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 30 (Bernama) -- Bursa Malaysia recouped some of its earlier losses to settle marginally lower, in line with the weaker regional market performance, ahead of the release of key US economic data on Friday.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.09 points, or 0.06 per cent, to 1,604.26 from Wednesday’s close of 1,605.35.
The benchmark index, which opened 2.14 points lower at 1,603.21, fluctuated between 1,602.32 and 1,608.84 throughout the trading session.
Rakuten Trade Malaysia research head Kenny Yee Shee Phin said the FBM KLCI improved earlier in the day on buying support from local institutions after Google announced plans to invest RM9.4 billion in Malaysia.
“The key index is hovering above the 1,600 level today after buying interest interspersed with selling activities amid the weakness in regional markets,” he told Bernama.
Regionally, Japan’s Nikkei 225 slid 1.30 per cent to 38,054.13, Hong Kong’s Hang Seng Index slipped 1.34 per cent to 18,230.19, South Korea’s Kospi shed 1.56 per cent to 2,635.44, and Shanghai's SSE Composite Index down 0.62 per cent to 3,091.68.
Yee said the traders are awaiting major announcements in the US, namely the gross domestic product later tonight and the Personal Consumption Expenditure data, scheduled to be released on Friday.
Meanwhile, Bursa Malaysia in a posting on X today said that Malaysia's benchmark index has outperformed the regional peers since the beginning of the year, which is 4.4 percentage points higher than the second-highest index.
Other than price performance, it said the FBM KLCI also recorded among the highest dividend yields.
In another statement, Bursa Malaysia said the exchange and its subsidiaries will be closed on June 3, 2024, in conjunction with the birthday of His Majesty Sultan Ibrahim, King of Malaysia.
Bursa Malaysia and its subsidiaries will resume operations on June 4, 2024.
Source: Bernama
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