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 (Feb 15): Shares on Bursa Malaysia closed broadly higher on Thursday, with buying momentum seen in the broader market, although the FTSE Bursa Malaysia KLCI (FBM KLCI) ended 0.06% lower.
At 5pm, the benchmark FBM KLCI lost 0.95 of a point to 1,528.38 from Wednesday's close of 1,529.33.
The KLCI opened 0.04 of a point easier at 1,529.29, and moved between 1,525.39 and 1,532.66 throughout the day.
Gainers beat losers 557 to 370 on the broader market, while 468 counters were unchanged, 904 untraded and 10 others suspended.
Turnover rose to 3.68 billion units valued at RM2.28 billion from Wednesday's 2.81 billion units valued at RM1.93 billion.
SPI Asset Management managing director Stephen Innes said the local bourse took its cue from the recovery rally in the US, which offered global markets a bit of a respite.
“This was due to the US yielding the easing touch as traders considered the negative reaction was overdone,” he said.
Wall Street closed higher overnight, rebounding from the recent inflation-fuelled sell-off. The Dow Jones Industrial Average added 0.4%, to end at 38,424.27, Nasdaq rose 1.3%, to close at 15,859.15 and S&P500 rose 0.96% to finish at 5,000.62.
Losers in the heavyweights were led by CelcomDigi Bhd, losing three sen at RM4.23, followed by Petronas Dagangan Bhd, easing 30 sen to RM21.96, Sime Darby Plantation Bhd and IOI Corp Bhd were down four sen each to RM4.44 and RM3.98.
Other heavyweights, Maybank Bhd was flat at RM9.40, Public Bank Bhd and CIMB Group Holdings Bhd declined a sen each to RM4.39 and RM6.36, while Tenaga Nasional Bhd added four sen to RM11.10.
As for the actives, TWL Holdings Bhd was unchanged at 3.5 sen, Minetech Resources Bhd added two sen at 17 sen, Widad Group Bhd improved one sen to 13.5 sen, Sarawak Cable Bhd gained 7.5 sen to 23.5 sen and Sarawak Consolidated Industries Bhd advanced four sen to 41 sen.
On the index board, the FBM Emas Index was 7.8 points higher at 11,366.66, the FBMT 100 Index advanced 2.94 points to 11,018.22, the FBM 70 Index put on 44.3 points to 15,359.23, the FBM Emas Shariah Index increased by 22.36 points to 11,405.76 and the FBM ACE Index gained 53.96 points to 4,896.55.
Sector-wise, the Industrial Products and Services Index added 0.95 of a point to 175.04 but the Property Index lost 0.53 of a point to 921.4, the Plantation Index dipped 19.37 points to 7,216.08 and the Energy Index fell 1.37 points to 889.34.
The Financial Services Index dropped 13.52 points to 17,141.85.
The Main Market volume widened to 2.33 billion units valued at RM1.99 billion from Wednesday’s 1.51 billion units worth RM1.69 billion.
Warrants turnover slipped to 669.04 million units worth RM105.40 million from 794.82 million units worth RM109.98 million on Wednesday.
The ACE Market volume improved to 653.41 million units worth RM174.73 million units from 485.38 million valued at RM132.17 million previously.
Consumer products and services counters accounted for 242.12 million shares traded on the Main Market, industrial products and services (763.9 million); construction (130.28 million); technology (350.11 million); SPAC (nil); financial services (78.83 million); property (428.0 million); plantation (21.25 million); REITs (15.84 million), closed/fund (31,700); energy (102.81 million); healthcare (53.84 million); telecommunications and media (32.22 million); transportation and logistics (30.09 million); and utilities (85.46 million).
Source: The Edge
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