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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Great Eastern's 1H Profit Attributable to Shareholders Up 34%

 

Great Eastern Holdings has reported a 34% year-on-year increase in profit attributable to shareholders, reaching S$587.1 million (RM2.02 billion) for the first half ended June 30, 2024 (1HFY2024). This growth was driven by higher profits from the insurance business and favorable investment performance of the shareholders’ fund.

Key Drivers

  • Insurance Business: The company's life business contributed significantly with higher contract service margins and risk adjustment releases.
  • Investment Performance: A favorable investment environment positively impacted the performance of the shareholders' fund, contributing to the overall profit growth.

Detailed Financial Performance

  • Life Business: The increased contract service margin and risk adjustment release indicate improved operational efficiency and effective risk management within the life insurance segment.

Great Eastern Holdings' robust performance in the first half of 2024 underscores its strategic focus on enhancing profitability through core insurance operations and prudent investment management.

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