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...
UALA LUMPUR (Sept 6): Bursa Malaysia ended higher on Wednesday, driven by bargain-hunting in selected financial and energy blue chips amid a mixed performance in regional markets, dealers said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.79 points to end at 1,460.62 from 1,454.83 at Tuesday’s close.
The barometer index opened 0.18 of a point higher at 1,455.01 and moved between 1,454.25 and 1,463.04 during the session. On the broader market, gainers thumped decliners 531 to 380, with 458 counters unchanged, 942 untraded and seven others suspended.
Turnover increased marginally to 4.18 billion units worth RM2.13 billion against Tuesday’s 4.09 billion units worth RM2.39 billion.
CIMB Group Holding Bhd and Mr DIY Group Bhd were the top two contributors towards the local benchmark index’s uptrend with a total of 2.31 points,, rising seven sen each to RM5.72 and RM1.52, respectively.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said shares in Bursa Malaysia closed mostly higher with the buying mainly in energy stocks that rode on rising crude oil prices.
“Key regional indices finished mixed as investors were cautious following negative cues from global equities overnight. Rising crude oil prices are amplifying inflation concerns which may cause central banks to reconsider their stance on interest rates.
“China and Hong Kong stocks saw high volatility ahead of China's August trade data set to be released on Thursday (Sept 7),” he said.
He said the near-term outlook remains cautious but the local bourse was being fuelled by its enticing valuations, increasing trade volume and continuous support from local institutions.
“Hence, we anticipate the benchmark index to trend within the 1,455-1,475 range for the rest of the week. From a technical point of view, immediate resistance and support are unchanged at 1,490 and 1,440 respectively,” he added.
Among other heavyweights, Maybank Bhd and Tenaga Nasional Bhd improved five sen each to RM9.18 and RM9.96, respectively, while Petronas Chemicals Group Bhd gained six sen to RM7.20.
Public Bank Bhd was flat at RM4.25 and IHH Healthcare Bhd declined two sen to RM5.90.
Of the
actives, KNM Group Bhd added two sen to 12 sen, Sapura Energy Bhd earned
half a sen to six sen, Ekovest rose a sen to 54.5 sen while Classita
Holdings Bhd was flat at 8.5 sen.
On the index board, the FBM Emas Index went up 55.84 points to
10,794.68, the FBMT100 Index gained 54.77 points to 10,463.08 and the
FBM Emas Shariah Index added 55.67 points to 10,966.6.
The FBM 70 Index jumped 131.18 points to 14,305.93 while the FBM ACE Index added 21.04 points to 5,229.92.
Sector-wise, the Financial Services Index advanced 59.17 points to 16,492.53, the Industrial Products and Services Index was 0.63 of a point better at 173.46 and the Energy Index ticked up 11.78 points to 865.03.
The Plantation Index slipped 31.52 points to 6,858.96.
The Main Market volume rose to 3.04 billion units worth RM1.89 billion from 3.01 billion units worth RM2.14 billion on Tuesday.
Warrant turnover narrowed to 398.38 million units valued at RM54.07 million against Tuesday's 392.7 million units valued at RM59.18 million.
The ACE Market volume widened to 745.89 million shares worth RM183.28 million from 665.41 million shares worth RM186.82 million previously.
Consumer
products and services counters accounted for 495.12 million shares
traded on the Main Market, industrial products and services (493.65
million); construction (173.88 million); technology (151.74 million);
SPAC (nil); financial services (65.93 million); property (404.51
million); plantation (31.61 million); REITs (13.27 million), closed/fund
(7,000); energy (984.01 million); healthcare (70.71 million);
telecommunications and media (27.04 million); transportation and
logistics (49.46 million); and utilities (75.47 million).
Source: The Edge
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