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 23): Bursa Malaysia continued its upbeat momentum to end higher for the fifth consecutive day on Tuesday, thanks to buying from local and foreign institutions, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.05 points to 1,561.64 from Monday's close of 1,559.59.
The benchmark index which opened 0.22 of a point better at 1,559.81, moved between 1,559.81 and 1,567.57 throughout the trading session.
On the broader market, gainers thumped decliners 642 to 402, while 507 counters were unchanged, 823 untraded and 22 others suspended.
Turnover improved to 3.73 billion units worth RM2.79 billion from 3.49 billion units worth RM2.53 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices also finished higher following the positive cue from global equities on hope for strong earnings from tech giants this week.
He said strong earnings are expected to help offset worries about the Federal Reserve’s interest rate plans ahead of the release of key US growth and inflation data while at the same time investors are encouraged after Middle East tensions eased.
"On the domestic front, the FBM KLCI is on its way to test the 1,570 resistance and we reckon if this level is breached and able to hold for a longer period, we believe that the benchmark index is positioned to advance further.
"As such, we anticipate the FBM KLCI to trend within the range of 1,550-1,570 for the rest of the week," he said.
Meanwhile, Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the KLCI closed slightly higher on Tuesday after reaching a peak of 1567.42 in the morning session, marking the highest level for this year.
"Today's close of the FBM KLCI reflects a positive trend, driven by encouraging signs of easing tensions in the Middle East. The benchmark index saw an uptick of 2.05 points or 0.13%, reaching 1,561.64 points by the close of trading," he said.
Mohd Sedek said that with the ringgit stabilising and a continuous stream of positive news, the outlook for Malaysian equities remains bright.
"Progress in domestic reform initiatives is poised to attract and nurture new sources of foreign direct investment (FDI). The KL20 Summit, spanning yesterday [Monday] and today [Tuesday], underscores the government's dedication to catalysing the technology ecosystem," he added.
Among the heavyweights, Maybank Bhd and Tenaga Nasional Bhd gained eight sen to RM9.82 and RM11.72 respectively, Public Bank Bhd increased a sen to RM4.21, CIMB Group Holdings Bhd went up five sen to RM6.67, and Petronas Chemicals Group Bhd was two sen higher to RM6.83.
As for the actives, ACE Market debutant Topmix Bhd edged up 11 sen to 42 sen, Ingenieur Gudang Bhd inched down half a sen to 13.5 sen, while Bina Puri Holdings Bhd, Sapura Energy Bhd, and Fitters Diversified Bhd were flat at 7.5 sen, 4.5 sen and five sen respectively.
On the index board, the FBM Emas Index jumped 31.42 points to 11,715.04, the FBM 70 Index advanced 94.11 points to 16,249.04, the FBMT 100 Index put on 28.02 points to 11,358.26, the FBM Emas Shariah Index strengthened 22.94 points to 11,858.35, and the FBM ACE Index recovered 28.81 points to 4,958.15.
Sector-wise, the Industrial Products and Services Index inched up 0.48 of a point to 185.56, the Financial Services Index surged 86.06 points to 17,355.35, the Energy Index was 2.96 points lower at 969.16, and the Plantation Index decreased 32.24 points to 7,383.95.
The Main Market volume widened to two billion units valued at RM2.42 billion versus 1.95 billion units valued at RM2.22 billion on Monday.
Warrants turnover slid to 935.1 million units worth RM114.23 million against 979.82 million units worth RM119.15 million the previous day.
The ACE Market volume expanded to 783.91 million shares worth RM251.55 million from 558.35 million shares worth RM187.78 million previously.
Consumer products and services counters accounted for 306.76 million shares traded on the Main Market, industrial products and services (460.2 million), construction (187.9 million), technology (230.73 million), SPAC (nil), financial services (95.68 million), property (252.03 million), plantation (32.92 million), REITs (16.20 million), closed/fund (2,000), energy (223.14 million), healthcare (84.56 million), telecommunications and media (30.25 million), transportation and logistics (31.38 million), utilities (48.97 million), and business trust (1.15 million).
Source: The Edge
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