US News After the GameStop affair, WallStreetBets is following in Malaysia!

16:25  29 january  2021
16:25  29 january  2021 Source:   ouest-france.fr

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Après l’affaire GameStop, WallStreetBets fait des émules en Malaisie ! © Pixabay After the GameStop affair, WallStreetBets is following in Malaysia! The GameStop phenomenon, which illustrated how amateur stock marketers succeed in blowing up stocks at the expense of hedge funds, is responded by investors in Malaysia.

After the GameStop affair, which put the spotlight on the WallStreetBets community and its feats of arms, small investors in Malaysia decided to get into "coalition investing". Encouraged by the GameStop stock's surge, brought on by inexperienced but acting in concert (with undeniable success) stock marketers, they launched an online movement to push the manufacturer's stock higher on Friday. Gloves in Top Glove difficulty.

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The share of US video game store chain GameStop jumped some $ 20 to $ 492 this week, after a large group of amateur investors agreed on a forum on the Reddit site. to buy the title en masse and punish funds that had speculated on the distributor. With their short sales, large investment funds borrow shares, and sell them in anticipation of a drop in their prices in order to buy them back cheaper at a later date and earn a substantial profit. But if a security goes up unpredictably, then these large investors are forced to buy back the security to limit their losses.

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Malaysian stock marketers on Thursday created a group called BursaBets, similar to the US group WallStreetBets on the community site Reddit. BursaBets has become a rallying point for investors wanting to bet on a company, in this case, the Malaysian group Top Glove. Malaysia is the world's largest producer of latex gloves and its major manufacturers saw their titles jump last year on demand sparked by the Covid-19 pandemic. But these groups have loosened in recent weeks following the arrival of the first vaccines, and have been targeted by short sales, after the government authorized the practice.

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Top Glove, the world's leading manufacturer of latex gloves, saw its stock gain almost 300% last year, before falling 40% afterwards. A day after the creation of the Bursabets group, its stock rose more than 8% to 6.7 ringgits (1.37 euros) on the Kuala Lumpur Stock Exchange. Its competitors have also recovered, Hartalega showing up 5% and Supermax 3.6%.

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"I believe that the current price of gloves is very undervalued and my personal position is that the action should be kept until that it reaches its equilibrium value, "said" Revenant "on Reddit, the founder of the Bursabets group which has more than 6,800 members. "I just want the market to realize that valuations are too low and that our glove makers deserve better."

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This is interesting!