KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
In one of 2025’s most surprising market turnarounds, a group of former SPAC darlings—SoFi Technologies, Opendoor Technologies, and MP Materials—have staged an unexpected rally, outperforming even tech titan Nvidia over the past month.
Opendoor surged by +458%, driven by its status as the only major iBuyer left in the market.
MP Materials jumped +63%, riding geopolitical tailwinds as rare-earths gain strategic importance.
SoFi climbed +37%, evolving into a full-fledged digital bank with accelerating user growth.
Meanwhile, Nvidia, widely seen as the poster child of AI-fueled gains, rose "only" +20% during the same period.
These sharp rebounds have significantly benefited several ETFs that quietly held these stocks through their downturns:
ARK Fintech Innovation ETF (ARKF) gained on SoFi’s comeback.
VanEck Rare Earth and Strategic Metals ETF (REMX) was lifted by MP Materials’ rise.
Vanguard Russell 2000 ETF (VTWO) reaped gains from Opendoor’s inclusion.
More Than Just Meme Stocks
While retail enthusiasm and social media chatter have played a role, the rally is fundamentally supported:
SoFi’s fintech-to-bank transformation is showing real traction.
MP Materials is capitalizing on U.S.-China decoupling and supply chain reshoring.
Opendoor is benefiting from a leaner model and renewed housing activity.
Takeaway
This comeback isn’t just a nostalgic SPAC rerun. It reflects strategic pivots, macro shifts, and long-term value playscoming into focus. For ETF managers and investors who held on, it’s proof that patience—and deep conviction—can still pay off.
Whether these gains are sustainable remains to be seen, but 2025 has made one thing clear: the comeback stories are not always where we expect them.
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