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, June 7 (Bernama) -- Bursa Malaysia closed on a firmer note Friday on positive investor sentiment and strong buying interest in commodity-related stocks, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.13 points, or 0.19 per cent, to 1,617.86 from yesterday's close of 1,614.73.
The barometer index opened 1.24 points higher at 1,615.97, and fluctuated between 1,614.93 and 1,622.49 throughout the trading session.
On the broader market, gainers thumped decliners 818 to 395, with 472 counters unchanged, 698 untraded and 20 others suspended.
Turnover rose to 5.73 billion units worth RM4.05 billion from yesterday's 5.35 billion units worth RM4.50 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that the investor sentiment remained positive as the increasing daily trading volume indicated a higher appetite for the local market.
"The FBM KLCI continues to trend higher, driven primarily by buying interest in commodity-related stocks, which had underperformed previously and are now playing catch-up.
"We anticipate this momentum to push the index towards the next resistance level of 1,620. A breakthrough above this level could signal further upward movement," he told Bernama, adding that the immediate support levels are now at 1,600, followed by 1,589.
Among the heavyweights, Maybank added 2.0 sen to RM10.00, CIMB Group gained 1.0 sen to RM6.96, and Tenaga Nasional increased by 6.0 sen to RM13.76, while Public Bank shed 2.0 sen to RM4.11.
As for the actives, JAKS Resources increased 2.5 sen to 15.5 sen, YNH Property climbed 16.0 sen to 64 sen, Jati Tinggi Group gained 8.0 sen to 43.5 sen, Widad Group rose 2.0 sen to 8.0 sen, and WCT Holdings added 5.5 sen to 83 sen.
On the index board, the FBM Emas Index rose 53.17 points to 12,356.86, the FBMT 100 Index increased 44.69 points to 11,940.46, the FBM Emas Shariah Index gained 77.35 points to 12,653.53, the FBM 70 Index climbed 154.03 points to 17,794.88, while the FBM ACE Index surged 77.38 points to 5,577.32.
Sector-wise, the Financial Services Index ticked up 4.84 points to 17,642.27, the Industrial Products and Services Index added 0.41 of-a-point to 197.65, the Industrial Products and Services Index edged up 0.41 of-a-point to 197.65, and the Plantation Index put on 32.47 points to 7,145.33.
The Main Market volume was higher at 3.55 billion units worth RM3.47 billion from 3.15 billion units worth RM3.92 billion on Thursday.
Warrants turnover shrank to 891.70 million units valued at RM124.67 million from 1.07 billion units valued at RM130.50 million.
The ACE Market volume expanded to 1.29 billion shares worth RM452.67 million from 1.12 billion shares worth RM447.93 million previously.
Consumer products and services counters accounted for 418.67 million shares traded on the Main Market, industrial products and services (596.02 million), construction (662.55 million), technology (400.08 million), SPAC (nil), financial services (91.30 million), property (636.26 million), plantation (26.94 million), REITs (24.75 million), closed/fund (54,400), energy (204.16 million), healthcare (156.10 million), telecommunications and media (38.19 million), transportation and logistics (146.93 million), utilities (147.03 million), and business trusts (413,500).
Source: Bernama
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