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Market Daily Report: Bursa Malaysia Ends Higher On Continued Bargain-hunting

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
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Global Funding to Financial Services Slows Over Past Five Quarters

Global funding to private financial services companies has significantly slowed over the past five quarters, according to a recent Crunchbase report.

Key Insights:

  1. Current Funding Levels:

    • In Q2 2024, financial services companies raised US$9.7 billion (RM45.01 billion), a slight increase from US$8.3 billion in Q2 2023 and up 17% quarter-over-quarter.
    • Despite this, funding is down 75% from the peak of over US$40 billion in Q2 2021.

  2. Historical Comparison:

    • Over the past five quarters, funding has remained below US$10 billion each quarter, the lowest since Q1 2017, which saw US$9.3 billion.

  3. Sector-Wide Decline:

    • Every sector has seen a decline from the 2021 funding heights, but financial services have experienced a more pronounced decrease.
    • Overall global funding this past quarter was down 59% from the peak in 2021.

  4. Fintech Unicorns:

    • Financial services lead in the number of unicorns, with over 390 companies on The Crunchbase Unicorn Board.
    • Notable unicorns include Ant Group, Stripe, Revolut, and Chime.
    • Some of these companies, like Stripe and Revolut, may consider IPOs in the coming year.

  5. Business Adjustments:

    • Despite the slowdown, several fintech companies have been refining their operations over the past two years.
    • Stripe processed US$1 trillion in payments in 2023.
    • Revolut’s 2023 revenue grew 95% year-over-year to US$2.2 billion, adding 12 million new customers.

The report underscores the significant slowdown in funding to financial services, reflecting broader economic challenges and shifting investor priorities. Despite the downturn, leading fintechs continue to innovate and expand, positioning themselves for potential future growth.

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