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 3): Malaysian equities ended the week mostly positive, reflecting the growing investor confidence after the temporary halt in US interest rate increases.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.7%, or 10.16 points higher, to 1,449.93 from Thursday's closing of 1,439.77.
The benchmark index opened 7.86 points firmer at 1,447.63 and moved between 1,444.79 and 1,453.19 throughout the trading session.
The broader market stayed positive with gainers beating decliners 621 to 309, while 440 counters were unchanged, 981 untraded and 22 suspended.
Turnover increased to 3.6 billion units valued at RM2.02 billion from 3.38 billion units worth RM1.93 billion the previous day.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said major regional indices rose sharply higher, especially in Hong Kong, with buying interests focused mainly on tech-related, consumer and energy stocks, fuelled by optimism stemming from Wall Street's performance and the growing consensus that the US Federal Reserve (Fed) had put an end to its interest rate hike cycle.
“As for the local bourse, we remain optimistic and anticipate that the benchmark index will sustain its buying momentum fuelled by a renewed sense of optimism,” he said.
On Bursa Malaysia, among heavyweight counters, Axiata Group Bhd and Petronas Chemicals Group Bhd rose six sen each to RM2.35 and RM7.19, Sime Darby Plantation Bhd gained seven sen to RM4.38, Press Metal Aluminium Holdings Bhd added five sen to RM4.89, Tenaga Nasional Bhd gained seven sen to RM9.97 and MISC Bhd added nine sen to RM7.30.
Of the actives, SMTrack Bhd and Widad Group Bhd eased half a sen each to 4.5 sen and 45 sen, while Zen Tech International Bhd, MLabs Systems Bhd and Fitters Diversified Bhd were flat at two sen, one sen and four sen respectively,
On the index board, the FBM Emas Index accumulated 66.89 points to 10,698.94, the FBMT 100 Index grew 63.31 points to 10,368.41 and the FBM Emas Shariah Index rose 82.05 points to 10,906.79.
The FBM 70 Index advanced 45.37 points to 14,098.53 and the FBM ACE Index soared 75.01 points to 5,098.99.
Sector-wise, the Industrial Products and Services Index ticked up 1.06 points to 171.71 while the Plantation Index increased 45.35 points to 6,953.25 and the Energy Index was 4.67 points better at 875.48.
The Financial Services Index chalked up 63.37 points to 16,298.88.
The Main Market volume improved marginally to 1.94 billion units worth RM1.71 billion compared with 1.93 billion units valued at RM1.61 billion on Thursday.
Warrants turnover expanded to 537.52 million units valued at RM77.88 million against 480.69 million units worth RM77.09 million the previous day.
The ACE Market volume soared to 1.12 billion shares worth RM229.56 million from 964.52 million shares valued at RM240.08 million previously.
Consumer products and services counters accounted for 330.11 million shares traded on the Main Market, industrial products and services (548.11 million); construction (146.04 million); technology (175.65 million); SPAC (nil); financial services (66.67 million); property (261.48 million); plantation (26.38 million); REITs (9.08 million), closed/fund (61,900); energy (163.96 million); healthcare (55.26 million); telecommunications and media (32.21 million); transportation and logistics (29.36 million); and utilities (103.16 million).
Source: The Edge
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