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.
Opendoor Technologies (NASDAQ: OPEN) is on fire — again.
The stock gained another 10.8% on Thursday, pushing its 1-month rally close to 200%. As of Friday, shares traded around $1.98, nearly double from earlier in the month.
What’s Fueling the Surge?
The rally is largely driven by:
Renewed retail investor interest
A bold endorsement from Eric Jackson, founder of EMJ Capital
Jackson publicly backed Opendoor on social media, calling it a potential “100-bagger” — a stock that could grow 100xover the next few years.
The Math Behind the Bull Case
Jackson's thesis:
If Opendoor hits $12B in annual revenue (a Bloomberg consensus forecast)
And regains a 5x EV/revenue multiple like during the 2021 peak
That implies a stock price of $82, up from under $2 — hence, 100x upside
Why Opendoor, Why Now?
Jackson argues that Opendoor now dominates the iBuying space, following the exits of Zillow and Redfin from the model.
iBuying refers to the use of tech platforms to buy homes directly for cash, do light renovations, and resell. It's a capital-intensive model — but Opendoor has stayed committed while others pulled back.
The idea is simple: less competition + mispriced valuation = massive upside potential.
The Risk Side
While the momentum is real, investors should stay grounded:
Opendoor is still unprofitable and in a volatile business model
High short interest and social media hype mean price swings can be sharp
A 100x return sounds great — but requires perfect execution, macro tailwinds, and strong investor sentiment
Analyst View
This is clearly a speculative, high-risk play. But Jackson’s post brought a narrative spark that many retail traders were waiting for. Combined with a short squeeze setup, it’s fueling a steep rally.
If you're in it, understand this is momentum-driven for now — not yet backed by earnings or fundamentals. But in the short term, sentiment alone may continue to drive upside.
Bottom Line:
Opendoor has the story, the spotlight, and the speculative setup. Whether it becomes a “100-bagger” or fizzles depends on execution, housing market recovery, and whether hype turns into long-term belief.
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