GameStop phenomenon spreads to Malaysia n glove stocks
KUALA LUMPUR: Malaysia n retail investors joined forces on social media and pushed up stocks of under-pressure rubber glove makers on Friday (Jan ...
BookmarkKUALA LUMPUR: Malaysian retail investors joined forces on social media and pushed up stocks of under-pressure rubber glove makers on Friday (Jan 29), taking inspiration from the recent GameStop trading phenomenon in the US.Shares of the US video game shop chain surged from less than US$20 to a peak of US$492 earlier this week, after millions of amateur investors active on online forum Reddit rallied together to punish short sellers by sending prices soaring.
AdvertisementAdvertisementIn short-selling, investors borrow stock, sell it and then buy it back at a lower price, keeping the difference. But if a stock unexpectedly soars, then investors are forced to buy it back at a loss.READ: Why GameStop's stock surge is shaking Wall Street
Inspired by the US movement, Malaysian mom-and-pop investors Thursday set up their own Reddit group, naming it BursaBets after the country's stock exchange.Like the US group WallStreetBets, BursaBets became an online rallying spot for those urging people to buy and hold shares, in this case, targeting glove stocks. headtopics.com
AdvertisementAdvertisementMalaysia is the world's top producer of latex gloves, and major producers saw their shares jump last year on strong demand due to the COVID-19 pandemic. Read more: CNA »
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