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 23): Bursa Malaysia ended lower on Monday in tandem with the negative performance across the regional markets, coupled with extended selling activities from foreign funds, said a dealer.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 2.92 points to 1,438.12 from Friday’s closing of 1,441.04.
The index opened 0.69 of a point higher at 1,441.73 and moved between 1,435.05 and 1,443.86 during the session.
The key index managed to recoup earlier losses during the mid-afternoon session on mild bargain hunting, but it only lasted 40 minutes.
On the broader market, decliners beat gainers 743 to 195, while 384 counters were unchanged, 1,035 untraded and nine suspended.
Turnover decreased to 3.38 billion units worth RM2 billion from 3.51 billion units worth RM1.9 billion on Thursday.
Regionally, Singapore's Straits Times Index eased 0.64% to 3,057.14, Japan’s Nikkei 225 slid 0.83% to 30,999.55, Hong Kong’s Hang Seng Index trimmed 0.72% to 17,172.13, while South Korea’s Kospi dipped 0.76% to 2,357.02.
Going forward, Apex Securities Bhd head of research Kenneth Leong reckoned the downtrend may linger amid the lack of fresh leads, while any recovery will be tempered by quick selling pressure.
"Amid the volatile market condition, we advocate investors to remain defensive with focus towards gold-related stocks," he said.
Technically, he said the KLCI is resting at the near-term support of 1,438.
"Should the aforementioned level fail to hold, a further pullback may send the key index towards the next support at 1,424. Resistance levels are at 1,446, followed by 1,464," he said.
Bursa heavyweight counters Maybank Bhd was flat at RM8.99, Public Bank Bhd added two sen to RM4.16, CIMB Group Holdings Bhd rose four sen to RM5.66, Tenaga Nasional Bhd went up three sen to RM9.85, while Petronas Chemicals Group Bhd shed 13 sen to RM7.07.
Of the actives, Ta Win Holdings Bhd and Sarawak Consolidated Industries Bhd slipped half a sen to 3.5 sen and 52.5 sen respectively, Widad Group Bhd lost two sen to 53.5 sen, while Hong Seng Consolidated Bhd edged up half sen to five sen and Systech Bhd gained one sen to 59.5 sen.
On the index board, the FBM Emas Index was 42.63 points lower at 10,577.81, the FBMT 100 Index declined 36.53 points to 10,261.45 and the FBM Emas Shariah Index dropped 62.78 points to 10,797.17.
The FBM 70 Index slid 118.07 points to 13,854.81 and the FBM ACE Index fell 104.99 points to 5,024.7.
Sector-wise, the Industrial Products and Services Index weakened 2.14 points to 170.25, the Plantation Index lost 36.36 points to 6,873.61, the Enery Index eased 13.14 points to 867.94.
However, the Financial Services Index gained 13.49 points to 16,203.82.
The Main Market volume was higher at 2.33 billion units worth RM1.72 billion compared with 1.88 billion units worth RM1.59 billion on Friday.
Warrant turnover narrowed to 195.82 million units valued at RM13.72 million against 332.32 million units valued at RM38.82 million last week.
The ACE Market volume decreased to 830.05 million shares worth RM259.45 million from 1.29 billion shares worth RM274.58 million previously.
Consumer products and services counters accounted for 309.34 million shares traded on the Main Market, industrial products and services (556.05 million); construction (225.69 million); technology (319.91 million); SPAC (nil); financial services (74.41 million); property (339.5 million); plantation (25.23 million); REITs (14.09 million), closed/fund (63,900); energy (232.82 million); healthcare (55.19 million); telecommunications and media (25.07 million); transportation and logistics (76 million); and utilities (85.22 million).
Source: The Edge
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