Malaysia's equity market performed strongly in 2024, achieving a near 'A' grade. Several key developments throughout the year set the stage for the main index to reach 1,800 points this year, with an anticipated 50 new listings. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) concluded 2024 with a 12.9% increase over the 52 weeks, making Bursa Malaysia the second-best performing market in Southeast Asia, trailing only Singapore.
Additionally, the exchange recorded its highest-ever issuance of initial public offerings (IPOs) and surpassed the RM2 trillion mark for market capitalization for the first time in May. Focusing on individual stocks, 99 Speed Mart Retail Holdings Bhd soared 14% in its market debut, marking the largest IPO since Lotte Chemical Titan's listing in 2017. This was Bursa Malaysia’s 34th IPO of the year, solidifying Malaysia's position as Southeast Asia’s most active IPO market in 2024. The most-traded stocks on Bursa Malaysia in the past 12 months include MY EG Services, Velesto Energy, Hong Seng Consolidated, Top Glove Corporation, and TWL Holdings, according to Bloomberg data. Bursa Malaysia achieved a significant milestone in 2024 with 55 IPOs listed on the exchange – the highest number in the past 19 years, exceeding the initial target of 42 IPOs. These 55 IPOs collectively raised RM7.42 billion in proceeds, representing a 107% increase from the previous year, and contributed a total market capitalisation of RM31.37 billion to Bursa Malaysia based on their IPO prices, reflecting a 130% growth compared to 2023. The FBM KLCI reached its lowest point of the year at 1,453.10 on January 2, 2024, the first trading day of the year, and peaked at 1,678.80 points on August 30, 2024, a level not seen since December 2020
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