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 1): Bursa Malaysia ended higher on Friday in sync with regional bourses’ upbeat performance as market sentiment turned positive and fuelled investors' risk appetite.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.49 points to end at the intraday high of 1,463.43 from 1,451.94 at Wednesday's close.
The barometer index opened 9.97 points firmer at 1,461.91 and fell as low as 1,454.67 during the day.
On the broader market, gainers outpaced decliners 567 to 424, while 398 counters unchanged, 937 untraded and 33 others suspended.
Turnover decreased to 4.65 billion units worth RM3.08 billion against Wednesday’s 4.9 billion units worth RM4.75 billion. (The market was closed on Thursday for the National Day celebration.)
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI ended higher with buying focused mainly on telecommunication and commodity-related stocks.
“Key regional markets were mostly in the green as China's manufacturing sector saw growth in August, accompanied by a central bank decision to reduce reserve requirements aimed at economic stimulation.
“The Caixin/S&P global manufacturing purchasing managers' index reached 51.0 for August, surpassing the Reuters-surveyed analysts' expectation of 49.3,” he said, adding that the Hong Kong market was shut down due to Super Typhoon Saola.
Among the heavyweights, Maybank Bhd added four sen to RM9.15, Public Bank Bhd gained one sen to RM4.24, CIMB Group Holdings Bhd surged 11 sen to RM5.74, and Tenaga Nasional Bhd perked eight sen to RM9.92, while Petronas Chemicals Group Bhd was flat at RM7.12.
Of the
actives, Ekovest Bhd edged up 2.5 sen to 56.5 sen, Malaysian Resources
Corp Bhd rose 4.5 sen to 49.5 sen, Jaks Resources Bhd increased 3.5 sen
to 23.5 sen, Sapura Energy Bhd improved half a sen to 5.5 sen, and Top
GloveCorp Bhd slid 2.5 sen to 74 sen.
Sector-wise, the Financial Services Index advanced 86.01 points to 16,471.61, the Industrial Products and Services Index was 0.79 of a point higher at 172.54, the Energy Index added 20.55 points to 856.14, and the Plantation Index firmed 8.07 points to 6,937.7.
The Main Market volume slipped to 3.72 billion units worth RM2.84 billion from Wednesday's 3.82 billion units worth RM4.48 billion.
Warrant turnover dropped to 233.28 million units valued at RM28.33 million against 419.96 million units valued at RM68.55 million previously.
The ACE Market volume expanded to 703.59 million shares worth RM212.68 million from 641.82 million shares worth RM199.06 million on Wednesday.
Consumer products and services counters accounted for 510.49 million shares traded on the Main Market, industrial products and services (551.18 million); construction (622.25 million); technology (260.98 million); SPAC (nil); financial services (99.80 million); property (758.76 million); plantation (63.52 million); REITs (6.33 million), closed/fund (14,000); energy (525.62 million); healthcare (120.11 million); telecommunications and media (55.62 million); transportation and logistics (73.94 million); and utilities (67.72 million).
Source: The Edge
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