holdings Bhd decreased one sen to 3.5 sen.
On the index board, the FBM Emas Index earned 12.71 points to 10,479.23, the FBMT 100 Index garnered 16.61 points to 10,177.38, the FBM Emas Shariah Index gained 43.50 points to 10,801.36 and the FBM 70 index surged 123.45 points to 13,563.46, while the FBM ACE Index slipped 67.61 points to 5,054.60.
Sector-wise, the Industrial Products and Services Index edged down 0.68 point to 169.65, the Energy Index eased 7.35 points to 832.97, the Financial Services Index declined 35.22 points to 15,715.57, and the Plantation Index contracted 18.36 points to 6,810.20.
The Main Market volume increased to 2.06 billion units valued at RM1.62 billion, from 1.91 billion units valued at RM1.32 billion on Monday.
Warrant turnover widened to 400.89 million units worth RM64.26 million, against 311.30 million units worth RM58.10 million previously.
The ACE Market volume rose to 987.90 million shares valued at RM436.72 million, versus 830.09 million shares valued at RM204.74 million.
On the Main Market, consumer products and services counters accounted for 334.89 million shares traded, followed by industrial products and services (521.34 million), construction (110.18 million), technology (188.51 million), special purpose acquisition companies (nil), financial services (48.22 million), property (219.62 million), plantation (12.91 million), real estate investment trusts (7.85 million), closed/funds (24,800), energy (113.20 million), healthcare (352.79 million), telecommunications and media (71.28 million), transportation and logistics (29.66 million), and utilities (49.75 million).
Source: The Edge
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