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 25): Bursa Malaysia retreated from its gains last week to close lower on Monday, due to profit-taking activities amidst mixed performance by regional markets, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.78 points to 1,443.45 from Friday’s Sept 22) close of 1,450.23.
The index opened 0.4 of a point easier at 1,449.83 and moved between 1,441.17 and 1,450.32 throughout the day.
Market breadth was negative as decliners beat gainers 555 to 392, while 448 counters were unchanged, 1,004 untraded and 49 others suspended.
Turnover was slightly higher at 3.33 billion units worth RM2.04 billion from 3.13 billion units worth RM2.08 billion last week.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices were mixed as investors were cautious ahead of inflation data from across the region this week.
Meanwhile, he said the Wall Street’s losses over the weekend, concerns over China’s property sector, the US government’s shutdown and the continued strike by American autoworkers also took a toll on investors’ sentiments.
“As for the local bourse, we viewed today's (Sept 25) sell-down as a good opportunity to bargain hunt stocks at a lower level as valuations of local equities remain attractive, particularly the blue chips.
“At the same time, Brent crude remains elevated at US$93.96 (RM439.92) per barrel, and we reckon that this is a buying opportunity for local oil and gas stocks,” he said.
As such, Thong reckoned the key index to trend within the range of 1,440-1,460 for the week, with immediate support at 1,440 and resistance at 1,460.
At the close, Bursa heavyweights Maybank was down by one sen to RM8.87, both Public Bank Bhd and Tenaga Nasional Bhd were two sen lower at RM4.18 and RM10.14, respectively, CIMB Group Holdings Bhd fell five sen to RM5.54 and Petronas Chemicals Group Bhd slid three sen to RM7.32.
Of the actives, Icon Offshore Bhd slipped 1.5 sen to 11.5 sen and UEM Sunrise Bhd lost 3.5 sen to 87.5 sen, while Widad Group Bhd added half a sen to 50.5 sen.
Both Ekovest Bhd and Malaysian Resources Corp Bhd were flat at 59 sen and 48 sen, respectively.
On the index board, the FBM Emas Index contracted 42.03 points to 10,704.87, the FBMT 100 Index was 42.72 points weaker at 10,365.47, the FBM 70 Index inched down 32.88 points to 14,284.2, the FBM Emas Shariah Index gave up 44.54 points to 10,963.29 and the FBM ACE Index dropped 21.18 points to 5,187.88.
Sector-wise, the Plantation Index reduced by 22.02 points to 6,905.20, the Energy Index shed 10.77 points to 896.15, the Industrial Products Services Index erased 0.65 of a point to 174.18 and the Financial Services Index slid 37.97 points to 16,182.65.
Main Market volume rose to 2.22 billion units worth RM1.77 billion from 2.08 billion units worth RM1.82 billion on Friday.
Warrant turnover narrowed to 445.11 million units valued at RM47.57 million against 464.54 million units valued at RM69.35 million previously.
The ACE Market volume increased to 662.94 million shares worth RM219.85 million from 585.50 million shares worth RM185.53 million previously.
Consumer products and services counters accounted for 265.65 million shares traded on the Main Market, industrial products and services (473.56 million); construction (214.44 million); technology (160.48 million); SPAC (nil); financial services (69.95 million); property (546.66 million); plantation (30.82 million); REITs (8.38 million), closed/fund (17,900); energy (280.78 million); healthcare (58.2 million); telecommunications and media (29.19 million); transportation and logistics (41.59 million) and utilities (41.12 million).
Source: The Edge
Comments
Post a Comment