Malaysia's equity markets are still regional seconds

For most of 2009 there was little capital markets activity of note on the Bursa Malaysia. AirAsia raised $166 million in a follow-on in September, Maybank had a successful $1.7 billion rights issuance in April and three Chinese footwear companies launched small initial public offerings IPOs during the year.

This trickle of equity capital markets activity followed a series of delistings earlier in the decade that left a bad taste in the mouths of many international investors for Malaysian equities. Maxis Communications and PBS Palm Oils both delisted in 2007.

Given the dearth of activity, it's safe to say Malaysia isn't the first country that pops into the head...