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 6): Bursa Malaysia ended on a lower note on Wednesday amid muted trading throughout most of the session.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 3.64 points to 1,445.82 from Tuesday’s close of 1,449.46.
The index opened 1.45 points higher at 1,450.91 and thereafter moved between 1,444.63 and 1,452.07 throughout the day.
Market breadth was negative, with decliners beating gainers 452 to 365, while 471 counters were unchanged, 1,026 untraded and 13 others suspended.
Turnover shrank to 2.8 billion units worth RM1.81 billion from 3.54 billion units worth RM2 billion on Tuesday.
A trader said a broad sell-off in the previous sessions as well as optimism about the US outlook for interest rate cuts helped boost interest for stocks in the early part of the day.
Nevertheless, the market failed to sustain the upbeat momentum as some investors cashed in profit.
"Some traders are also sidelined amid concerns over Moody's move to downgrade the credit outlook of Malaysia's largest trading partner on rising debt risks," he said.
It was reported that Moody's Investors Service has cut China’s government credit ratings to negative from stable, citing the impact on broader growth in the world’s second-largest economy as it resorts to fiscal stimulus to contain the debt crisis among the country’s property developers.
Back home, heavyweights Maybank Bhd eased one sen to RM9, while Public Bank Bhd and CIMB Group Holdings Bhd were unchanged at RM4.25 and RM5.75, respectively, while Tenaga Nasional Bhd bagged two sen to RM9.99.
Petronas Chemicals Group Bhd and IHH Healthcare Bhd trimmed four sen each to RM7.03 and RM5.80 respectively.
As for the most active counters, Velesto Energy Bhd dropped 1.5 sen to 20.5 sen, Widad Group Bhd and Bina Puri Holdings Bhd were half a sen higher at 47 sen and seven sen respectively, while Sarawak Consolidated Industries Bhd and Reneuco Bhd rose 1.5 sen each to 79.5 sen and 23 sen, respectively.
On the index board, the FBM Emas Index fell 27.07 points to 10,655.3, the FBMT 100 Index decreased by 28.62 points to 10,324.44, the FBM Emas Shariah Index lost 40.67 points to 10,796, and the FBM 70 Index dropped 50.33 points to 13,974.94.
However, the FBM ACE Index climbed 62.89 points to 5,141.7.
Sector-wise, the Financial Services Index dipped 28.08 points to 16,312.21, the Plantation Index slipped 12.17 points to 6,976.73, the Energy Index edged down 7.22 points to 802, while the Industrial Products and Services Index perked up 0.1 of a point to 169.93.
The Main Market volume narrowed to 1.63 billion units valued at RM1.55 billion against 2.06 billion units valued at RM1.7 billion on Tuesday.
Warrants turnover dwindled to 588.31 million units worth RM58.95 million from 678.24 million units worth RM69.44 million previously.
The ACE Market volume tumbled to 575.34 million shares valued at RM195.42 million versus 799.46 million shares valued at RM232.45 million the previous day.
Consumer products and services counters accounted for 257.06 million shares traded on the Main Market, industrial products and services (322.8 million); construction (156.82 million); technology (156.72 million); SPAC (nil); financial services (54.4 million); property (153.66 million); plantation (29.97 million); REITs (9.41 million), closed/fund (1,000); energy (229.26 million); healthcare (106.11 million); telecommunications and media (34.53 million); transportation and logistics (32.61 million); and utilities (82.81 million).
Source: The Edge
Comments
Post a Comment