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 (March 27): Bursa Malaysia closed lower on Wednesday as the short-term market sentiment remains jittery amid the uncertain global performance, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 7.82 points to 1,530.6 from Tuesday’s close of 1,538.42.
The benchmark index opened 1.91 points lower at 1,536.51 and moved in a tight range between 1,528.52 and 1,536.58 throughout the day.
On the broader market, losers outpaced gainers 645 to 422, while 450 counters were unchanged, 821 untraded, and 74 others suspended.
Turnover narrowed to 3.75 billion units worth RM3.1 billion from 3.83 billion units worth RM3.04 billion on Tuesday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the KLCI closed lower after a lacklustre trading session in line with the regional market performance.
"The key regional indices closed mostly lower ahead of the United States [US] economic data and US Federal Reserve [Fed] chair Jerome Powell's speech, which could influence the US Fed's decision on interest rates.
"Investors are hoping that the Fed will kick off reductions to its main interest rate in June, with some considering a slight possibility of it starting at its meeting next week," he said.
As for the local bourse, Thong advised investors to stay alert for bargain-hunting opportunities.
"We anticipate the benchmark index to trend sideways with an upside bias, within the 1,530-1,540 range towards the weekend," he added.
Among the heavyweights, Maybank Bhd, Public Bank Bhd and Petronas Chemicals Group Bhd declined four sen each to RM9.65, RM4.21 and RM6.79 respectively, while CIMB Group Holdings Bhd added five sen to RM6.55 and Tenaga Nasional Bhd gained four sen to RM11.24.
As for the actives, market debutant Zantat Holdings Bhd rose 12.5 sen to 37.5 sen, SP Setia Bhd and Lambo Group Bhd were flat at RM1.42 and three sen respectively, while Ekovest Bhd added a sen to 49 sen, and Computer Forms (M) Bhd declined a sen to 14 sen.
On the index board, the FBM Emas Index dropped 35.61 points to 11,525.98, the FBMT 100 Index declined by 33.78 points to 11,172.54, the FBM Emas Shariah Index fell 52.32 points to 11,613.44, the FBM ACE Index slid 67.29 points to 4,842.73, while the FBM 70 Index rose by 46.591 points to 16,148.15.
Sector-wise, the Plantation Index tumbled 45.96 points to 7,298.56 and the Financial Services Index lost 37.92 points to 17,182.12.
The Industrial Products and Services Index increased by 0.02 of a point to 179.54 and the Energy Index added 4.74 points to 942.99.
The Main Market volume slid to 2.19 billion units valued at RM2.75 billion from 2.39 billion units valued at RM2.69 billion on Tuesday.
Warrants turnover increased to 800.47 million units worth RM107.3 million from 717.87 million units worth RM112.12 million the previous day.
The ACE Market volume expanded to 751.3 million shares worth RM238.38 million from 706.18 million shares worth RM226.65 million previously.
Consumer products and services counters accounted for 270.20 million shares traded on the Main Market, industrial products and services (464.88 million); construction (281.39 million); technology (152.3 million); SPAC (nil); financial services (103.33 million); property (504.64 million); plantation (36.35 million); REITs (14.35 million), closed/fund (26,200); energy (165.77 million); healthcare (39.34 million); telecommunications and media (47.74 million); transportation and logistics (42.81 million); and utilities (73.48 million).
Bursa Malaysia Bhd and its subsidiaries will be closed on Thursday (March 28) in conjunction with Nuzul Al-Quran.
The exchange and its subsidiaries will resume operations on Friday.
Source: The Edge
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