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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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Waaree Energies Soars 75% on Mumbai Debut After $514 Million IPO

Shares of Waaree Energies Ltd., India’s largest solar panel maker, surged nearly 75% on their first day of trading, following a highly successful $514 million initial public offering (IPO). This strong debut has revitalized optimism in India's IPO market, especially after Hyundai Motor India Ltd.'s disappointing listing last week.

The stock climbed to 2,624.40 rupees from its issue price of 1,503 rupees, with the IPO drawing significant interest, being oversubscribed more than 70 times. Major investors like Goldman Sachs, BlackRock, and Morgan Stanley participated in the offering.

The successful debut reflects growing interest in India’s renewable energy sector, which has seen significant investment due to the government's push to expand renewable energy production. Waaree’s strong presence in the solar sector value chain positions it well for future growth, according to analysts like Nitin Mangal from Trudence Capital Advisors.

Waaree's performance contrasts sharply with Hyundai Motor India's recent listing, which suffered after its record-breaking $3.3 billion IPO. Waaree’s promising financials, including a profit of 4 billion rupees ($47.7 million) for the three months ending in June, along with its $9 billion market capitalization on Monday, have further bolstered investor confidence.

This IPO is part of a broader surge in Indian IPO activity, which has already raised $13.1 billion this year, surpassing the annual volumes of the past two years. Waaree's performance sets a positive tone for upcoming IPOs, including those of LG Electronics India and NTPC Ltd.'s renewable energy arm.

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