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 26): Bursa Malaysia gave up earlier gains to end marginally lower on Monday (June 26), weighed down by persistent selling in heavyweights, particularly financial services stocks, in tandem with the weakness in most regional peers.
Malayan Banking Bhd eased four sen to RM8.70 and Public Bank Bhd slid two sen to RM3.86. Both stocks dragged the composite index down by a combined 1.44 points.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.01 points or 0.07% to 1,389.88 from 1,390.89 at last Friday’s close.
The key index opened 0.66 of-a-point better at 1,391.55 on Monday morning and moved between 1,388.41 and 1,394.30 throughout the session.
The broader market was also negative as decliners outpaced gainers 476 to 292, while 465 counters were unchanged, 1,084 untraded and 40 others suspended.
Turnover declined to 2.56 billion units worth RM1.41 billion versus 4.90 billion units worth RM1.63 billion last Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Malaysian equities ended broadly lower, reflecting the overall negative performance of regional bourses.
“The key regional markets trended lower as investors maintained a cautious stance regarding the global economy and the outlook for interest rates following aggressive monetary tightening by major central banks last week,” he told Bernama.
Regionally, Japan’s Nikkei 225 slipped 0.25% to 32,698.81, Hong Kong's Hang Seng Index fell 0.51% to 18,794.13, and SSE Composite Index slid 1.48% to 3,150.62.
On the domestic front, Thong believes market sentiment would remain cautious due to a lack of buying interest amid heightened market risks and volatility globally.
“Hence, we expect the benchmark index to remain in range-bound mode within the 1,385-1,400 range for the week,” he added.
On the local bourse, heavyweights Sime Darby Plantation Bhd went down five sen to RM4.25, while Axiata Group Bhd lost three sen to RM2.62 and Press Metal Aluminium Holdings Bhd fell three sen to RM4.71.
However, CelcomDigi Bhd ticked up five sen to RM4.30 and Petronas Dagangan Bhd rose 40 sen to RM21.80.
Of the actives, Sarawak Consolidated Industries Bhd gained one sen to 43.5 sen, Bahvest Resources Bhd perked up two sen to 18.5 sen, Classita Holdings Bhd fell half-a-sen to nine sen, while Borneo Oil Bhd was flat at 1.5 sen and EA Holdings Bhd was unchanged at half-a-sen.
On the index board, the FBM Emas Index dipped 22.48 points to 10,209.70, the FBMT 100 Index trimmed 19.48 points to 9,914.24 and the FBM ACE Index was 12.57 points lower to 5,030.30.
The FBM Emas Shariah Index slid 16.48 points to 10,499.27 and the FBM 70 Index erased 78.19 points to 13,378.00.
Sector-wise, the Financial Services Index shed 23.30 points to 15,421.55, the Energy Index edged down by 3.97 points to 781.11, the Industrial Products and Services Index eased 0.31 of-a-point to 158.56, while the Plantation Index inched up 0.37 of-a-point to 6,718.81.
The Main Market volume expanded to 1.72 billion units valued at RM1.16 billion from 1.64 billion units valued at RM1.33 billion last Friday.
Warrants turnover dwindled to 219.46 million units worth RM31.36 million against 345.94 million units worth RM39.24 million previously.
The ACE Market volume tumbled to 624.68 million shares valued at RM216.62 million from 2.92 billion shares valued at RM259.96 million last Friday.
Consumer products and services counters accounted for 368.54 million shares traded on the Main Market, industrial products and services (625.68 million), construction (57.92 million), technology (113.47 million), SPAC (nil), financial services (54.80 million), property (175.62 million), plantation (30.42 million), REITs (6.53 million), closed/fund (34,000), energy (141.34 million), healthcare (60.44 million), telecommunications and media (28.76 million), transportation and logistics (14.17 million), and utilities (40.36 million).
Meanwhile, Teladan Setia Group Bhd has changed its stock name to Teladan Group Bhd while Teladan Setia Group Bhd - Warrants 2021/2026 has been changed to Teladan Group Bhd - Warrants 2021/2026.
“As such, the company’s securities will be traded and quoted under the new name effective 9.00am, June 28, 2023.
“However, the stock numbers remain unchanged,” it said in a filing with Bursa Malaysia.
Source: The Edge
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