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, Sept 30 (Bernama) -- Bursa Malaysia extended last week’s losses to close lower on Monday, mirroring the mainly negative regional trend, with financial stocks leading the decline.
CIMB Group led the retreat, falling 19 sen to RM8.05. and erasing 3.45 points off the benchmark index.
The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 11.18 points, or 0.67 per cent, to settle at 1,648.91 from Firday’s close of 1,660.09. The benchmark index, which opened 1.80 points higher at 1,661.89, moved between 1,647.28 and 1,661.89 throughout the day.
On the broader market, decliners outnumbered gainers by 652 to 488 while 492 counters were unchanged, 850 untraded and 79 suspended.
Turnover rose to 4.06 billion units worth RM3.22 billion from Friday's 3.02 billion units worth RM2.68 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that regional indices were mixed, with China and Hong Kong shares bucking the downtrend and posting strong gains. Japanese stocks tumbled nearly five per cent as investors looked for direction from new Prime Minister Shigeru Ishiba, known for his critical stance on the Bank of Japan's loose monetary policies.
“Back home, the FBM KLCI failed to hold the 1,660 support level due to persistent selling by foreign funds. Emerging equity markets are currently experiencing significant selling pressure as global funds redirect capital toward Hong Kong and China,” he told Bernama today.
Following the recent surge in these two markets, driven by bold fiscal and monetary measures from Beijing, he said investors are seizing the opportunity to take profits from previously outperforming emerging markets.
“We believe the valuation of Malaysian equities remains attractive, and we do not discount the possibility of bargain hunting activities in the near future. As such, we anticipate the FBM KLCI to trend within the range of 1,650-1,670 for the week, with immediate support at 1,640 and resistance at 1,680,” he said.
Among other heavyweight stocks, Maybank slipped 2.0 sen to RM10.48, Public Bank shed 3.0 sen to RM4.56 and Tenaga Nasional went down 22 sen to RM14.44. IHH Healthcare dropped 4.0 sen to RM7.16 and Hong Leong Bank slid 28 sen to RM21.56.
Of the actives, Focus Dynamics and Capital A earned half-a-sen each to 2.5 sen and 99 sen, respectively, while EA Holdings and Pegasus were both flat at half-a-sen each.
On the index board, the FBM Emas Index sank 64.69 points to 12,321.91, the FBM Emas Shariah Index dipped 67.92 points to 12,245.12 and the FBMT 100 Index lost 66.46 points to 12,021.71. The FBM 70 Index erased 39.95 points to 17,398.53 while the FBM ACE Index gained 19.23 points to 5,177.28.
By sector, the Plantation Index dropped 13.93 points to 7,179.30, the Industrial Products and Services Index inched down 0.38 of a point to 176.96 and the Energy Index was 10.40 points lower at 846.35. The Financial Services Index slid 177.15 points to 19,289.18.
The Main Market volume advanced to 1.83 billion units worth RM2.88 billion from Friday's 1.51 billion units worth RM2.43 billion.
Warrant turnover expanded to 1.59 billion units valued at RM218.04 million from 982.76 million units valued at RM144.74 million previously.
The ACE Market volume widened to 635.08 million units worth RM118.62 million from 520.49 million units worth RM103.48 million.
Consumer products and services counters accounted for 485.84 million shares traded on the Main Market, industrial products and services (305.60 million), construction (122.40 million), technology (179.56 million), SPAC (nil), financial services (129.14 million), property (247.66 million), plantation (31.31 million), REITs (14.76 million), closed/fund (218,900), energy (126.56 million), healthcare (62.70 million), telecommunications and media (54.11 million), transportation and logistics (19.93 million), utilities (48.16 million), and business trusts (283,300 million).
Source: Bernama
Comments
Post a Comment