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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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Cuckoo Targets 750 Million Ringgit in Kuala Lumpur IPO for Malaysian Unit

South Korea’s Cuckoo Holdings Co. is planning to raise as much as 750 million ringgit (US$172 million) through an initial public offering (IPO) of its Malaysian unit, Cuckoo International (Mal) Sdn., in Kuala Lumpur as early as next year, according to sources familiar with the matter.

The IPO could value the Malaysian unit at up to 3 billion ringgit, though details such as the size and timing of the offering could still change, the sources noted.

Founded in 2014, Cuckoo International started as a distributor of rice cookers and water purifiers in Malaysia. Since then, the company has expanded its product lineup to include air purifiers, kitchen appliances, and other home products. Cuckoo's parent company, traded in Seoul, has seen its shares rise about 47% this year.

According to a recently filed IPO prospectus, Cuckoo plans to sell up to 222 million existing shares and about 143 million new shares, with the final pricing yet to be determined.

Other companies, including Sunway Healthcare Group, MMC Port Holdings Bhd., and OCI Holdings Co.’s local polysilicon unit, are also considering IPOs in Kuala Lumpur next year. Malaysia’s IPO market has been active, hosting 38 IPOs in 2024 that have raised about $1.4 billion, a significant increase from the 20 IPOs totaling $569 million in the same period of 2023, according to Bloomberg data.

RHB Investment Bank Bhd. and AmInvestment Bank Bhd. are coordinating the Cuckoo Malaysia IPO, according to the prospectus.

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