KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Shares of GameStop (GME.US) soared as much as 14% on Thursday afternoon following the return of Keith Gill, better known as Roaring Kitty, to the social media platform X. Gill’s cryptic post reignited excitement among meme stock enthusiasts, fueling both the stock price and options activity.
GameStop Rally Details
Catalyst:
- Gill posted a fake TIME Magazine cover featuring a desktop computer monitor and keyboard at 1:45 p.m. ET.
- By 3:45 p.m., the post had been viewed 3.1 million times.
- Gill is known for triggering meme stock rallies with his enigmatic posts, boasting 1.6 million followers on X.
Stock Reaction: GameStop shares surged as investors piled in, marking another chapter in the ongoing saga of meme stock volatility.
Options Market Activity
- Most Traded Call Contracts:
- Strike Price: $30.
- Expiration: Dec. 6.
- Volume: 60,220 contracts.
- Open Interest: 18,110 contracts.
The spike in call options highlights bullish sentiment, with traders betting on further gains.
Broader Options Activity
American Airlines (AAL.US):
- Top Volume Contract: $18 calls.
- Volume to Open Interest Ratio: 118.5x, with 32,112 contracts traded.
Daily Index & Sector ETF Options:
- Elevated activity across several indexes and sector ETFs, reflecting broader market interest.
Keith Gill's Market Influence
Gill’s previous posts have sparked significant market movements:
- September 2024: A post interpreted as a signal he sold some of his Chewy stake led to Chewy stock plummeting and GameStop soaring.
- His cryptic style continues to energize retail investors, creating waves in meme stocks and related options markets.
Conclusion
The resurgence of meme stock enthusiasm highlights the enduring power of social media influencers like Roaring Kitty. As GameStop’s options activity surges, traders will watch closely for further posts or signals from Gill, who remains a pivotal figure in the retail trading landscape.
Comments
Post a Comment