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 15 (Bernama) -- Bursa Malaysia ended trading at an intraday low today, snapping a two-day winning streak as investors hesitated to make significant moves ahead of the upcoming US economic report.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.65 points or 0.17 per cent to 1,603.23 compared to yesterday’s close of 1,605.88.
The barometer index opened 0.13 of-a-point easier at 1,605.75 and reached an intraday high of 1,607.64 during the late morning session.
On the broader market, decliners led advancers 579 to 574, with 475 counters unchanged, 740 untraded, and 23 others suspended.
Turnover increased to 6.20 billion units worth RM4.69 billion from 4.69 billion units worth RM3.19 billion on Tuesday.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the US consumer price index (CPI) data slated for release later today is pivotal for the Federal Reserve's (Fed) future interest rate decisions.
"Doubts arose due to yesterday's stronger-than-anticipated US producer price index (PPI) data, casting uncertainty on the Fed's potential rate cut timeline," he told Bernama.
Mohd Sedek said, from a technical perspective, the benchmark FBM KLCI demonstrated resilience by remaining above the 1,600 mark, underpinned by a consistent accumulation of blue-chip stocks.
Hence, he anticipates the index to fluctuate between 1,600 and 1,614 this week, with support levels remaining stable at 1,575 and 1,560, and resistance at 1,614 and 1,635.
Among heavyweights, Maybank was flat at RM9.88, Public Bank slid two sen to RM4.15, CIMB dipped one sen to RM6.78, Tenaga Nasional lost four sen to RM12.40, and Petronas Chemicals slipped 16 sen to RM6.81.
As for the actives, Top Glove surged 30 sen to RM1.26, Sin-Kung Logistics added one sen to 14 sen, Supermax Corp soared 21.5 sen to RM1.08, Careplus firmed 7.5 sen to 38 sen, and MY E.G. Services put on five sen to RM1.03.
Source: Bernama
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