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 26): Bursa Malaysia ended marginally higher due to bargain-hunting activities following Monday’s sell-off.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.1 points higher to 1,445.55 from Monday’s close of 1,443.45.
The index opened 0.66 of a point easier at 1,442.79 and moved between 1,441.89 and 1,447.05 throughout the day.
On the broader market, decliners beat gainers 564 to 367, while 451 counters were unchanged, 1,006 untraded and 12 others suspended.
Turnover was slightly lower at 3.15 billion units worth RM1.95 billion from 3.33 billion units worth RM2.04 billion yesterday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly lower due to fears of higher interest rates in the US, which may slow down the global technology sector.
He noted that US Treasury yields reached a 16-year high on Tuesday, maintaining the dollar’s proximity to a 10-month peak and indicating that interest rates are poised to remain elevated in the near term.
“On the domestic front, we expect investor sentiment to remain cautious despite today’s (Tuesday) rebound.
“Nonetheless, with continuous support from foreign funds, we believe the outlook for local equities should remain stable,” he said.
Thong, therefore, maintains the weekly KLCI target between 1,440 and 1,460, with immediate support at 1,440 and resistance at 1,460.
At the close, Bursa heavyweights Maybank Bhd was flat at RM8.87, Public Bank Bhd, CIMB Group Holdings Bhd and Petronas Chemicals Group Bhd added one sen each to RM4.19, RM5.55 and RM7.33, respectively.
Tenaga Nasional Bhd, meanwhile, fell two sen to RM10.12.
Of the actives, Evergreen Max Cash Capital Bhd gained 7.5 sen to 31.5 sen, Metronic Global Bhd and KNM were half a sen firmer at two sen and 12.5 sen, respectively, while Widad Group Bhd and MyEG Services Bhd were flat at 50.5 sen and 80 sen, respectively.
On the index board, the FBM Emas Index improved 4.77 points to 10,709.64, the FBMT 100 Index was 8.02 points higher at 10,373.49, the FBM Emas Shariah Index perked 2.85 points to 10,966.14 and the FBM ACE Index strengthened by 9.95 points to 5,197.83.
The FBM 70 Index, however, inched down 19.83 points to 14,264.37.
Sector-wise, the Plantation Index accumulated 2.06 points to 6,907.26, the Industrial Products Services Index rose 0.03 of a point to 174.21, the Financial Services Index increased 5.86 points to 16,188.52, while the Energy Index shed 7.32 points to 888.83.
Main Market volume slipped to 1.88 billion units worth RM1.62 billion from 2.22 billion units worth RM1.77 billion on Monday.
Warrant turnover narrowed to 334.55 million units valued at RM40.74 million against 445.11 million units valued at RM47.57 million previously.
The ACE Market volume increased to 910.89 million shares worth RM293.66 million from 662.94 million shares worth RM219.85 million previously.
Consumer products and services counters accounted for 306.01 million shares traded on the Main Market, industrial products and services (537.47 million); construction (110.49 million); technology (145.31 million); SPAC (nil); financial services (61.64 million); property (321.28 million); plantation (27.63 million); REITs (5.17 million), closed/fund (5,000); energy (182.2 million); healthcare (60.25 million); telecommunications and media (48.53 million); transportation and logistics (29.03 million) and utilities (46.3 million).
Source: The Edge
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