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 31): Bursa Malaysia closed marginally higher on Tuesday, despite a mixed regional peers performance, as risk appetite in the broader market improved on bargain hunting activities.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.94 points to 1,442.14 from Monday's closing of 1,439.20.
The benchmark index, which opened 0.45 of a point easier at 1,438.75, moved between 1,437.98 and 1,443.46 throughout the day.
The broader market turned slightly positive with advancers beating decliners 410 to 398, while 486 counters were unchanged, 1,082 untraded and 61 suspended.
Turnover increased to 2.99 billion units worth RM1.85 billion from 2.8 billion units valued at RM1.51 billion yesterday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the local bourse was buoyed by bargain-hunting activities, particularly in commodity-related stocks.
He said sentiment is likely to stay cautious, with increasing external volatility and potential selling from foreign funds.
“We anticipate the benchmark index to maintain its sideways pattern with an upside bias for the rest of the week to trend between 1,430 and 1,450,” he said.
Thong also said the key regional indices were mixed as investors are cautious, awaiting the US Federal Reserve to announce its next move on interest rates while the Bank of Japan held its policy meeting earlier on Tuesday.
Additionally, investors’ sentiment took a hit as China's manufacturing sector unexpectedly contracted in October, while non-manufacturing growth decelerated significantly, he said.
Regionally, Singapore’s Straits Times Index rose 0.11% to 3,067.74, South Korea’s Kospi fell 1.41% to 2,277.99, while Hong Kong’s Hang Seng Index dropped 1.69% to 17,112.48, and China’s SSE Composite Index slipped 0.09% to 3,018.77.
Meanwhile, Japan’s Nikkei 225 gained 0.53% to 30,858.85 following its central bank’s decision to keep the short-term interest rate unchanged at -0.1%.
On Bursa Malaysia, heavyweights Maybank Bhd and CelcomDigi Bhd put on three sen each to RM9.02 and RM4.23 respectively, Public Bank Bhd and CIMB Group Holdings Bhd added one sen each to RM4.16 and RM5.71 respectively, Petronas Chemicals Group Bhd perked up six sen to RM7.34, while Tenaga Bhd and IHH Healthcare Bhd gained four sen each to RM9.90 and RM6 respectively.
Hong Leong Bank was the biggest gainer among the index-linked counters rising 1.23%, followed by Petronas Gas Bhd with a 1.06% gain, while Axiata Group Bhd topped the losers list slipping 3.54%.
Of the actives, Classita Holdings Bhd and Widad Group Bhd were flat at 6.5 sen and 45 sen respectively, Kanger International Bhd slipped one sen to 12.5 sen, while Salutica Bhd surged 17.5 sen to RM1.02 and Impiana Hotels Bhd bagged 1.5 sen to 15.5 sen.
On the index board, the FBM Emas Index increased 39.27 points to 10,638.59, the FBMT 100 Index rose 39.58 points to 10,315.36, the FBM Emas Shariah Index garnered 39.64 points to 10,841.59, the FBM ACE Index gained 11.81 points to 5,017.41, and the FBM 70 Index jumped 134.89 points to 14,037.87.
Sector-wise, the Consumer Products and Services Index was 0.39 of a point easier at 550.74, the Industrial Products and Services Index added 0.28 of a point to 172.4, the Energy Index improved 4.65 points to 868.29, the Financial Services Index went up 39.34 points to 16,251.54, while the Plantation Index perked up 5.49 points to 6,904.17.
The Main Market volume expanded to 1.82 billion units worth RM1.57 billion compared with 1.72 billion units worth RM1.28 billion on Monday.
Warrants turnover swelled to 409.72 million units valued at RM65.09 million against 352.09 million units valued at RM50.06 million on Monday.
The ACE Market volume widened to 749.32 million shares worth RM215.22 million from 726.30 million shares worth RM185.26 million previously.
Consumer products and services counters accounted for 529.71 million shares traded on the Main Market, industrial products and services (419.57 million); construction (91.06 million); technology (152.08 million); SPAC (nil); financial services (56.29 million); property (225.73 million); plantation (22.38 million); REITs (7.77 million), closed/fund (39,800); energy (129.3 million); healthcare (52.41 million); telecommunications and media (34.19 million); transportation and logistics (40.66 million); and utilities (54.96 million).
Source: The Edge
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