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 (June 8): Bursa Malaysia closed lower on Thursday (June 8) for the second consecutive day, as selling pressure persisted, mainly on telecommunications and commodity related stocks.
At 5pm, the FBM KLCI had fallen 4.01 points or 0.29% to 1,374.64, from 1,378.65 at Wednesday’s close.
The key index opened 2.86 points lower at 1,375.79 on Thursday morning, and moved between 1,369.41 and 1,376.62 throughout the day.
Market
breadth was negative, as decliners led gainers by 487 to 300, while 433
counters were unchanged, 1,023 untraded, and 21 others suspended.
Turnover shrank to 2.68 billion units worth RM1.61 billion, versus 3.12 billion units worth RM1.73 billion on Wednesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local bourse’s performance was in line with the mostly lower regional market performance, following negative cues from Wall Street overnight. He said investors were worried that US interest rates could stay higher for longer, and that the US Federal Reserve could remain hawkish when it meets next week.
"As for the local bourse, we believe the short-term sentiment will continue to be volatile, influenced by a range of internal and external factors.
"Nonetheless, there is a possibility of bargain-hunting, as the benchmark index remains in oversold territory," he told Bernama. Thong is anticipating that the KLCI would trend sideways in the region of 1,373-1,385 towards the weekend.
Among the heavyweight stocks, Malayan Banking Bhd (Maybank) added two sen to RM8.60 a share, Petronas Chemicals Group Bhd gained one sen to RM6.42, and Tenaga Nasional Bhd dropped 15 sen to RM9.12. Public Bank Bhd was flat at RM3.81, and CIMB Group Holdings Bhd was unchanged at RM4.90.
Of the actives, Sarawak Consolidated Industries Bhd edged up half a sen to 28 sen, while Dagang NeXchange Bhd at 49 sen and RGB International Bhd at 27 sen had ticked up one sen each.
Widad Group Bhd was flat at 42.5 sen.
On the index board, the FBM Emas Index trimmed 37.69 points to 10,124.28, the FBMT 100 Index was 35.78 points weaker at 9,826.45, and the FBM Emas Shariah Index erased 79.50 points to 10,450.23.
The FBM ACE Index shed 54.56 points to 4,971.14, and FBM 70 Index fell 78.00 points to 13,349.77.
Sector-wise, the Industrial Products and Services Index slipped 1.21 points to 157.68, the Plantation Index shrank 17.04 points to 6,645.00, and the Energy Index eased 4.41 points to 778.81.
However, the Financial Services Index improved 26.71 points to 15,119.53.
The Main Market volume narrowed to 1.74 billion units valued at RM1.37 billion, from two billion units worth RM1.43 billion on Wednesday.
Warrant turnover slipped to 294.33 million units worth RM43.74 million, against 372.23 million units worth RM49.66 million previously.
The ACE Market volume reduced to 646.14 million shares valued at RM202.85 million, from 744.47 million worth RM248.68 million a day earlier.
Consumer products and services counters accounted for 327.41 million shares traded on the Main Market, followed by industrial products and services (505.92 million), construction (64.61 million), technology (194.17 million), special purpose acquisition companies (nil), financial services (54.92 million), property (182.54 million), plantation (25.09 million), real estate investment trusts (6.48 million), closed/funds (6,000), energy (144.57 million), healthcare (64.34 million), telecommunications and media (86.83 million), transportation and logistics (22.08 million), and utilities (60.48 million).
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