2025 did not start smoothly for Bursa Malaysia. Global markets were unsettled by renewed trade tensions, fresh US tariffs and prolonged political uncertainty abroad. Investor confidence weakened, volatility rose and risk appetite narrowed. For a period, Malaysia’s stock market appeared headed for another cautious and defensive year.
By December, that narrative had clearly shifted.
Instead of retreating, Bursa Malaysia stabilised and finished the year on firmer ground, delivering one of its most meaningful performances in recent years. While the gains were measured, the underlying signals were strong, consistent and confidence building.
The Defining Story of 2025: IPOs
If one milestone truly defined Bursa Malaysia in 2025, it was listings.
This year, 60 Initial Public Offerings (IPOs) were recorded, exceeding last year’s 55 and meeting the full year target. In a year marked by global uncertainty, this achievement stood out as a clear vote of confidence in Malaysia’s capital market.
According to Bursa Malaysia’s Facebook post, the 60 IPOs represented:
RM5.96 billion in funds raised.
RM27.42 billion in market capitalisation created.
The highest IPO count in ASEAN for 2025
Each gong strike marked the official debut of a company on the exchange. More importantly, it symbolised businesses choosing public markets to raise capital, expand operations, create jobs and strengthen corporate governance, while giving investors fresh opportunities to participate in Malaysia’s long term growth.
Finance Minister II Datuk Seri Amir Hamzah Azizan said the 60 listings helped raise nearly RM30 billion on Bursa Malaysia, underscoring sustained investor confidence despite uncertain global interest rate conditions.
Early in the year, strong investor appetite was already evident. In January, Oriental Kopi Holdings Bhd saw its IPO oversubscribed by around 60 times, reflecting total subscriptions of about RM1.6 billion at an IPO price of RM0.44 per share. Upon listing, the food and beverage chain operator was expected to achieve a market capitalisation of roughly RM880 million, setting a positive tone for the year’s IPO pipeline.
Momentum continued later in the year with other notable listings. Eco-Shop Marketing Bhd made a strong debut on the Main Market of Bursa Malaysia, opening at RM1.25, 12 sen higher than its IPO price of RM1.13. Meanwhile, Foodie Media Bhd also enjoyed a positive start on the ACE Market, opening at 35.5 sen, an 18.3 per cent premium over its IPO price of 30 sen, with its retail portion oversubscribed by 24.6 times.
Rakuten Trade vice president of equity research Thong Pak Leng noted that while overall trading volumes remained stable, IPO pricing became more disciplined, reflecting a market that was cautious but still constructive.
From Early Shock to Late Stability
The year opened with the FTSE Bursa Malaysia KLCI at 1,632.87.
In April, markets worldwide reacted sharply after the US announced tariffs affecting more than 100 countries, including Malaysia. This triggered a broad sell off. By April 9, the FBM KLCI had fallen to its year low of 1,400.59, reflecting heightened global uncertainty and weaker sentiment.
The recovery that followed was gradual and disciplined.
As tariff pressures eased, domestic policy clarity improved and sentiment strengthened ahead of year end portfolio rebalancing, the benchmark index climbed steadily. By December 19, the FBM KLCI reached a year high of 1,665.90 points, ending 2025 with a positive year to date return.
Thong highlighted that Malaysia’s defensive sector composition played a key role in cushioning volatility, with investors favouring companies capable of delivering consistent earnings and cash flow despite external shocks.
While new companies entered the market, 2025 was also a year of notable departures.
Malaysia Airports Holdings Bhd was delisted in February following its privatisation, bringing to a close a 25 year chapter as a listed company.
FGV Holdings Bhd exited the Main Market after Felda consolidated ownership, while KNM Group Bhd was delisted as part of a broader financial restructuring strategy.
These exits reflected a maturing capital market, where companies reassessed whether remaining listed continued to align with their long term strategic and financial objectives.
More Than Market Numbers
Beyond index movements and IPO statistics, 2025 told a deeper story.
It showed that Malaysia’s capital market can withstand global shocks, continue to attract listings and remain relevant to both businesses and investors. As Bursa Malaysia itself highlighted, behind every listing is a growth story.
In 2025, there were 60 such stories, each marking another step toward a stronger, more resilient and more credible Malaysian capital market.
With global interest rates easing, stronger regional cooperation under ASEAN chairmanship and a resilient domestic economy, 2026 may offer a more balanced and supportive environment for equities.
Sources: 1| 2
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