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 13): Bursa Malaysia ended mixed as investors remained cautious while digesting Budget 2024 announcements.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.32 points to 1,444.14 from Thursday’s close of 1,443.82.
The index, which opened 0.45 of-a-point lower at 1,443.37, moved between 1,440.49 and 1,444.97 throughout the day.
On the broader market, decliners outpaced gainers 488 to 377, while 479 counters were unchanged, 1,011 untraded and 25 others suspended.
Turnover decreased to 3.22 billion units worth RM1.80 billion from 3.38 billion units worth RM2.03 billion on Thursday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said he expects the medium-term outlook for Malaysian equities to remain stable, supported by attractive valuations, stronger corporate earnings and improving economic conditions.
“Therefore, we expect accumulation to persist in the upcoming week,” he told Bernama.
Among the heavyweights, Petronas Chemicals rose eight sen to RM7.35, Tenaga Nasional edged up two sen to RM10.02, Maybank eased one sen to RM8.98 and Public Bank also eased one sen to RM4.17. CIMB was flat at RM5.66.
Of the actives, MMAG Holdings lost half sen to one sen while KNM Group did the same to 11.5 sen. UEM Sunrise slid 1.5 sen to 83 sen while SSF Home did the same to 25 sen. Widad inched up half-a-sen to 55 sen.
On the index board, the FBM Emas Index eased 1.37 points to 10,694.94, the FBMT 100 Index contracted 0.65 of-a-point to 10,356.88, the FBM 70 Index reduced 13.47 points to 14,213.41, and the FBM ACE Index erased 32.82 points to 5,144.95, while the FBM Emas Shariah Index was up 4.70 points to 10,925.47.
Sector-wise, the Industrial Products Services Index edged up 0.40 of-a-point to 174.44, the Plantation Index perked 15.96 points to 6,862.73 and the Energy Index was 1.91 points higher at 877.36, while the Financial Services Index decreased 14.34 points to 16,264.18.
The Main Market volume slipped to 1.94 billion units worth RM1.55 billion from 2.04 billion units worth RM1.73 billion on Thursday.
Warrant turnover expanded to 371.45 million units valued at RM49.13 million against 349.42 million units valued at RM46.04 million yesterday.
The ACE Market volume narrowed to 895.89 million shares worth RM195.28 million from 996.10 million shares worth RM247.98 million previously.
Consumer products and services counters accounted for 267.51 million shares traded on the Main Market, industrial products and services (349.55 million); construction (290.65 million); technology (141.48 million); SPAC (nil); financial services (59.71 million); property (421.66 million); plantation (28.86 million); REITs (7.34 million), closed/fund (14,100); energy (231.02 million); healthcare (38.41 million); telecommunications and media (33.65 million); transportation and logistics (37.84 million); and utilities (32.22 million).
Source: The Edge
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