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 2): Bursa Malaysia ended higher for a third consecutive day on Tuesday in tandem with the improving sentiment across the region, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.97 points, or 0.25%, to 1,547.99 from Monday’s close of 1,544.02.
The benchmark index, which opened 0.49 of a point lower at 1,543.53, moved between 1,540.77 and 1,550.99 throughout the trading session.
On the broader market, gainers beat losers at 583 to 506, with 446 counters unchanged, 748 untraded, and 13 others suspended.
Turnover expanded to 4.15 billion units valued at RM2.81 billion from 3.16 billion units worth RM2.13 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices trended higher with Hong Kong stocks leading the gains due to strong buying on Xiaomi's shares after the consumer electronics company began taking orders for its newly launched electric vehicle.
In the commodities market, the Brent crude oil and palm oil futures remained elevated and it is believed that this offers an opportunity for investors as short-term play.
“We maintain our cautiously optimistic stance on the local stock market, driven by enticing valuations, increasing trading volume, and continuous support from local institutions, albeit with an awareness of potential profit-taking.
“Should the benchmark index break through the 1,557 resistance and sustain it for an extended duration, we predict an additional upward potential,” he said.
For the moment, Thong said the brokerage maintains its weekly KLCI target between 1,527 and 1,557.
Among the heavyweights, Sime Darby Bhd advanced nine sen to RM2.68, Petronas Dagangan Bhd bagged 48 sen to RM22.28, Telekom Malaysia Bhd increased 11 sen to RM6.10, YTL Power International Bhd rose six sen to RM3.97, and MR DIY Group (M) Bhd added two sen to RM1.51.
For most actives, Alpha IVF Group Bhd edged up half a sen to 33 sen, Ahmad Zaki Resources gained three sen to 25 sen, SNS Network Technology Bhd was four sen firmer at 33 sen, Zantat Holdimngs Bhd rose 1.5 sen to 50.5 sen, and Widad Group Bhd eased half a sen to eight sen.
On the index board, the FBM Emas Index was 31.83 points higher at 11,640.46, the FBMT 100 Index increased 30.97 points to 11,280.93, the FBM Emas Shariah Index climbed 53.06 points to 11,733.95, the FBM 70 Index improved 52.88 points to 16,228.64, and the FBM ACE Index surged 45.72 points to 4,947.80.
Sector-wise, the Financial Services Index garnered 25.15 points to 17,360.44, the Energy Index added 4.37 points to 956.92, while the Plantation Index slid 5.77 points to 7,310.65, and the Industrial Products and Services Index shed 0.21 of a point to 179.84.
Meanwhile, the Main Market volume increased to 2.22 billion units worth RM2.34 billion versus 2.03 billion units valued at RM1.87 billion on Monday.
Warrants turnover soared to 1.31 billion units valued at RM165.26 million against 325.93 million units worth RM31.04 million the previous day.
The ACE Market volume jumped to 963.81 million shares worth RM308.31 million from 802.35 million shares valued at RM229.63 million previously.
Consumer products and services counters accounted for 316.62 million shares traded on the Main Market, industrial products and services (466.69 million); construction (370.85 million); technology (146.5 million); SPAC (0.00 million); financial services (87.11 million); property (375.33 million); plantation (51.37 million); REITs (21.57 million); closed/fund (45,000); energy (134.73 million); healthcare (86.27 million); telecommunications and media (27.04 million); transportation and logistics (60.77 million); and utilities (79 million).
Source: The Edge
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