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...
Market Daily Report: KLCI ends in negative territory on lack of buying interests, weak market sentiment
KUALA LUMPUR (Nov 28): The FBM KLCI pared losses on Tuesday but remained in negative territory as investors were reluctant to make significant moves due to lack of buying interests and weak market sentiment, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.13 of a point to 1,448.02 from Monday’s closing of 1,448.15.
The barometer index opened 2.04 points better at 1,450.19 and moved between 1,446.6 and 1,452.6 throughout the trading session.
Market breadth was negative, with losers surpassing gainers at 526 to 390, while 450 counters were unchanged, 1,044 untraded and 72 others suspended.
Turnover expanded to 3.81 billion units valued at RM2.38 billion from 3.09 billion units worth RM2.05 billion on Monday.
Rakuten Trade equity research vice president Thong Pak Leng said key regional indices finished mostly lower following a negative cue from global equities overnight.
He said investors were eagerly anticipating updates on inflation data and insights into how the US consumers respond to it.
On the domestic front, despite the prevailing cautious sentiment, Thong said the sell-down offers an opportunity for investors to hunt for bargains in stocks at lower levels.
“Hence, we expect bargain hunting to emerge and anticipate the benchmark index to trend within the 1,445-1,465 range for the rest of the week,” he said.
Among the heavyweights, CIMB Group Holdings Bhd was down seven sen to RM5.68, Petronas Chemicals Group Bhd eased a sen to RM7.08, RHB Bank Bhd declined six sen to RM5.51, PPB Group Bhd eased 12 sen to RM14.06, while Public Bank Bhd and Press Metal Aluminium Holdings Bhd Metal shed two sen each to RM4.22 and RM4.85, respectively.
Of the most active, Hong Seong Consolidated Bhd was flat at 2.5 sen, Top Glove Corp Bhd added two sen to 90 sen, CSH Alliance Bhd grew half a sen to six sen and Leform Bhd gained 1.5 sen to 31.5 sen.
On the index board, the FBM Emas Index was 2.89 points lower at 10,722.57, the FBMT 100 Index slid 4.07 points to 10,386.55 while the FBM Emas Shariah Index increased 18.87 points to 10,892.93.
The FBM 70 Index slipped by 19.17 points to 14,262.17 and the FBM ACE Index fell by 23.16 points to 5,084.21.
Sector-wise, the Financial Services Index contracted 63.99 points to 16,277.91, the Energy Index dipped 8.77 points to 821.91, and the Industrial Products and Services Index eased 0.54 of a point to 171.70, while the Plantation Index advanced 63.12 points to 7,006.57.
Main Market volume grew to 2.45 billion units worth RM2.07 billion from 1.82 billion units valued at RM1.71 billion on Monday.
Warrants turnover widened to 572.27 million units valued at RM68.95 million against 496.1 million units worth RM63.91 million previously.
ACE Market volume rose to 781.4 million shares worth RM242.71 million versus 776.51 million shares valued at RM279.85 million on Monday.
Consumer products and services counters accounted for 337.19 million shares traded on the Main Market, industrial products and services (572.28 million); construction (103.42 million); technology (557.23 million); SPAC (nil); financial services (69.53 million); property (201.02 million); plantation (29.91 million); REITs (9.63 million), closed/fund (58,100); energy (136.83 million); healthcare (277.21 million); telecommunications and media (30.47 million); transportation and logistics (41.13 million); and utilities (86.14 million).
Source: The Edge
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