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 (Dec 13): Bursa Malaysia reversed earlier losses to finish in positive territory due to late buying after experiencing choppy trading throughout the day, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.92 of-a-point to 1,448.04 compared with Tuesday's closing of 1,447.12.
The key index opened 1.04 points easier at 1,446.08 and moved between 1,443.72 and 1,448.48 throughout the day.
The broader market was also positive, with gainers outpacing losers 482 to 378, while 456 counters were unchanged, 1,012 untraded, and 21 others suspended.
Turnover improved to 3.76 billion units worth RM2.40 billion from 3.28 billion units worth RM2.38 billion on Tuesday.
Rakuten Trade equity research vice-president Thong Pak Leng said the performance of the local bourse was in tandem with the regional markets as investors are cautious ahead of the US Federal Reserve’s (Fed) rate decision later on Wednesday.
He noted that economists worldwide foresee the Fed keeping its benchmark overnight borrowing rate in the range of 5.25% to 5.5%.
“As for the local bourse, sentiment might shift towards caution amid increasing market risks and global market volatility.
“Yet, we reckon the valuation of the benchmark index is still appealing, offering opportunities for investors. We anticipate the FBM KLCI to remain in its sideways pattern with an upside bias for the rest of the week, pending new catalysts to emerge, and move between the 1,445-1,455 range,” he told Bernama.
Regionally, Japan’s Nikkei 225 rose 0.25% to 32,926.35, Singapore’s Strait Times Index was 0.06% better at 3,104.26, Hong Kong’s Hang Seng fell 0.89% to 16,228.75, and South Korea’s Kospi erased 0.97% to 2,510.66.
Among heavyweights, Malayan Banking Bhd was flat at RM9.07, CIMB Group Holdings Bhd was unchanged at RM5.79, Public Bank Bhd added one sen at RM4.26, and Tenaga Nasional Bhd shed five sen to RM9.88.
Of the actives, TWL Holdings Bhd lost half-a-sen at three sen, Top Glove Corp Bhd added eight sen to 87.5 sen, Bina Puri Holdings Bhd was one sen better at 9.5 sen, Sarawak Cable Bhd climbed three sen to 24 sen, and Sapura Energy Bhd perked up half-a-sen to five sen.
On the index board, the FBM Emas Index rose 31.70 points to 10,713.78, the FBMT 100 Index added 31.46 points to 10,381.02, the FBM Emas Shariah Index increased 41.01 points to 10,815.82, the FBM ACE Index climbed 19.78 points to 5,150.81, while the FBM 70 Index jumped 151.56 points to 14,229.74.
Sector-wise, the Financial Services Index shaved off 2.02 points to 16,374.25 and the Energy Index was 6.14 points weaker at 789.33.
The Industrial Products and Services Index added 0.64 of-a-point to 170.74 and the Plantation Index was 19.99 points better at 6,993.57.
The Main Market volume expanded to 2.49 billion units valued at RM2.13 billion against 1.94 billion units valued at RM2.08 billion on Tuesday.
Warrants turnover fell to 644.97 million units worth RM82.56 million from 752.97 million units worth RM93.84 million previously.
The ACE Market volume improved to 617.69 million shares valued at RM187.42 million versus 587.87 million shares valued at RM204.0 million on Tuesday.
Consumer products and services counters accounted for 363.43 million shares traded on the Main Market, industrial products and services (465.38 million), construction (322.51 million), technology (122.72 million), SPAC (nil), financial services (78.99 million), property (336.02.6 million), plantation (34.23 million), REITs (18.33 million), closed/fund (3,000), energy (271.64 million), healthcare (286.69 million), telecommunications and media (29.11 million), transportation and logistics (45.37 million), and utilities (113.08 million).
Source: The Edge
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