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Finance

Reddit squeeze in Asia: GameStop inspires Malaysians to buy Top Glove

Local answer to WallStreetBets drives up rubber product maker against shorts

Malaysian retail investors have zeroed in on Top Glove as their own GameStop, inspired by U.S. Reddit traders' collective bet against short sellers.   © Reuters

NEW YORK -- The GameStop trading bonanza in the U.S. has inspired some Malaysian retail investors to orchestrate their own collective bet on Top Glove, giving the widely-shorted rubber product manufacturer an instant boost.

The Reddit group Bursabets, named after Malaysia's stock exchange, emerged on Thursday and has since attracted over 8,000 members. Top Glove, which is also traded in the U.S. in the form of American Depositary Shares, is up 9% in Friday trading in New York.

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