KUALA LUMPUR: Top Glove Corp Bhd’s shares rallied over 9% in early trade Friday as retail investors said to draw inspiration from the recent rally at GameStop Corp. The world’s largest glovemaker rose 9.5%, or 59 sen to RM6.80 with over 52 million shares traded. Hartalega added 3.7%, or 46 sen to RM12.66, Supermax gained 4.12%, or 27 sen to RM6.83, Kossan advanced 2.82%, or 12 sen to RM4.38 and Comfort 2.91%, or nine sen to RM3.18. Yesterday, a member of bursabets, a Reddit forum seen as a copycat of the controversial US-based "WallStreetBets", has called upon retail traders in a new post to help shore up the share prices of Malaysian glove manufacturers. It aims to replicate GameStop’s feat on Bursa Malaysia, alleging that trading in the local glove sector has been manipulated by large institutions, which have undervalued the stocks for their own profit. "Glove companies like Top Glove, Supermax, Hartalega, Kossan, Comfort and a few more other smaller glove producers are now all trading at a criminally low PE Of less than 15 despite earnings record-breaking profits because of the pandemic," said _Revenant_. Discussions in the forum centered around Top Glove and short positions in the sector.
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