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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 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.
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Klook Eyes $500m US IPO Amid Strong Market Momentum

 IPO Plans in Motion

Klook, the Hong Kong-based travel booking platform, has tapped Goldman Sachs, Morgan Stanley, and JPMorgan to arrange a potential U.S. initial public offering (IPO), according to sources familiar with the matter.

  • The IPO could raise about $500 million and may launch as early as this year, though the final timing and size will depend on market conditions.

  • It remains unclear if the offering will involve new shares, investor sell-downs, or a mix of both.

Market Backdrop: IPO Window Reopening

The U.S. IPO market is showing renewed strength, supported by:

  • Robust tech earnings

  • Easing trade tensions between the U.S. and key partners

  • Recent high-profile listings, including crypto exchange Bullish and design software maker Figma, which signal stronger investor appetite.

This is a sharp turnaround from earlier in the year, when uncertainty over Trump’s tariff policies weighed on equity issuance.

Klook’s Positioning

  • Founded in 2014, Klook offers global booking services for attractions, transportation, and experiences.

  • The company turned profitable in 2023.

  • It competes with Booking.com, TripAdvisor, Trip.com (China), and Yanolja (South Korea).

  • Backed by SoftBank, Goldman Sachs, Vitruvian Partners, and HSG (formerly Sequoia China).

  • In February 2025, Klook raised $100 million from Vitruvian Partners, though valuation was undisclosed.

Investor Takeaway

  • A successful IPO would bolster Klook’s balance sheet and expand its international visibility.

  • Strong investor appetite for travel-tech and platform companies may support demand.

  • Key watchpoints:

    • Deal structure (primary vs secondary shares)

    • Valuation metrics vs peers like Booking.com & Trip.com

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