Insight #1 – Malaysian retail speculation GameStop-related speculation also reached Asia last week. In Malaysia, a reddit group called Bursabets were inspired by WallStreetBets to push glove manufacturers Top Glove and Hartalega. Both of these stocks rose double digit percentages on Friday. But since short selling on Bursa Malaysia is restricted to 4% of outstanding shares, the Redditors didn’t manage to achieve a short squeeze anywhere near that of GameStop. Malaysian stocks are almost as bubbly as Korean and Taiwanese at this point, with retail participation rising from 18% to 33% since COVID-19 related cash hand-outs gave them money to play with. Search queries for one of the most popular trading platforms “Rakuten Trade” peaked in August but remains at elevated levels. It’s hard to say whether Asian retail speculation has peaked or will get crazier still.
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