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 6): Bursa Malaysia closed marginally higher on Friday, due to bargain-hunting after the recent selloff amid a better performance by regional peers, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 1.28 points to 1,416.88 from Thursday’s closing of 1,415.60 The index, which opened 0.31 of a point easier at 1,415.29, moved between 1,415.28 and 1,419.96 during the day.
The market breadth was positive with gainers outpacing decliners 449 to 407, while 449 counters were unchanged, 1,011 untraded and 15 others suspended. Turnover dropped to 2.86 billion units worth RM2.09 billion, from 3.11 billion units worth RM2.25 billion on Thursday.
Regionally, Hong Kong’s Hang Seng Index expanded 1.58% to 17,485.98, Singapore's Straits Times Index gained 0.70% to 3,177.21, and South Korea’s Kospi added 0.21% to 2,408.73.
However, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI was unable to maintain its buying momentum, as investors remained cautious ahead of key US employment data later on Friday.
"On the domestic front, despite the local market sentiment showing signs of improvement, our stance is to remain cautious, as we expect that the market volatility will remain elevated in the near term," he told Bernama.
Among heavyweight counters, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd gained one sen to RM8.77 and RM5.42 respectively, while Tenaga Nasional Bhd (TNB) added six sen to RM10.02, and Public Bank Bhd shed one sen to RM4.03. Petronas Chemicals Group Bhd was unchanged at RM7.10.
Of the actives, Sapura Energy Bhd was flat at five sen, KNM Group Bhd slid half-a-sen to 17 sen, and Top Glove Corp Bhd lost three sen to 75.5 sen. Sarawak Consolidated Industries Bhd put on half-a-sen to 50 sen.
On the index board, the FBM Emas Index improved by 10.05 points to 10,503.84, the FBMT 100 Index widened by 7.35 points to 10,169.64 and the FBM Emas Shariah Index increased by 13.85 points to 10,794.09.
The FBM 70 Index went up 2.10 points to 13,992.17, and the FBM ACE Index added 38.87 points to 5,150.51.
Sector-wise, the Plantation Index shaved 0.41 of-a-point to 6,837.20, while the Financial Services Index increased 5.92 points to 15,869.59 and the Energy Index climbed 0.67 points to 849.94. The Industrial Products Services Index was stronger by 0.91 of a point to 170.82.
The Main Market volume decreased to 1.90 billion units worth RM1.84 billion, from 2.06 billion units worth RM2.02 billion on Thursday.
Warrant turnover expanded to 310.50 million units valued at RM44.32 million, against 291.80 million units valued at RM34.60 million previously.
The ACE Market volume was reduced to 637.41 million shares worth RM203.19 million, from 730.90 million shares worth RM193.29 million previously.
Consumer products and services counters accounted for 171.26 million shares traded on the Main Market, industrial products and services (379.08 million); construction (201.0 million); technology (73.96 million); SPAC (nil); financial services (88.55 million); property (257.86 million); plantation (31.24 million); REITs (9.97 million), closed/fund (14,630); energy (394.53 million); healthcare (154.60 million); telecommunications and media (32.96 million); transportation and logistics (47.93 million), and utilities (61.67 million).
Source: The Edge
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