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 (Jan 15) : Bursa Malaysia continued its upbeat momentum to end higher on Monday on broad-based buying support, with the barometer index closing above the 1,500 psychological barrier last seen in August 2022, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.77 points to 1,501.11 from last Friday's (Jan 12) close of 1,487.34.
The last time the key index was above the 1,500 level was on Aug 30, 2022 when it closed at 1,512.05.
The benchmark index opened 0.94 of a point better at 1,488.28 and moved between 1,487.81 and 1,501.86 during the trading session.
On the broader market, gainers beat decliners 575 to 456, while 419 counters were unchanged, 769 untraded and 20 suspended.
Turnover increased to 4.98 billion units worth RM3.13 billion from 4.08 billion units worth RM2.84 billion on Friday.
Rakuten Trade equity research vice president Thong Pak Leng said the local bourse also tracked the positive performance of regional peers, as China on Monday kept its one-year policy loan interest rate unchanged at 2.5%, while injecting funds into the financial system to stimulate the economy.
“With the FBM KLCI breaching the 1,500 psychological resistance threshold and if this level can be maintained for an extended period, we anticipate additional upward potential.
“As such, we foresee the benchmark index to trend within the 1,490 to 1,510 range for the week with immediate resistance at 1,525 and support at 1,475, followed by 1,465,” he said.
Regionally, Japan's Nikkei 225 rose 0.91% to 35,901.79, Shanghai’s Stock Exchange added 0.15% to 2,886.29, South Korea’s Kospi improved 0.04% to 2,525.99 and Singapore’s Straits Times Index gained 0.24% to 3,199.42.
Hong Kong’s Hang Seng Index eased 0.17% to 16,216.33.
Among the heavyweights, Maybank Bhd added two sen to RM9.08, Public Bank Bhd gained six sen to RM4.36, CIMB Group Holdings Bhd rose eight sen to RM6, Tenaga Nasional Bhd advanced 16 sen to RM10.50, and Petronas Chemicals Group Bhd bagged three sen to RM6.95.
Of the actives, Minetech Resources Bhd slid two sen to 17.5 sen, Insas Bhd warrant surged 18.5 sen to 39.5 sen, Malaysian Resources Corp Bhd perked 5.5 sen to 53.5 sen, while Ekovest Bhd and Hong Seng Consolidated Bhd inched up half a sen each to 59.5 sen and two sen, respectively.
On the index board, the FBM Emas Index advanced 83.86 points to 11,200.71, the FBM 70 Index added 18.85 points to 15,182.66, the FBMT 100 Index expanded 77.44 points to 10,839.32, the FBM Emas Shariah Index gained 64.75 points to 11,313.73, while the FBM ACE Index eased 0.47 of a point to 5,380.96.
Sector-wise, the Industrial Products and Services Index was 1.82 points better at 177.67, the Financial Services Index jumped 143.38 points to 16,693.42, the Energy Index improved 0.94 of a point to 866.65, the Plantation Index soared 87.03 points to 7,188.96, and the Property Index climbed 23.15 points to 915.94.
The Main Market volume rose to 3.29 billion units valued at RM2.74 billion from 2.78 billion units valued at RM2.52 billion last Friday.
Warrants turnover jumped to 846.81 million units worth RM104.46 million from 573.39 million units worth RM75.62 million previously.
The ACE Market volume swelled to 820.88 million shares valued at RM281.65 million versus 726.07 million shares valued at RM240.75 million last Friday.
Consumer products and services counters accounted for 306.33 million shares traded on the Main Market, industrial products and services (980.28 million); construction (334.13 million); technology (315.16 million); SPAC (nil); financial services (264.46 million); property (635.45 million); plantation (21.97 million); REITs (25.77 million), closed/fund (137,900); energy (106.93 million); healthcare (76.60 million); telecommunications and media (48.81 million); transportation and logistics (45.54 million); and utilities (128.72 million).
Source: The Edge
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