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, May 29 (Bernama) -- Bursa Malaysia ended at an intraday low today, tracking the mostly downbeat performance of regional peers, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 10.47 points, or 0.64 per cent, to 1,605.35 from Tuesday's close of 1,615.82.
The benchmark index, which opened 1.11 points lower at 1,614.71 to mark its day’s high, was on a downward trajectory for the rest of the session.
On the broader market, decliners outnumbered gainers 834 to 400, with 424 counters unchanged, 763 untraded and 50 others suspended.
Turnover declined to 4.73 billion units worth RM3.68 billion from Tuesday's 4.86 billion units worth RM3.79 billion.
Apex Securities Bhd head of research Kenneth Leong said the FBM KLCI has taken another step backwards to mark its fourth straight losing streak as the extended pullback was in tandem with the weakness across regional markets that were impacted by the hawkish remarks from the US Federal Reserve (Fed) officials that signals a potential higher-for-longer interest rate environment.
Regionally, Japan’s Nikkei 225 slid 0.77 per cent to 38,556.87, Hong Kong’s Hang Seng Index slipped 1.83 per cent to 18,477.01, South Korea’s Kospi shed 1.67 per cent to 2,677.30, while Shanghai's SSE Composite Index gained 0.05 per cent to 3,111.02.
“Technically, the FBM KLCI has formed another bearish candle as the key index staged an extended pullback pattern.
“For now, we expect the downward bias consolidation to take shape with the key index looking to re-test the 1,600 level,” he told Bernama.
Going forward, he said further weakness may take place amid the absence of fresh catalysts while sentiment remains tepid ahead of the US Personal Consumption Expenditure (PCE) data which is the Fed’s preferred gauge to measure inflation, scheduled to be released later this week.
Back home, he said investors will be monitoring the flurry of corporate earnings releases till the end of the week.
Among the heavyweights, Public Bank and CIMB shed four sen each to RM4.08 and RM6.87 respectively, IHH Healthcare slipped one sen to RM6.19, Maybank was down nine sen to RM9.90, and Tenaga Nasional inched down six sen to RM13.20.
Among the actives, ACE Market debutante Kawan Renergy climbed 16.5 sen to 46.5 sen, Alpha IVF Group improved half-a-sen to 32 sen, while Epicon was 8.5 sen lower at 31.5 sen, AHB Holdings slid 2.5 sen to 12.5 sen, and Revenue Group eased 1.5 sen to 22 sen.
On the index board, the FBM Emas Index lost 66.47 points to 12,244.54, the FBMT 100 Index decreased by 66.47 points to 12,244.54, the FBM Emas Shariah Index tumbled 91.00 points to 12,478.57, the FBM ACE Index fell 49.66 points to 5,439.90, and the FBM 70 Index slipped 48.56 points to 17,642.16.
Sector-wise, the Financial Services Index shaved off 132.91 points to 17,499.03, the Industrial Products and Services Index inched down 1.38 points to 194.34, the Plantation Index dropped 101.44 points to 7,144.22, while the Energy Index added 1.44 points to 993.89.
The Main Market volume shrank to 2.73 billion units worth RM3.20 billion from 2.83 billion units worth RM3.32 billion on Tuesday.
Warrants turnover dipped to 1.01 billion units valued at RM142.96 million from 1.03 billion units valued at RM151.06 million yesterday.
The ACE Market volume dwindled to 990.48 million shares worth RM344.36 million from 997.14 million shares worth RM320.67 million previously.
Consumer products and services counters accounted for 588.17 million shares traded on the Main Market, industrial products and services (418.69 million), construction (202.46 million), technology (428.27 million), SPAC (nil), financial services (156.88 million), property (361.57 million), plantation (30.18 million), REITs (20.55 million), closed/fund (15,300), energy (135.10 million), healthcare (125.55 million), telecommunications and media (51.75 million), transportation and logistics (104.80 million), utilities (112.42 million), and business trusts (288,200).
Source: Bernama
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