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.
As Singapore’s stock listings hit a record low, some Singaporean companies are turning to Malaysia’s booming market for share sales. Malaysia has seen more than 30 initial public offerings (IPOs) in 2024, raising a total of $1.3 billion , outpacing Singapore, which has had only one IPO this year. Companies such as Grand Venture Technology Ltd. and UMS Holdings Ltd. , both Singapore-listed and linked to the semiconductor industry, are eyeing secondary listings in Malaysia. This shift marks a reversal of the traditional trend where Malaysian firms sought equity listings in Singapore for better access to global institutional investors . According to Raymond Chooi , regional head of equity capital markets at Maybank Investment Bank Bhd , companies are looking to tap into Malaysia’s liquidity pool , citing its proximity and market depth as key advantages. Malaysia's IPO surge is driven by political stability , eased regulations , and a local stock boom tied to artificial intellig...