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 5): Bursa Malaysia ended lower on Tuesday, driven by continuous selling in selected plantation and financial services counters, in tandem with the weaker performance on the regional markets, dealers said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 7.89 points to end at 1,454.83 from 1,462.72 at Monday’s close.
The barometer index opened 0.14 of a point easier at 1,462.58, being the highest point for the day and moved to as low as 1,452.48 during the session.
On the
broader market, decliners outpaced gainers 688 to 309, with 403 counters
unchanged, 899 untraded and seven others suspended.
Turnover increased marginally to 4.09 billion units worth RM2.39 billion against Monday’s 4.01 billion units worth RM2.37 billion.
Sime Darby Plantation Bhd and CIMB Group Holdings Bhd were the top two contributors towards the local benchmark index’s downtrend, declining 10 sen and six sen to RM4.34 and RM5.65 respectively, with a total of 2.28 points.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI finished marginally lower in tandem with the negative performance of regional bourses.
“Key regional indices trended lower due to profit-taking activities following the recent rally. Meanwhile, the selldown on China’s property stocks also weighed on market sentiment,” he said.
As for the local bourse, he said the selling activity witnessed over the past two days may sent the signal that the market is ripe for bargain hunting, thanks to the ongoing low valuations.
“Hence, we expect the benchmark index to stage a rebound in the near future. As such, we maintain our weekly FBM KLCI target at 1,455-1,475 with immediate resistance at 1,490 and support at 1,440,” he added.
Among other heavyweights, Maybank Bhd slipped two sen to RM9.13, Public Bank Bhd went down three sen to RM4.25, IHH Healthcare Bhd was flat at RM5.92 while Tenaga Nasional Bhd rose a sen to RM9.91 and Petronas Chemicals Group Bhd advanced two sen to RM7.14.
Of the actives, Ekovest Bhd and Malaysian Resources Corp Bhd shed 2.5 sen each to 53.5 sen and 46 sen, while Classita Holdings Bhd added a sen to 8.5 sen and Sapura Energy Bhd was flat at 5.5 sen.
On the index board, the FBM Emas Index declined 64.03 points to 10,738.84, the FBMT100 Index decreased 60.47 points to 10,408.31, the FBM Emas Shariah Index fell 67.17 points to 10,910.93, the FBM 70 Index dipped 99.5 points to 14,174.75, while the FBM ACE Index gave up 33.3 points to 5,208.88.
Sector-wise, the Financial Services Index trimmed 54.92 points to 16,433.36, the Industrial Products and Services Index was 0.94 of-a-point easier at 172.83, the Energy Index reduced 7.78 points to 853.25 and the Plantation Index slipped 56.14 points to 6,890.48.
The Main Market volume rose to 3.01 billion units worth RM2.14 billion from 2.95 billion units worth RM2.11 billion on Monday.
Warrant turnover narrowed to 392.7 million units valued at RM59.18 million against Monday's 440.93 million units valued at RM61.03 million.
The ACE Market volume widened to 665.41 million shares worth RM186.82 million from 612.71 million shares worth RM202.28 million previously.
Consumer products and services counters accounted for 855.46 million shares traded on the Main Market, industrial products and services (504.54 million); construction (239.01 million); technology (231.47 million); SPAC (nil); financial services (87.3 million); property (508.32 million); plantation (39.62 million); REITs (11.53 million), closed/fund (9,100); energy (263.29 million); healthcare (98.33 million); telecommunications and media (39.06 million); transportation and logistics (36.36 million); and utilities (96.67 million).
Source: The Edge
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