KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Meme stocks are back. And this time, it’s Kohl’s (KSS) and Opendoor (OPEN) leading the retail rebellion.
As short interest spikes and trading volume explodes, a new generation of speculators is resurrecting the tactics and energy of the 2021 GameStop saga — but with different names and a whole lot of risk.
The Numbers Behind the Noise
Kohl’s (KSS): +38% on Tuesday, following intense Reddit chatter
Opendoor (OPEN): +439% in a month, now retreating (-10% Tuesday)
QuantumScape (QS): +200% past month, fueled by Tesla rumors
Rigetti (RGTI): volatile with growing short interest
More than 3.4 million Opendoor options contracts traded Monday — exceeding Tesla and Nvidia combined. That’s not fundamentals — that’s FOMO.
What’s Fueling Meme Mania 2.0?
- Short Squeeze SetupBoth KSS and OPEN were heavily shorted. As traders piled in and prices spiked, short sellers were forced to buy back shares — accelerating the rally.
- Retail RevivalFrom Reddit to X, retail investors are back in force, using platforms like Robinhood and hyping trades with war cries like:
“Max pain on the shorts. Buy every dip. Together we strong.” – u/Hot-Ticket9440
- Speculative Options ActivityTiny option bets are turning into thousands. One Redditor turned $6 into $30,000 in a day on Kohl’s call options.
- Risk-On SentimentWith markets at record highs and recession fears on pause, the appetite for lottery ticket trades is back.
What's the Smart Investor's Take?
This is not about company fundamentals. It’s about psychology, crowd momentum, and technical squeezes.
But the danger lies in thinking this ride lasts forever. As we saw with GameStop and AMC, these rallies can be vicious — and the crashes even more brutal.
“You don't get 100-baggers without upset stomachs.” – EMJ Capital's Eric Jackson on $OPEN
Kohl’s is facing long-term decline, and Opendoor has major structural challenges. These are not growth darlings — they’re targets of opportunity in a crowded casino.
What to Watch Next
Tesla earnings on Wednesday may spark QS speculation further.
Options volumes in small caps can offer early signals of meme rotation.
Short interest data is essential — look for >30% of float sold short.
Final Thought
Meme-stock mania isn’t just back — it’s evolving. While it might feel like déjà vu, the stakes are higher now. With more liquidity, faster access, and tighter social trading networks, these surges can grow faster — and collapse harder.
Are you watching from the sidelines or playing the game? Either way, know the risks.
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