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 (Sept 7): Bursa Malaysia ended lower on Thursday, in line with weaker sentiments on regional markets, as investors remained cautious over the bearish economic outlook, dealers said.
At 5pm, the FBM KLCI had eased 0.55 of a point to end at 1,460.07, from 1,460.62 at Wednesday’s close.
On the broader market, decliners thumped gainers 531 to 386, with 458 counters unchanged, 932 untraded, and seven others suspended.
Turnover decreased to 3.21 billion units worth RM2.02 billion, against Wednesday’s 4.18 billion units worth RM2.13 billion.
A dealer said that most Asian stocks were on a downtrend on Thursday, following a sell-off on Wall Street, and as investors assessed trade data from China and Australia.
“Chinese imports and exports fell 7.3% and 8.8% year-on-year respectively, less than the 9.0% and 9.2% drops forecast by a poll of economists by Reuters,” he said.
He said all three major Wall Street indices, namely the Dow Jones, Nasdaq Composite and S&P 500, saw an overnight sell-off, due to growing concerns that the US Federal Reserve may hike interest rates in the near future.
On the local front, Bank Negara Malaysia’s Monetary Policy Committee decided to maintain the overnight policy rate (OPR) at 3.0%, marking the third consecutive session where the committee opted to keep the OPR at that level.
In a statement on Thursday, the central bank said that at the current OPR level, the monetary policy stance remains supportive of the economy, and is consistent with the current assessment of inflation and growth prospects.
Among the heavyweights, Malayan Banking Bhd (Maybank) slipped one sen to RM9.17, Tenaga Nasional Bhd declined nine sen to RM9.87, Public Bank Bhd was flat at RM4.25, while CIMB Group Holdings Bhd rose two sen to RM5.74, and Petronas Chemicals Group Bhd advanced five sen to RM7.17.
Of the actives, Top Glove Corp Bhd went up 5.5 sen to 84 sen, Aimflex Bhd increased 1.5 sen to 23 sen, Classita Holdings Bhd eased half a sen to eight sen, and Ekovest Bhd fell four sen to 50.5 sen.
On the index board, the FBM Emas Index went down 19.88 points to 10,774.80, the FBMT 100 Index fell 15.18 points to 10,447.10, the FBM Emas Shariah Index trimmed 16.56 points to 10,950.04, the FBM 70 Index declined 68.24 points to 14,237.69, and the FBM ACE Index slipped 41.35 points to 5,188.57.
Sector-wise, the Financial Services Index gave up 20.33 points to 16,472.20, the Industrial Products and Services Index was 0.34 of a point easier at 173.12, and the Energy Index ticked down 0.54 of a point to 864.49, while the Plantation Index gained 39.99 points to 6,898.95.
The Main Market’s volume fell to 2.30 billion units worth RM1.82 billion, from 3.04 billion units worth RM1.89 billion on Wednesday.
Warrant turnover narrowed to 344.77 million units valued at RM48.86 million, against Wednesday’s 398.38 million units valued at RM54.07 million.
The ACE Market volume fell to 560.47 million shares worth RM159.50 million, from 745.89 million shares worth RM183.28 million a day ago.
Consumer products and services counters accounted for 503.85 million shares traded on the Main Market, along with industrial products and services (405.09 million), construction (180.89 million), technology (138.91 million), special purpose acquisition companies (nil), financial services (52.30 million), property (309.36 million), plantation (23.38 million), real estate investment trusts (11.31 million), closed/funds (36,300), energy (210.22 million), healthcare (341.0 million), telecommunications and media (23.49 million), transportation and logistics (36.26 million), and utilities (65.19 million).
Source: The Edge
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