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 5): Bursa Malaysia continues its upward trajectory on Friday to end at its highest level in almost a year on strong buying in heavyweights led by YTL Corp Bhd and YTL Power International Bhd, said an analyst.
The key regional indices also ended higher as bargain hunting emerged following the recent sell-off with a focus on financial stocks.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) soared 0.7% or 10.35 points to settle at its intraday high of 1,487.61 from Thursday’s close of 1,477.26.
The benchmark index opened 0.37 of a point lower at 1,476.89 and reached a low of 1,476.85 in the early morning session before gaining steam to trend upwards throughout the rest of the day.
On the broader market, gainers trounced losers 745 to 351, while 417 counters were unchanged, 707 untraded, and 17 others suspended.
Friday's turnover hit another high in over a year at 6.62 billion units worth RM3.72 billion compared with 6.37 billion units valued at RM3.82 billion on Thursday.
Meanwhile, Rakuten Trade equity research vice president Thong Pak Leng said that simultaneously, robust indications from the US labour market data released on Thursday were influencing the landscape of expectations for interest-rate cuts.
Investors were betting that the US Federal Reserve (Fed) would cut interest rates by twice as much this year as the central bank has indicated.
“Back home, our optimism persists, fuelled by favourable market indicators as we aspire for the benchmark index to remain above the 1,465 level for an extended period, a threshold it struggled to maintain several times last year,” said Thong.
Among heavyweights, YTL Corp advanced 17 sen to RM2.22, YTL Power International increased 22 sen to RM3.22, Celcomdigi Bhd and Axiata Group Bhd both rose seven sen to RM4.21 and RM2.56 respectively, Public Bank Bhd added four sen to RM4.33, while CIMB Group Holdings Bhd and MRDIY Group (M) Bhd was up by five sen each to RM6 and RM1.49 respectively.
Of the actives, Hong Seng Consolidated Bhd and Minetech Resources Bhd gained half a sen each to three sen and 21.5 sen respectively, Sapura Energy Bhd fell half a sen to five sen, Luster Bhd perked up two sen to 8.5 sen, and Sarawak Cable Bhd ticked up four sen to 42.5 sen.
On the index board, the FBM ACE Index expanded 50.38 points to 5,438.27, the FBM Emas Index increased 93.08 points to 11,097.22 and the FBMT 100 Index climbed 89.2 points to 10,744.37.
The FBM 70 Index surged 183.96 points to 15,059.87 and the FBM Emas Shariah Index expanded 64.44 points to 11,232.14.
Sector-wise, the Property Index added 10.39 points to 925.76, the Energy Index rose 5.33 points to 839.82 and the Industrial Products and Services Index gave up 0.11 of a point to 176.99.
The Financial Services Index jumped 117.13 points to 16,582.33 while the Plantation Index eased 6.65 points to 7,030.92.
The Main Market volume increased to 4.52 billion units valued at RM3.3 billion against 4.44 billion units worth RM3.43 billion on Thursday.
Warrants turnover decreased to 714.25 million units worth RM88.62 million from 770.91 million units valued at RM92.22 million previously.
The ACE Market volume widened to 1.36 billion shares valued at RM341.15 million versus 1.12 billion shares worth RM297.69 million the day before.
Consumer products and services counters accounted for 483.33 million shares traded on the Main Market, industrial products and services (1.46 billion); construction (267.15 million); technology (683.34 million); SPAC (nil); financial services (83.64 million); property (407.28 million); plantation (19.85 million); REITs (11.84 million), closed/fund (6,900); energy (418.48 million); healthcare (281.24 million); telecommunications and media (59.44 million); transportation and logistics (129.68 million); and utilities (206.74 million).
Source: The Edge
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