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 4): Bursa Malaysia pared earlier gains to close marginally higher on Monday as selling emerged in late trading while most regional markets also eked out narrow gains.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.25 points to close at 1,539.27 from last Friday's (March 1) close of 1,538.02.
The benchmark index, which opened 1.08 points firmer at 1,539.1, moved between 1,537.03 and 1,547.1 throughout the day.
On the broader market, losers outpaced gainers 536 to 426, while 461 counters were unchanged, 837 untraded and 23 others suspended.
Turnover fell to 3.32 billion units worth RM2.56 billion from 4.82 billion units worth RM3.09 billion last Friday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices also recorded narrow gains to finish slightly higher as investors were cautiously awaiting updates on China's National People’s Congress.
The event aims to boost the world's second-largest economy, address challenges in the property market, and stabilise financial markets, he added.
Additionally, on the domestic front, Thong said the stockbroker’s positive assessment of Malaysian equities remained intact, supported by stronger corporate earnings and improving economic conditions.
“Hence, we anticipate the FBM KLCI to trend within the range of 1,540-1,570 for the week with immediate resistance at 1,570 and support at 1,534,” he said.
Among heavyweights, Maybank Bhd perked up 15 sen to RM9.60 and CIMB Group Holdings Bhd inched up 11 sen to RM6.45 while Public Bank Bhd slid six sen to RM4.30, Tenaga Nasional Bhd declined 10 sen to RM11.20, and Petronas Chemicals Group Bhd went down five sen to RM6.88.
As for the actives, TWL Holdings Bhd and Hong Seng Consolidated Bhd were flat each at 3.5 sen and 1.5 sen respectively, while Harvest Miracle Capital Bhd and Widad Group Bhd shaved off a sen each to 14 sen and 11 sen respectively, and Jaks Resources Bhd dropped two sen to 15.5 sen.
On the index board, the FBM Emas Index rose 6.79 points to 11,417.1, the FBMT 100 Index added 9.54 points to 11,084.31, the FBM 70 Index advanced 15.41 points to 15,400.13, the FBM ACE Index slid 10 points to 4,750.36, and the FBM Emas Shariah Index eased 28.06 points to 11,443.49.
Sector-wise, the Financial Services Index rose 78.30 points to 17,253.53, the Plantation Index increased by 72.24 points to 7,296.1, the Energy Index improved by 4.11 points to 913.76, and the Industrial Products and Services Index shed 0.09 of-a-point to 175.69.
The Main Market volume dwindled to 1.93 billion units valued at RM2.32 billion from 3.29 billion units valued at RM2.83 billion last Friday.
Warrants turnover tumbled to 786.11 million units worth RM102.03 million from 931.75 million units worth RM125 million previously.
The ACE Market volume expanded to 589.15 million shares worth RM134.95 million from 579.47 million shares worth RM131.61 million million last Friday.
Consumer products and services counters accounted for 219.49 million shares traded on the Main Market, industrial products and services (382.62 million); construction (147.23 million); technology (282.01 million); SPAC (nil); financial services (143.21 million); property (351.76 million); plantation (59.08 million); REITs (15.7 million), closed/fund (198,100); energy (137.40 million); healthcare (43.69 million); telecommunications and media (38.11 million); transportation and logistics (33.64 million); and utilities (71.38 million).
Source: The Edge
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