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 29): Bursa Malaysia maintained its upward trajectory to end higher for the sixth straight trading day on Monday, with the key index breaking the 16-month high, on the back of persistent buying in plantation and financial services counters, dealers said.
The FTSE Bursa Malaysia KLCI (FBM KLCI) gained 9.11 points to end at 1,515.39 from Friday’s (Jan 26) close of 1,506.28.
The barometer index, which opened 1.83 points better at 1,508.11, moved between 1,507.88 and 1,518.44 throughout the day.
Decliners led advancers 513 to 499 on the broader market, while 471 counters were unchanged, 805 untraded and 64 others suspended.
Turnover dropped to 4.32 billion units valued at RM2.98 billion from 4.92 billion units worth RM3.42 billion on Friday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices closed mostly higher with strong gains in energy stocks following the surge in crude oil prices.
“Bargain hunting persists in Hong Kong as China’s market regulator implements various measures to support the markets,” he said.
To recap, Thong said Beijing policymakers made a 50-basis point cut in required cash reserves for banks, injecting approximately US$140 billion (RM661.5 billion) liquidity into the banking system to bolster its economy.
Japan’s Nikkei 225 rose 0.77% to 36,026.94, Hong Kong’s Hang Seng Index improved 0.78% to 16,077.24, while Singapore's Straits Times Index decreased 0.61% to 3,140.31, and China’s SSE Composite Index declined 0.92% to 2,883.36.
For the local bourse, Thong maintained a cautiously optimistic outlook on the market, given the improving investor sentiment.
“Moreover, we foresee a positive ripple effect from China's stimulus plan, potentially benefitting regional markets including Malaysia. However, investors are advised to remain vigilant amid growing global volatility and geopolitical tensions in the Middle East.
“We anticipate the FBM KLCI to trend within the 1,500-1,520 range for the week. Looking at the technical indicators, we foresee a potential upward trend in the index if it can overcome the immediate resistance of 1,527. The immediate support level is spotted at 1,500,” he said.
Among the heavyweights, Maybank Bhd perked nine sen to RM9.23, Public Bank Bhd and CIMB Group Holdings Bhd rose four sen each to RM4.41 and RM6.22, respectively, Petronas Chemicals Group Bhd added three sen to RM6.73, while Tenaga Nasional Bhd fell four sen to RM10.50.
Of the
actives, Minetech Resources Bhd and Malaysian Resources Corp Bhd eased
half a sen to 15 sen and 64.5 sen, respectively, newly-listed Master Tec
Group Bhd slipped three sen to 36 sen, while YNH Property Bhd added 13
sen to 84.5 sen.
On the index board, the FBM Emas Index rose 48.39 points to 11,281.18,
the FBMT 100 Index surged 50.59 points to 10,9035.97, and the FBM 70
Index advanced 8.31 points to 15,291.52.
The FBM Emas Shariah Index increased 41.77 points to 11,331.43 while the FBM ACE Index lost 22.95 points to 4,819.18.
Sector-wise, the Financial Services Index expanded 116.88 points to 16,942.58, the Energy Index bagged 5.01 points to 883.56, the Property Index gained 4.48 points to 928.9, the Plantation Index jumped 96.88 points to 7,262.6, and the Industrial Products and Services Index perked 0.96 of a point to 174.88.
The Main Market volume declined to 2.94 billion units worth RM2.68 billion from 3.12 billion units worth RM3.05 billion on Friday.
Warrants turnover dwindled to 635.14 million units valued at RM97.47 million versus 798.71 million units valued at RM115.58 million previously.
The ACE Market volume tumbled to 740.72 million shares worth RM201.17 million compared with Friday's 990.69 million shares worth RM249.75 million.
Consumer products and services counters accounted for 339.94 million shares traded on the Main Market, industrial products and services (816.6 million); construction (214.37 million); technology (161.03 million); SPAC (nil); financial services (98.66 million); property (778.58 million); plantation (52.18 million); REITs (23.07 million), closed/fund (182,600); energy (143.45 million); healthcare (112.47 million); telecommunications and media (47.44 million); transportation and logistics (52.35 million); and utilities (102.81 million).
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