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 22): Bursa Malaysia ended the week higher due to a positive regional performance, according to an analyst, breaking a four-day losing streak.
At 5pm on Friday, the FBM KLCI had risen 2.02 points to 1,450.23, from Thursday’s close at 1,448.21.
The index opened 2.33 points weaker at 1,445.88, and moved between 1,441.50 and 1,450.69 throughout the day.
The broader market was positive, with advancers leading decliners 504 to 403, while 472 counters were unchanged, 1,012 untraded, and 49 others suspended.
Turnover declined to 3.13 billion units worth RM2.08 billion, from 3.25 billion units worth RM2.13 billion on Thursday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI finished marginally higher due to late buying, particularly for telecommunications, plantation, and energy stocks.
He said key regional indices trended higher on Friday, despite the US Federal Reserve’s hawkish tone on the interest rate trajectory.
“We believe this is due to bargain-hunting activities, following a few days of selldown. Furthermore, the Bank of Japan left its monetary policy unchanged after its latest meeting today (Friday),” he told Bernama.
Thong cautioned that prolonged high US interest rates would cause uncertainty and volatility in regional markets.
At the close, Bursa heavyweight counters Malayan Banking Bhd (Maybank) was down by two sen to RM8.88, Public Bank Bhd lost one sen to RM4.20, Petronas Chemicals Group Bhd gained four sen to RM7.35, Tenaga Nasional Bhd expanded 10 sen to RM10.16, while CIMB Group Holdings Bhd was flat at RM5.59.
Of the actives, KNM Group Bhd edged up half a sen to 12.5 sen, Ekovest Bhd added 2.5 sen to 59 sen, UEM Sunrise Bhd advanced three sen to 91 sen, Eastern & Oriental Bhd advanced 6.5 sen to 71.5 sen, and Mercury Securities Group Bhd declined half a sen to 29.5 sen.
On the index board, the FBM Emas Index recovered 20.26 points to 10,746.90, the FBMT 100 Index was 16.18 points firmer at 10,408.19, the FBM 70 Index inched up 29.52 points to 14,317.08, and the FBM Emas Shariah Index put on 35.36 points to 11,007.83.
Meanwhile, the FBM ACE Index dropped 5.08 points to 5,209.06.
Sector-wise, the Plantation Index went up 2.12 points to 6,927.22, the Energy Index leapt 15.03 points to 906.92, and the Industrial Products Services Index edged up 0.42 of a point to 174.83.
Meanwhile, the Financial Services Index reduced 7.34 points to 16,220.63.
Main Market volume fell to 2.08 billion units worth RM1.82 billion, from 2.14 billion units worth RM1.90 billion on Thursday.
Warrant turnover widened to 464.54 million units valued at RM69.35 million, against 379.14 million units valued at RM48.82 million previously.
The ACE Market volume slipped to 585.50 million shares worth RM185.53 million, from 690.76 million shares worth RM182.43 million previously.
Consumer products and services counters accounted for 287.45 million shares traded on the Main Market, along with industrial products and services (345.51 million), construction (193.33 million), technology (131.33 million), special purpose acquisition companies (nil), financial services (46.10 million), property (540.94 million), plantation (30.63 million), real estate investment trusts (6.38 million), closed/funds (18,200), energy (308.52 million), healthcare (54.50 million), telecommunications and media (29.31 million), transportation and logistics (51.78 million), and utilities (50.60 million).
Source: The Edge
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