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 (April 9): Bursa Malaysia closed marginally lower on Tuesday, attributed to profit-taking activities ahead of the Hari Raya Aidilfitri holidays, said Rakuten Trade Sdn Bhd.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 6.47 points, or 0.42%, to 1,553.51 from yesterday's close of 1,559.98.
The benchmark index opened 0.07 of a point lower at 1,559.91, and moved between 1,553.43 and 1,565.57 throughout the trading session.
On the broader market, decliners beat gainers 496 to 466, with 540 counters unchanged, 841 untraded and nine others suspended.
Turnover slipped to 3.46 billion units worth RM2.06 billion compared with 3.97 billion units valued at RM2.33 billion on Monday.
Rakuten Trade equity research vice president Thong Pak Leng said that on the domestic front, he expects trading to be muted in conjunction with the Hari Raya Aidilfitri holidays.
"I also expect the benchmark to trend sideways with an upside bias within the 1,555 to 1,565 range towards the weekend,” he told Bernama.
Thong said that the key regional indices closed higher, recovering from losses experienced last week.
"Yet the gains were limited due to the anticipation of key inflation data and further signals regarding the United States interest rates.
“Investor focus is primarily on the US consumer price index data for further insights into interest rates, particularly after a strong nonfarm payrolls report led traders to adjust expectations for a rate cut in June,” he said.
Among the heavyweights, Maybank Bhd shed six sen to RM9.63, CIMB Group Holdings Bhd slid seven sen to RM6.57, Tenaga Nasional Bhd fell 14 sen to RM11.66, Petronas Chemicals Group Bhd eased two sen to RM6.77, while Public Bank Bhd was flat at RM4.19.
Among the
actives, YTL Power International Bhd declined three sen to RM3.99, both
TWL Holdings Bhd and KNM Group Bhd were flat at three sen and 7.5 sen,
respectively, while Velesto Energy Bhd added half a sen to 28 sen, and
SBH Marine perked up 2.5 sen to 28 sen.
On the index board, the FBM Emas Index decreased by 32.87 points to
11,701.14, the FBMT 100 Index declined by 35.37 points to 11,335.46, the
FBM Emas Shariah Index fell 29.31 points to 11,865.20, and the FBM 70
Index dropped 2.50 points to 16,365.8.
Meanwhile, the FBM ACE Index surged 30.32 points to 5,011.16.
Sector-wise, the Financial Services Index slid 61.44 points to 17,243.53, the Plantation Index slid 2.23 points to 7,478.82, the Industrial Products and Services Index shed 0.6 of a point to 183.81, while the Energy Index gained 9.41 points to 970.89.
The Main Market volume narrowed to 1.88 billion units valued at RM1.77 billion versus 1.91 billion units worth RM1.97 billion on Monday.
Warrants turnover shrank to 1.01 billion units worth RM115.72 million against 1.22 billion units valued at RM137.02 million the previous day.
The ACE Market volume tumbled to 569.18 million shares worth RM176.42 million from 810.96 million shares worth RM223.25 million previously.
Consumer products and services counters accounted for 304.28 million shares traded on the Main Market, industrial products and services (300.45 million), construction (237.36 million), technology (137.65 million), SPAC (nil), financial services (61.86 million), property (421.41 million), plantation (40.29 million), REITs (17.01 million), closed/fund (41,900), energy (216.99 million), healthcare (30.89 million), telecommunications and media (21.24 million), transportation and logistics (29.16 million), and utilities (63.62 million).
Source: The Edge
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