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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 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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