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 15): Late buying in selected heavyweights, led by telecommunications and media counters pushed Bursa Malaysia to end at its intraday high for the second day running on Friday, despite the downbeat sentiment on the regional markets, dealers said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.08 points to 1,552.83 from Thursday's close of 1,543.75.
The benchmark index, which opened 6.8 points weaker at 1,536.95, slipped to its lowest point at 1,535.47 in the early session.
On the broader market, gainers beat decliners 521 to 474, while 518 counters were unchanged, 810 untraded and 38 others suspended.
Turnover rose to 4.53 billion units worth RM4.82 billion from 4.34 billion units worth RM2.76 billion on Thursday.
Telekom Malaysia Bhd and CelcomDigi Bhd were among the top contributors to the gains in the benchmark index on Friday, rising 51 sen and 12 sen each to RM6.50 and RM4.41, respectively, contributing a total of 5.58 points.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional markets closed lower as investor sentiment was impacted by the major selloff on Wall Street overnight.
“Elevated US inflation readings, surpassing expectations, have intensified worries about enduring higher interest rates, with a flurry of imminent central bank meetings gaining heightened attention,” he said.
Back home, he said the increasing daily trading volume suggests an improvement in the overall local sentiment.
“The benchmark index has rebounded and tested breaking above the 20-day Exponential Moving Average [EMA] today.
“While the FBM KLCI experienced a slight rebound and both the 20-day and 50-day EMAs are showing signs of improvement, indicating a potential shift to a positive trend in the upcoming sessions, we anticipate choppy market conditions ahead,” he added.
Among other heavyweights, Maybank Bhd rose six sen to RM9.71, Public Bank Bhd and Tenaga Naisonal Bhd perked up four sen each to RM4.27 and RM11.60, respectively, CIMB Group Holdings Bhd jumped 17 sen to RM6.61, and Petronas Chemicals Group Bhd added three sen to RM6.90.
As for the actives, Hong Seng Consolidated Bhd and TWL Holdings Bhd were flat at 1.5 sen and 3.5 sen, respectively, while Powerwell Holdings Bhd slipped a sen to 38 sen, and MrDIY Group (M) Bhd fell two sen to RM1.47.
On the index board, the FBM Emas Index was 64.74 points firmer at 11,543.59, the FBMT 100 Index climbed 63.67 points to 11,205.3, the FBM Emas Shariah Index increased 55.10 points to 11,591.6, the FBM 70 Index garnered 81.51 points to 15,664.64, while the FBM ACE Index declined 18.52 points to 4,709.06.
Sector-wise, the Financial Services Index added 35.27 points to 17,276.63, the Plantation Index shed 23.41 points to 7,292.35, the Energy Index trimmed 1.77 points to 916, and the Industrial Products and Services Index ticked up 0.79 of a point to 176.89.
The Main Market volume narrowed to 2.87 billion units valued at RM4.5 billion from three billion units valued at RM2.48 billion on Thursday.
Warrants turnover jumped to 1.09 billion units worth RM131.42 million from 697.25 million units worth RM91.47 million the previous day.
The ACE Market volume dwindled to 546.78 million shares worth RM184.68 million from 622.46 million shares worth RM187.89 million previously.
Consumer products and services counters accounted for 353.38 million shares traded on the Main Market, industrial products and services (418.72 million); construction (274.16 million); technology (524.82 million); SPAC (nil); financial services (234.58 million); property (524.04 million); plantation (42.69 million); REITs (22.5 million), closed/fund (65,000); energy (141.52 million); healthcare (70.96 million); telecommunications and media (75.36 million); transportation and logistics (50.15 million); and utilities (132.61 million).
Source: The Edge
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