GameStop mania spreads half a world away to target glove makers
A new Reddit forum called BursaBets has been set up, describing itself as the “Malaysian version” of Wallstreetbets
Shares of Malaysia's Top Glove surged almost 8% on Friday as retail investors in Asia drew inspiration from the GameStop trading frenzy.
A new Reddit forum called BursaBets has been set up, describing itself as the "Malaysian version" of Wallstreetbets, reports the BBC.
The Wallstreetbets forum fuelled the GameStop share price surge this week.
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Top Glove is the world's largest producer of latex gloves, but has been hit by a Covid-19 outbreak at its factories and labour abuse allegations.
It's unclear what effect the BursaBets forum will have because share-trading is more regulated in Malaysia than in the US.
The national stock exchange is called Bursa Malaysia.
The GameStop share-buying frenzy has been billed as a battle between Wall Street professionals and young, often novice, investors using social media platforms such as Reddit.
"Whoever is still holding gloves (has) already been through hell, join me by saying 'eff you' to investment banks, fund managers, market manipulators, and everyone else," said an user called '_Revenant_' who started the BursaBets forum.
Unlike GameStop, which is a loss-making bricks and mortar retailer, TopGlove is a profitable business.
The Covid-19 pandemic fuelled demand for gloves, which pushed the company's share price 290% higher last year.
Although the company reported a record profit in December, its share price has fallen 40% since August as Covid-19 vaccines became available.
