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 27): Bursa Malaysia finished lower on Wednesday amid a mixed regional market and after a volatile Wall Street overnight, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 5.44 points to 1,440.11 from Tuesday’s close of 1,445.55, after opening 4.69 points easier at 1,440.86.
The benchmark index moved between 1,436.75 and 1,441.87 throughout the session.
On the broader market, decliners beat gainers 572 to 341 while 442 counters were unchanged, 1,032 untraded and 100 others suspended.
Turnover dropped to 2.97 billion units worth RM1.94 billion from 3.15 billion units worth RM1.95 billion yesterday.
Apex Securities Bhd head of research Kenneth Leong said investors were also offloading shares ahead of a public holiday on Thursday. He expects the downward pressure to be sustained going forward in view of the lack of fresh leads, coupled with the ongoing concerns over the high-interest rate environment which may potentially dampen the economic outlook.
“Technically, 1,433 points will serve as the immediate support. Any recovery may see gains (capped at) the 1,464 to 1,470 level,” he said.
Bursa Malaysia Bhd and its subsidiaries will be closed on Thursday in conjunction with Prophet Muhammad's Birthday (Maulidur Rasul).
Meanwhile, investors are also keeping a close tab on the US second-quarter gross domestic product (GDP) data to be released on Wednesday night. On Tuesday, the S&P 500 tumbled 1.5% for its fifth loss in six days, closing at 4,273.53. The Dow Jones Industrial Average fell 1.1% to 33,618.88 and the Nasdaq composite lost 1.6% to 13,063.61.
At the close, Bursa heavyweight counters Maybank Bhd added one sen to RM8.88 and Tenaga Nasional Bhd gained eight sen to RM10.02 while CIMB Group Holdings Bhd was flat at RM5.55. Public Bank Bhd fell five sen to RM4.14 and Petronas Chemicals Group Bhd lost 11 sen to RM7.22.
Of the actives, Evergreen Max Cash Capital Bhd increased by 3.5 sen to 35 sen while Velesto Energy Bhd and KNM Group Bhd were half a sen higher at 25.5 sen and 51 sen, respectively. MyEG Services Bhd eased two sen to 78 sen and Vsolar Group Bhd went down 4.5 sen to 18 sen.
On the index board, the FBM Emas Index declined by 46.5 points to 10,663.14, the FBMT 100 Index was 46.65 points easier at 10,326.84 and the FBM Emas Shariah Index went down 44.34 points to 10,921.8.
The FBM ACE Index weakened by 39.16 points to 5,158.67 and the FBM 70 Index slumped 97.13 points to 14,167.24.
Sector-wise, the Plantation Index eased 16.02 points to 6,991.24, the Industrial Products Services Index narrowed by 1.55 points to 172.66 and the Financial Services Index decreased by 64.89 points to 16,123.63.
The Energy Index rose 9.98 points to 898.81.
The Main Market volume stood at 1.88 billion units worth RM1.66 billion from 1.88 billion units worth RM1.62 billion on Tuesday.
Warrant turnover narrowed to 328.79 million units valued at RM37.32 million against 334.55 million units valued at RM40.74 million previously.
The ACE Market volume eased to 749.08 million shares worth RM241.13 million from 910.89 million shares worth RM293.66 million previously.
Consumer products and services counters accounted for 278.49 million shares traded on the Main Market, industrial products and services (367.35 million); construction (131.14 million); technology (203.61 million); SPAC (nil); financial services (53.65 million); property (314.33 million); plantation (30.31 million); REITs (6.74 million), closed/fund (5,000); energy (299.89 million); healthcare (51.65 million); telecommunications and media (31.32 million); transportation and logistics (63.45 million) and utilities (51.31 million).
Source: The Edge
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