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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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Bursa Malaysia Achieves Record 55 IPOs in 2024, Highest in Nearly Two Decades

Bursa Malaysia wrapped up 2024 with 55 initial public offerings (IPOs), marking a 72% increase compared to the 32 IPOs in 2023. This milestone represents the highest number of listings in 19 years, solidifying Bursa's position as a leader among Asean exchanges in terms of IPO numbers and funds raised.

Key Highlights

  • Strong IPO Momentum:

    • 11 Main Market listings (up from 7 in 2023)
    • 40 ACE Market listings (up from 24 in 2023)
    • 4 LEAP Market listings (up from 1 in 2023)

  • Capital Raised:

    • RM7.42 billion in total proceeds, a 107% increase from 2023.
    • Market capitalisation of RM31.37 billion, a 130% rise compared to 2023.

  • Top IPOs:

    • The five largest IPOs contributed RM20.32 billion in market capitalisation, led by companies such as 99 Speed Mart Retail Holdings, Johor Plantations Group, Alpha IVF Group, and Prolintas Infra Business Trust.

Leadership Comments

  • CEO Datuk Muhamad Umar Swift highlighted strong investor confidence in IPOs, evidenced by high oversubscription rates and share price growth, crediting the facilitative regulatory frameworks for this success.

  • Chairman Tan Sri Abdul Wahid Omar emphasized Bursa’s role as a key enabler of national growth, with a commitment to sustaining the IPO momentum into 2025.

Initiatives Driving Growth

  • Three-Month Approval Period: Accelerating IPO approval for the Main and ACE Markets.
  • LEAP Market Transfer Framework: Simplifying transitions from LEAP to ACE Market.
  • Expanded Investor Base: Widening the definition of sophisticated investors to include angel investors, venture capitalists, and private equity firms.

Looking Ahead

With its record-breaking performance in 2024, Bursa Malaysia is poised to maintain its strong IPO pipeline in 2025, continuing its mission to facilitate capital fundraising and bolster market competitiveness.

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