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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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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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