Bursa Malaysia enjoyed a rare sterling year in 2024. The FBM KLCI was up 15.4% at its peak in August, and despite some profit-taking in the last few months of the year, the benchmark market index still logged its biggest annual percentage gain since 2010, up 12.9%. Last year was also the first year of gains for the FBM KLCI since 2020.
Not surprisingly, this more buoyant backdrop revitalised the IPO market, which saw a significant pickup in listing activities. A total of 51 companies made their debut on the Main Market (11) and ACE Market (40), along with four on the LEAP Market. It was the highest number of IPOs in 19 years (see Chart 1). Most of the IPOs performed remarkably well, too - all but five closed higher on their first day of trading, many chalking up double-digit gains and some even boasting triple-digit gains. That got people excited about a Bursa revival, that the local bourse might finally be shaking off years of lacklustre trading and chronic underperformance. Unfortunately, that hope fizzled out fast.
