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 7): Bursa Malaysia recouped most of its earlier losses to close marginally lower on Tuesday on profit taking, said a dealer.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.3 points to end at 1,463.37 from Monday's closing of 1,464.67.
The benchmark index opened 0.62 of a point easier at 1,464.05 and moved between 1,458.66 and 1,465.55 throughout the trading session.
The broader market was negative with decliners outpacing gainers 517 to 385, while 461 counters were unchanged, 985 untraded and seven others suspended.
Turnover dropped to 3.27 billion units valued at RM2.17 billion from Monday’s 3.76 billion units valued at RM2.34 billion.
Rakuten Trade equity research vice president Thong Pak Leng said the trend for Malaysian equities remained positive, driven by improving regional sentiment and substantial support from foreign investors.
“Despite profit-taking activities today, we view it as a healthy sign, as it allows the market to absorb the recent uptrend. Consequently, we expect the FBM KLCI to trend higher within the 1,460-1,480 range for the rest of the week, with immediate resistance at 1,465 and support at 1,430,” he said.
Among heavyweights, Maybank Bhd and IHH Healthcare Bhd increased four sen each to RM9.15 and RM6.05, respectively, CIMB Group Holdings Bhd was flat at RM5.81, Public Bank Bhd eased one sen to RM4.24, Petronas Chemicals Group Bhd shed six sen to RM7.28, and Tenaga Nasional Bhd declined five sen to RM9.95.
Of the actives, Top Glove Corp Bhd rose two sen to 78 sen, Dagang NeXchange Bhd rose 1.5 sen to 45.5 sen, EA Technique Bhd went up 4.5 sen to 38.5 sen, both Widad Group Bhd and Sarawak Consolidated Industries Bhd were flat at 45 sen and 57.5 sen, respectively, and Kanger International Bhd slipped 2.5 sen to 9.5 sen.
On the index board, the FBM Emas Index trimmed 7.35 points to 10,802.08, the FBMT 100 Index shed 4.92 points to 10,468.71, and the FBM Emas Shariah Index shaved off 14.78 points to 10,998.11.
The FBM 70 Index advanced 12.52 points to 14,253.33 and the FBM ACE Index decreased 25.34 points to 5,097.53.
Sector-wise, the Industrial Products and Services Index eased 0.32 of a point to 172.85, the Plantation Index dipped 32.79 points to 6,957.86, the Energy Index was 5.59 points firmer at 870.88, and the Financial Services Index climbed 4.01 points to 16,459.83.
The Main Market volume went down to 2.1 billion units worth RM1.91 billion compared with Monday’s 2.59 billion units worth RM2.08 billion.
Warrants turnover fell to 380.13 million units valued at RM53.48 million from 388.59 million units valued at RM49.43 million yesterday.
The ACE Market volume was slightly lower at 774.76 million shares worth RM199.73 million from 778.81 million shares worth RM211.14 million previously.
Consumer products and services counters accounted for 284.81 million shares traded on the Main Market, industrial products and services (405.54 million); construction (148.5 million); technology (255.49 million); SPAC (nil); financial services (57.7 million); property (224.21 million); plantation (24.36 million); REITs (11.5 million), closed/fund (67,100); energy (123.39 million); healthcare (284.82 million); telecommunications and media (36.83 million); transportation and logistics (131.52 million); and utilities (110.38 million).
Source: The Edge
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