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: The FBM KLCI rebounded today, snapping a three-day losing streak, bucking the trend as other regional indices edged down.
At closing, the 30-stock index advanced 2.24%, or 0.44% to 1,602.91 on strong interest in banking and Genting stocks.
In the broader market, gainers outnumbered decliners 642 to 494, while 505 counters remained unchanged. Turnover stood at 4.53 billion shares worth RM3bil.
Genting rose 21 sen to RM4.76 while Genting Malaysia added nine sen to RM2.72.
It was reported that Genting Singapore Plc’s earnings beat expectations after hitting a 10-year high in the first quarter of 2024 (1Q 2024).Among the gainers, Malaysia Pacific Industries jumped RM1.08 to RM32.08, Sungei Bagan Rubber surged RM1.06 to RM6.66, Kluang rose 64 sen to RM5.95 and MI Technovation added 35 sen to RM2.30.
Ajinomoto slid 20 sen to RM18.90, PETRONAS Dagangan fell 12 sen to RM21.34, Paragon Union lost 12 sen to RM3.40 and Batu Kawan declined 10 sen to RM20.28.
Among the banks, CIMB climbed three sen to RM6.80, AmBank gained one sen to RM4.24 and RHB Bank rose one sen to RM5.51.
Maybank, Public Bank and Hong Leong Bank traded unchanged at RM9.87, RM4.18 and RM19.60 respectively.
On the external front, Japan’s Nikkei 225 fell 0.13% at 38,179.46, while South Korea’s Kospi ended 0.015% lower at 2,727.21.
Hong Kong’s Hang Seng index closed up 0.8% at 19,115.06.
China’s blue-chip CSI300 index ended down 0.04% at 3,664.69, while the Shanghai Composite Index fell 0.21% to 3,148.02.
Source: The Edge
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