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 8): Bursa Malaysia ended mixed on Monday (May 8) , in tandem with the regional performance, with the key index moving in a tight range, said an analyst.
At 5pm, the FBM KLCI closed 0.19%, or 2.70 points higher, at 1,433.74, from last Friday’s close at 1,431.04.
The benchmark index opened 1.26 points firmer at 1,432.30, and moved between 1,430.86 and 1,438.33 throughout the day.
Market breadth was negative, with decliners outpacing gainers 446 to 385, while 396 counters were unchanged, 1,014 untraded, and 11 others suspended.
Turnover rose to 3.05 billion units valued at RM1.58 billion, from 2.57 billion units valued at RM1.42 billion last Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices also trended higher, with energy and commodity stocks leading the gains.
He noted that investors are expecting to see strong numbers from China's economic data set for release on Thursday.
Back home, the improving regional sentiment and returning foreign funds have brought some relief to local investors.
While the US banking industry's turmoil has caused uncertainties, Thong said the positive outlook for the Asia-Pacific region had attracted attention from international investors.
“For the moment, we are cautiously optimistic about the near-term outlook for the local market, barring unforeseen circumstances.
“As such, we anticipate the KLCI to trend within the range of 1,425-1,440 for the week, with immediate resistance at 1,440, and support at 1,410,” he told Bernama.
Among the heavyweights, Malayan Banking Bhd (Maybank) rose one sen to RM8.76 a share, Petronas Chemicals Group Bhd added 11 sen to RM7.17, CIMB Group Holdings Bhd gained three sen to RM5.16, and Tenaga Nasional Bhd increased seven sen to RM9.05, while Public Bank Bhd was flat at RM4.01.
As for the actives, VinVest Capital Holdings Bhd at 20 sen and Fitters Diversified Bhd at five sen were unchanged, MMAG Holdings Bhd fell half a sen to 1.5 sen, and Bahvest Resources Bhd slipped 4.5 sen to 19 sen, while Salutica Bhd was 30 sen higher at 92.5 sen.
On the index board, the FBM Emas Index gained 8.27 points to 10,466.52, and the FBMT 100 Index increased 6.93 points to 10,160.77. The FBM Emas Shariah Index erased 0.87 points to 10,757.86, the FBM ACE Index dipped 90.79 points to 5,122.21, and the FBM 70 index trimmed 41.52 points to 13,440.01.
Sector-wise, the Industrial Products and Services Index edged up 0.84 points to 170.33, the Energy Index earned 12.08 points to 840.29, and the Financial Services Index strengthened 42.06 points to 15,750.79, while the Plantation Index eased 5.23 points to 6,828.56.
The Main Market volume increased to 1.91 billion units valued at RM1.32 billion, from 1.72 billion units valued at RM1.15 billion last Friday.
Warrant turnover narrowed to 311.30 million units worth RM58.10 million, against 314.75 million units worth RM66.16 million previously.
The ACE Market volume narrowed to 830.09 million shares valued at RM204.74 million, versus 534.18 million shares valued at RM203.19 million last Friday.
On the Main Market, consumer products and services counters accounted for 341.54 million shares traded, followed by industrial products and services (509.95 million), construction (115.25 million), technology (258.64 million), special purpose acquisition companies (nil), financial services (44.66 million), property (219.66 million), plantation (25.74 million), real estate investment trusts (5.65 million), closed/funds (17,300), energy (139.12 million), healthcare (112.85 million), telecommunications and media (72.60 million), transportation and logistics (27.96 million), and utilities (38.34 million).
Source: The Edge
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