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.
Key Takeaway: Talabat’s $1.5 billion IPO was fully subscribed within minutes of opening, underscoring strong demand for regional IPOs . Delivery Hero SE’s Middle East unit, Talabat , saw immediate demand for all shares in its Dubai IPO, priced between 1.50 dirhams ($0.41) and 1.60 dirhams , according to deal terms. The IPO, which represents a 15% stake (3.49 billion shares) , values Talabat at $10.2 billion , just below its parent company's $11 billion market cap. Key Highlights: Strong Cornerstone Support Key investors, including the UAE Strategic Investment Fund , Abu Dhabi Pension Fund , and Emirates International Investment Co , have committed $250 million to the IPO as cornerstone investors. Middle East IPO Surge The Talabat IPO follows a record-breaking year for IPOs in the Middle East, where companies have raised approximately $10 billion in 2024. Despite the strong demand, some recent listings, such as Lulu Retail’s $1.7 billion IPO and Oman’s state energy company u...