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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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Malaysia’s IPO Boom: 2024 Brings Record Listings and a 90% Success Rate

As 2024 concludes, Malaysia’s IPO market has experienced its most vibrant year in over a decade. With 55 companies going public, marking a 71% increase compared to 2023, Bursa Malaysia has cemented itself as a top destination for investors seeking high returns.

Key Highlights from 2024 IPOs

1. Record Number of Listings

  • Total IPOs: 55, the highest since 2009.
  • ACE Market Dominance: 40 IPOs, the most since the market's inception.
  • Main and ACE Market Combined: 51 IPOs, with 46 companies posting gains on their first trading day, resulting in a 90% success rate for investors.

2. Top Performers

  • UUE Holdings Bhd ($UUE 0310.MY$):
    • First-day gain: +189.6% (largest IPO surge of the year).
    • Sector: Underground utility construction and pipeline solutions.
  • Ocean Fresh Berhad ($OFB 0312.MY$):
    • First-day gain: +170% (frozen seafood processor, exporter, wholesaler, and retailer).
  • Go Hub Capital Bhd ($GOHUB 0311.MY$):
    • First-day gain: +170% (specializing in corporate IT solutions, particularly for the railway sector).

3. Post-IPO Performance Leaders

  • Go Hub Capital Bhd:
    • Year-to-date gain: +282.9%.
  • UUE Holdings Bhd:
    • Year-to-date gain: +243.8%.
  • MTEC ($MTEC 0295.MY$):
    • Year-to-date gain: +215.4% (focused on power cable manufacturing and sales).

Why 2024 Was a Breakout Year for IPOs

  1. Positive Economic Momentum:
    • Political stability and robust economic growth attracted foreign investors.
  2. High Oversubscriptions:
    • Strong foreign interest boosted valuations and listing performance.
  3. Sector Diversity:
    • From utility solutions to frozen seafood, the IPOs showcased diverse industries with strong market demand.
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