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 (Nov 29): Bursa Malaysia closed lower for the third straight session on Wednesday after reversing all its intraday gains, dragged down by selling in telecommunication and banking heavyweights, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged lower by 0.13% or 1.95 points to 1,446.07 from Tuesday's closing of 1,448.02.
The benchmark index opened 0.61 of a point firmer at 1,448.63 and moved between 1,445.61 and 1,450.42 throughout the trading session.
Market breadth was negative, with losers leading gainers by 588 to 354, while 426 counters were unchanged, 1,011 untraded and 85 others suspended.
Turnover narrowed to 3.28 billion units worth RM2.27 billion from 3.81 billion units valued at RM2.38 billion on Tuesday.
Apex Securities Bhd head of research Kenneth Leong said the benchmark index was impacted by the weaker corporate earnings reported by Axiata Group during the midday break.
“Looking ahead, we expect the downward bias undertone to prevail amid the absence of fresh leads, while the final days of corporate earnings releases will be in focus.
“Meanwhile, investors will be keeping a close tab on China's manufacturing data to be released tomorrow [Nov 30] morning,” he said.
Technically, Leong said the KLCI has formed another bearish candle as the key index remains on the downward bias consolidation band.
“Should the near term support at 1,445 level be unable to hold, the next support is pegged at 1,430, while the resistance level is located at 1,464-1,488,” he added.
Another analyst said the KLCI was moving in tight range as oil prices continue to be under pressure due to a cheaper oil option.
“While most companies have posted better financial returns post-pandemic, the economic outlook remains gloomy due to a decline in purchasing power,” she said.
Among heavyweights, Maybank Bhd eased a sen to RM9.04, Public Bank Bhd was up by two sen to RM4.24, CIMB Group Holdings Bhd shed four sen to RM5.64, Tenaga Nasional Bhd and IHH Healthcare Bhd eased a sen each to RM9.88 and RM5.83, while Petronas Chemicals Group Bhd was flat at RM7.08.
As for the most active counters, Top Glove Corp Bhd eased four sen to 86 sen, Fitters Diversified Bhd was flat at five sen, Leform Bhd added half a sen to 32 sen and Widad Group Bhd was also flat at 47 sen.
On the index board, the FBM Emas Index was 23.12 points lower at 10,699.45, the FBMT 100 Index lost 20.67 points to 10,365.88, while the FBM Emas Shariah Index declined 33.18 points to 10,859.75.
The FBM 70 Index dipped 57.65 points to 14,204.52 and the FBM ACE Index shed 40.59 points to 5,043.62.
Sector-wise, the Financial Services Index dropped 5.99 points to 16,271.92, the Industrial Products and Services Index added 0.02 of a point to 171.72, the Energy Index weakened by 0.06 of a point to 821.85 but the Plantation Index was 6.94 points higher at 7,013.51.
Main Market volume narrowed to two billion units valued at RM1.98 billion from 2.45 billion units worth RM2.07 billion on Tuesday.
Warrants turnover shrank to 522.28 million units worth RM60.96 million against 572.27 million units valued at RM68.95 million previously.
ACE Market volume trimmed to 723.18 million shares valued at RM227.02 million versus 781.4 million shares worth RM242.71 million yesterday.
Consumer
products and services counters accounted for 315.32 million shares
traded on the Main Market, industrial products and services (519.95
million); construction (111.2 million); technology (214.29 million);
SPAC (nil); financial services (54.17 million); property (182.14
million); plantation (35.64 million); REITs (15.06 million), closed/fund
(6,000); energy (127.9 million); healthcare (241.54 million);
telecommunications and media (38.19 million); transportation and
logistics (32.25 million); and utilities (110.09 million).
Source: The Edge
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