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 5): Bursa Malaysia ended flat on Thursday on last-minute selling that halted the key index’s recovery, as investors adopted a wait-and-see attitude before taking further position ahead of the tabling of Budget 2024 next week, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.24 of-a-point to 1,415.60, from Wednesday’s closing of 1,415.84.
The index, which opened 2.40 points lower at 1,413.44, moved between 1,412.17 and 1,420.61 during the day.
However, market breadth was positive with gainers outpacing decliners 453 to 355, while 503 counters were unchanged, 977 untraded and 15 others suspended.
Turnover increased to 3.11 billion units worth RM2.25 billion, from 3.02 billion units worth RM2.23 billion on Wednesday.
Apex Securities Bhd head of research Kenneth Leong reckoned that the FBM KLCI could find stability as bargain-hunting activities may emerge over the near term.
“Investors may also monitor the United States unemployment data to be released tomorrow (Friday, Oct 6) night, to gauge the health of the world’s largest economy,” he told Bernama.
With the FBM KLCI attempting to find stability along the support level of 1,413, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that any recovery will be measured towards the near-term resistance at 1,424.
“Should it be unable to hold at the 1,413 level, further correction may send the key index towards the next support at 1,395,” he said.
Among heavyweight counters, Malayan Banking Bhd (Maybank) gained three sen to RM8.76, CIMB Group Holdings Bhd added one sen to RM5.41, Petronas Chemicals Group Bhd was flat at RM7.10, and Public Bank shed one sen to RM4.04.
Of the actives, KNM Group Bhd edged up one sen to 17.5 sen, Sarawak Consolidated Industries Bhd firmed two sen to 49.5 sen, Ekovest Bhd improved half-a-sen to 54 sen, Boustead Plantations Bhd perked 13 sen to RM1.40, and UEM Sunrise Bhd slid 3.5 sen to 78.5 sen.
On the index board, the FBM Emas Index shaved 0.05 of-a-point to 10,493.79, the FBMT 100 Index trimmed 2.47 points to 10,162.29, and the FBM Emas Shariah Index dropped 1.84 points to 10,780.24.
The FBM 70 Index erased 6.62 points to 13,990.07, and the FBM ACE Index weakened 8.78 points to 5,111.64.
Sector-wise, the Plantation Index inched up by 11.78 points to 6,837.61 and the Financial Services Index increased 31.54 points to 15,863.67, while the Energy Index retreated 8.78 points to 849.27 and the Industrial Products Services Index slid 0.20 of-a-point to 169.91.
The Main Market volume increased to 2.06 billion units worth RM2.02 billion, from 1.92 billion units worth RM1.96 billion on Wednesday.
Warrant turnover dropped to 291.80 million units valued at RM34.60 million, against 318.23 million units valued at RM41.74 million previously.
The ACE Market volume shrank to 730.90 million shares worth RM193.29 million, from 785.42 million shares worth RM231.29 million previously.
Consumer products and services counters accounted for 254.43 million shares traded on the Main Market, industrial products and services (394.02 million); construction (156.71 million); technology (135.23 million); SPAC (nil); financial services (108.41 million); property (269.06 million); plantation (102.13 million); REITs (10.25 million); closed/fund (50,000); energy (430.89 million); healthcare (51.33 million); telecommunications and media (29.91 million); transportation and logistics (64.37 million); and utilities (59.65 million).
Source: The Edge
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