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 (Oct 17): Bursa Malaysia closed higher on Tuesday, in tandem with the better performance in regional bourses, taking the cue from the upbeat Wall Street performance overnight.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.17 points to end at an intraday high of 1,444.13 from Monday’s closing of 1,438.96.
The key index opened 0.08 of a point higher at 1,439.04 and hit a low of 1,438.95 in the early morning session before gaining momentum to move upwards thereafter.
On the broader market, gainers outpaced decliners 439 to 353, while 504 counters were unchanged, 1,045 untraded and 10 suspended.
Turnover decreased to 2.67 billion units worth RM1.92 billion from 3.09 billion units worth RM1.92 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the KLCI closed marginally higher due to bargain-hunting activities following Monday's sell-off while the key regional indices were also in the green following positive cue from global equities overnight.
On another note, he said diplomatic attempts to curb the expansion of the Israel-Hamas conflict into a wider-scale war have had a somewhat positive impact on investor sentiment.
US President Joe Biden is scheduled to make a visit to Israel, aiming to curb the conflict's escalation while Secretary of State Antony Blinken has also returned to Israel for a meeting with Prime Minister Benjamin Netanyahu, following discussions with Arab governments, he shared.
"On the domestic front, we expect market sentiment to remain cautious due to growing global volatility and uncertainties.
"In light of this, we expect the benchmark index to continue in its sideways pattern, and maintain our FBM KLCI weekly target of 1,430 to 1,450 until new catalysts become evident. On a technical point of view, we see the immediate resistance at 1,460 and support at 1,430," he said.
As for the regional markets, Singapore's Straits Times Index improved 0.12% to 3,167.64, Japan’s Nikkei 225 rose 1.2% to 32,040.29, South Korea’s Kospi gained 0.98% to 2,460.17, Hong Kong’s Hang Seng Index firmed 0.75% to 17,773.34, and China’s SSE Composite was 0.32% better at 3,083.5.
Back home, Bursa heavyweights Maybank Bhd and Petronas Chemicals Group Bhd bagged two sen each to RM9 nad RM7.50 respectively, Public Bank Bhd added a sen to RM4.18, and Tenaga Nasional Bhd improved three sen to RM9.98, while CIMB Group Holdings Bhd was flat at RM5.61.
Of the actives, ACE Market debutant Minox International Group Bhd rose 12 sen to 37 sen, Kanger International Group Bhd and Sarawak Consolidated Industries Bhd perked up one sen each to 12 sen and 52 sen respectively, while Asdion Bhd and Top Glove Corp Bhd climbed 1.5 sen each to 7.5 sen and 75 sen respectively.
On the index board, the FBM Emas Index increased 33.82 points to 10,692.88, the FBMT 100 Index rose 32.99 points to 10,357.58, the FBM Emas Shariah Index advanced 50.88 points to 10,929.55, the FBM 70 Index climbed 27.42 points to 14,217.68, and the FBM ACE Index went up 35.95 points to 5,153.14.
Sector-wise, the Financial Services Index added 16.69 points to 16,244.62, the Industrial Products and Services Index inched up 0.33 of a point to 175.67, the Energy Index eased 0.29 of a point to 882.17, and the Plantation Index jumped 63.08 points to 6,889.24.
The Main Market volume dropped to 1.4 billion units worth RM1.58 billion from 1.98 billion units worth RM1.73 billion on Monday.
Warrants turnover declined to 305.12 million units valued at RM36 million against 332.86 million units valued at RM41.44 million on Monday.
The ACE Market volume surged to 972.12 million shares worth RM304.17 million from 755.45 million shares worth RM213 million previously.
Consumer products and services counters accounted for 214.02 million shares traded on the Main Market, industrial products and services (336.21 million); construction (126.36 million); technology (113.27 million); SPAC (nil); financial services (68.18 million); property (165.33 million); plantation (26.09 million); REITs (11.44 million), closed/fund (6,200); energy (118.21 million); healthcare (98.57 million); telecommunications and media (46.98 million); transportation and logistics (39.67 million); and utilities (37.04 million).
Source: The Edge
Comments
Post a Comment