Here is a brief recap of some corporate announcements that made the news on Friday (Jan 27), involving Revenue Group Bhd, AirAsia X Bhd, Malaysia Airports Holdings Bhd, Sarawak Consolidated Industries Bhd, UEM Edgenta Bhd, Ahmad Zaki Resources Bhd, Perak Transit Bhd, Hextar Industries Bhd, EcoFirst Consolidated Bhd, and LYC Healthcare Bhd.
THE recovery theme was well in play even before Malaysia began its transition to the endemic phase of Covid-19 on April 1 because markets traditionally move ahead of the economy and financial results by at least six months. Some stocks began to rally in the early part of the year as investors anticipated that they would benefit from the reopening of borders. While some companies have continued to gain after the reopening of all economic sectors, profit-taking has had an effect on some stocks despite turning in a better financial performance year on year.
The year 2022 could be akin to a perfect storm that gathered to punish equities performance last year. Stocks momentum in Bursa Malaysia was impacted by higher-than-ever inflation driven by slew of interest rate hikes by both the US Federal Reserve and Bank Negara Malaysia.