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 31 (Bernama) -- Bursa Malaysia closed lower after notching a small gain in early trade as investors took profit ahead of the long weekend.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.58 points, or 0.47 per cent, to 1,596.68 from Thursday’s close of 1,604.26, ending below the 1,600 psychological level in the process.
The benchmark index, which opened 4.62 points firmer at 1,608.88, fluctuated between 1,595.36 and 1,612.31 throughout the trading session.
On the broader market, decliners outnumbered gainers 857 to 365, with 425 counters unchanged, 753 untraded and 46 others suspended.
Turnover expanded to 5.45 billion units worth RM6.84 billion from Thursday's 5.33 billion units worth RM3.99 billion.
Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah said the FBM KLCI retreated into the red after an early morning rally towards the 1,612 level, as a mix of utility and consumer counters dragged the main index lower.
He said the broad market sentiment remains negative, with some risk-off sectors such as financials and real estate investment trusts trading flat to slightly positive.
“As we wrap up our local earnings season, investors’ focus should shift back to macroeconomic data, starting with the US Personal Consumption Expenditures Price Index data due later today,” he told Bernama.
Moreover, Nik Ihsan said Wall Street's significant declines, especially in the technology and consumer services sectors spill over to the local market.
“The sharp drop in major indices like the S&P 500 and the Dow Jones Industrial Average, driven by disappointing corporate earnings and revised gross domestic product growth figures, suggests a bearish sentiment that could impact Malaysian equities,” he added.
Among the heavyweights, Maybank rose three sen to RM9.93, Public Bank added two sen to RM4.10, CIMB and IHH Healthcare were flat at RM6.84 and RM6.19, respectively, while Tenaga Nasional fell 14 sen to RM13.04.
Among the actives, MYEG increased four sen to RM1.10, Datasonic slipped three sen to 48.5 sen, Mah Sing was 21 sen weaker at RM1.50, Eco World International shed 3.5 sen to 38 sen, and Velesto shed one sen to 26.5 sen.
Meanwhile, Bursa Malaysia and its subsidiaries will be closed on June 3, 2024, in conjunction with the birthday of His Majesty Sultan Ibrahim, King of Malaysia.
The exchange and its subsidiaries will resume operations on June 4, 2024.
On the index board, the FBM Emas Index lost 75.19 points to 12,161.52, the FBMT 100 Index decreased by 65.86 points to 11,769.66, the FBM Emas Shariah Index tumbled 88.25 points to 12,392.36, the FBM ACE Index dropped 60.35 points to 5,389.57, and the FBM 70 Index slumped 138.35 points 17,481.54.
Sector-wise, the Financial Services Index increased 32.01 points to 17,526.22, while the Industrial Products and Services Index inched down 0.52 of-a-point to 194.86, the Plantation Index fell 78.23 points to 7,071.40, and the Energy Index slid 19.63 points to 967.36.
The Main Market volume advanced to 3.36 billion units worth RM6.40 billion from 2.99 billion units worth RM3.46 billion on Thursday.
Warrants turnover declined to 1.29 billion units valued at RM163.14 million from 1.40 billion units valued at RM188.18 million yesterday.
The ACE Market volume dwindled to 744.46 million shares worth RM278.92 million from 927.45 million shares worth RM341.05 million previously.
Consumer products and services counters accounted for 516.99 million shares traded on the Main Market, industrial products and services (423.17 million), construction (299.32 million), technology (528.57 million), SPAC (nil), financial services (262.65 million), property (545.89 million), plantation (79.76 million), REITs (27.27 million), closed/fund (219,800), energy (178.04 million), healthcare (119.06 million), telecommunications and media (104.36 million), transportation and logistics (127.74 million), utilities (146.97 million), and business trusts (574,900).
Source: Bernama
Comments
Post a Comment