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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 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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