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 22): Bursa Malaysia retreated from Tuesday's gains to finish marginally lower on Wednesday, dragged by profit-taking activities as the risk-off mode intensified, an analyst said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.51 points to 1,455.89 from Tuesday’s closing of 1,463.4.
The barometer index opened 2.81 points lower at 1,460.59 — its highest level on Wednesday — before moving to the day’s low of 1,454.52 during the morning session.
Market breadth was negative, with decliners leading gainers 530 to 374, while 435 counters were unchanged, 1,035 untraded and 10 others suspended.
Turnover narrowed to 2.97 billion units valued at RM2.04 billion against 3.66 billion units valued at RM2.11 billion the previous day.
SPI Asset Management managing director Stephen Innes said the KLCI trended lower as investors re-evaluated market sentiment following the release of US Federal Reserve's minutes, which tempered rate cut expectations.
In addition, he said the holiday-shortened week ahead of Thanksgiving celebration this week has been dominating global investors' appetite, which is leaning towards risk reduction instead of risk taking mode.
Among the heavyweight counters, Maybank Bhd eased a sen to RM9.10, Public Bank Bhd was flat at RM4.27, CIMB Group Holdings Bhd eased two sen to RM5.77, Petronas Chemicals Group Bhd dropped 13 sen to RM7.25, and Tenaga Nasional Bhd gave up four sen to RM9.98.
Of the actives, Widad Group Bhd earned half a sen to 46.5 sen, Top Glove Corp Bhd and Capital A Bhd rose three sen each to 84 sen and 86.5 sen, Leform Bhd gained one sen to 27.5 sen, while Perdana Petroleum Bhd fell two sen to 24 sen.
On the index board, the FBM Emas Index fell 34.44 points to 10,795.57, the FBMT 100 Index was 34.2 points lower to 10,454.34, and the FBM Emas Shariah Index dropped 45.3 points to 10,992.99.
The FBM ACE Index erased 6.05 points to 5,202.33, while the FBM 70 Index appreciated 38.53 points to 14,404.37.
Sector-wise, the Financial Services Index slid 27.25 points to 16,396.48, the Energy Index shed 4.3 points to 859.45, the Plantation Index was 55.4 points weaker at 6,960.68, and the Industrial Products and Services Index eased 1.98 points to 174.05.
The Main Market volume reduced to 1.79 billion units valued at RM1.76 billion from 2.15 billion units worth RM1.79 billion on Tuesday.
Warrants turnover dropped to 521.94 million units valued at RM54.50 million against 741.11 million units valued at RM92.53 million previously.
The ACE Market volume narrowed to 646.86 million shares worth RM227.49 million versus 745.51 million shares worth RM219.57 million the previous day.
Consumer products and services counters accounted for 415.87 million shares traded on the Main Market, industrial products and services (356.37 million); construction (89.1 million); technology (186.49 million); SPAC (nil); financial services (45.85 million); property (205.49 million); plantation (27.1 million); REITs (9.59 million), closed/fund (37,000); energy (159.65 million); healthcare (159 million); telecommunications and media (30.41 million); transportation and logistics (51.88 million); and utilities (60.53 million).
Source: The Edge
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