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 5): The shortened trading week led Malaysian equities to close broadly lower on Friday (May 5), with selling mainly for technology and industrial products and services counters.
At 5pm, the FBM KLCI, however, closed 0.35% or 5.05 points higher at 1,431.04, from Wednesday’s close at 1,425.99.
The benchmark index opened 2.38 points lower at 1,423.61, and moved between 1,421.78 and 1,431.15 throughout the day.
Market breadth was negative, with decliners outpacing gainers 487 to 332, while 411 counters were unchanged, 1,001 untraded, and 11 others suspended.
Turnover eased to 2.57 billion units valued at RM1.42 billion, from 3.48 billion units worth RM1.57 billion on Wednesday.
The market was closed on Thursday, in conjunction with Wesak Day.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI was higher due to buying interest in selected heavyweights.
Public Bank Bhd rose 2.55% or 10 sen to RM4.01 a share, Petronas Dagangan Bhd added 44 sen to RM22.80, and Maxis Bhd gained seven sen to RM4.59.
He noted that key regional indices trended mostly lower, following a negative cue from Wall Street overnight due to concerns about the US banking sector, which was under pressure from interest rate hikes.
As for other local heavyweights, Malayan Banking Bhd (Maybank) ticked up three sen to RM8.75, Petronas Chemicals Group Bhd slid 18 sen to RM7.06, CIMB Group Holdings Bhd increased six sen to RM5.13, CelcomDigi Bhd eased four sen to RM4.40, Tenaga Nasional Bhd was flat at RM8.98, and IHH Healthcare Bhd improved six sen to RM5.86.
Among the most actives, Jade Marvel Group Bhd at 27 sen, Revenue Group Bhd at 34 sen, VinVest Capital Holdings Bhd at 20 sen and Hong Seng Consolidated Bhd at 12 sen had fallen one sen each, while Bahvest Resources Bhd rose two sen to 23.5 sen.
On the index board, the FBM Emas Index gained 10.13 of a point to 10,458.25, the FBMT 100 Index increased 13.71 points to 10,153.83, but the FBM Emas Shariah Index erased 27.75 points to 10,758.73.
The FBM ACE Index was 0.30 points lower at 5,213.00, and the FBM 70 index dipped 73.58 points to 13,481.53.
Sector-wise, the Industrial Products and Services Index edged down 1.96 points to 169.49, the Energy Index eased 5.24 points to 828.24, but the Plantation Index recovered 7.18 points to 6,833.79, and the Financial Services Index leapt 119.94 points to 15,708.73.
The Main Market volume decreased to 1.72 billion units valued at RM1.15 billion, from 2.44 billion units worth RM1.39 billion on Wednesday.
Warrant turnover widened to 314.75 million units worth RM66.16 million, against 290.19 million units valued at RM48.60 million previously.
The ACE Market volume narrowed to 534.18 million shares valued at RM203.19 million, versus 741.52 million shares worth RM216.13 million on Wednesday.
Consumer products and services counters accounted for 228.43 million shares traded on the Main Market, followed by industrial products and services (513.78 million), construction (97.03 million), technology (303.18 million), special purpose acquisition companies (nil), financial services (72.86 million), property (153.49 million), plantation (19.55 million), real estate investment trusts (4.93 million), closed/funds (42,100), energy (166.29 million), healthcare (50.53 million), telecommunications and media (55.31 million), transportation and logistics (29.63 million), and utilities (21.65 million).
Meanwhile, Bursa in a statement announced the transfer of the securities of SDS Group Bhd from the ACE Market to the Main Market under the consumer products and services sector at 9am next Monday.
The stock's short name (SDS) and stock number (0212) will remain unchanged.
Source: The Edge
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