,But the average daily volume on the local bourse remained muted, a sign that some investors were staying on the sidelines amid the uncertainties. Buying interest seemed concentrated on banking, technology, commodity and industrial counters.
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Bursa Malaysia swings higher
BLUE-chip stocks on Bursa Malaysia rallied 60 points, or up 4%, this week as of midday yesterday on improved corporate results, while sentiment was boosted by worldwide optimism that the worst of the pandemic has passed.
But the average daily volume on the local bourse remained muted, a sign that some investors were staying on the sidelines amid the uncertainties.
Buying interest seemed concentrated on banking, technology, commodity and industrial counters.
Leisure and travel stocks were also on the upswing on recovery hopes.
On Monday, Datuk Seri Ismail Sabri was sworn in as Malaysia’s ninth Prime Minister and also the third prime minister in three years. He is expected to announce his Cabinet soon.
Consumer prices climb in July
THE consumer price index (CPI) climbed 2.2% in July from a year ago, slower than expected, thanks to electricity bill discounts by Tenaga Nasional Bhd.
Malaysians are generally insulated against the rising trend in the global crude oil market, as the widely used RON95 petrol and diesel retail prices were capped at RM2.05 and RM2.15 per litre, but the ringgit weakness put some pressure on imported items.
The price of durable goods, semi-durable goods and services was unchanged from June amid restrictions on business operations and social activities under phases one and two of the National Recovery Plan. Excluding volatile fresh food items and administered prices of goods and services, core inflation was little changed at 0.7% from a year ago.
MyEG shines as pandemic play
MyEG Services Bhd posted strong earnings in the second quarter as more consumers turned to online services for insurance, licence and road tax renewal during the pandemic. Its net profit jumped 29% to RM157mil, or 4.2 sen a share from a year ago.MyEG Services
The group’s health tech-related business, such as Covid-19 screening and quarantine management services, reported a strong take-up rate.
Consensus earnings forecast put its full-year net profit at RM320mil.
MyEG is also said to be targeting increasing its quarantine capacity from 800 rooms to 2,000 rooms, under eight quarantine hotels by end-September.