KUALA LUMPUR: Stock market regulators Securities Commission (SC) and Bursa Malaysia Bhd said on Friday they will take the "necessary measures" to curb disruptive trading practices and market abuse on the local bourse. This includes pursuing legal actions under existing laws. "Malaysian investors are advised to be cautious of social media chatrooms that try to influence investors to buy or sell certain stocks based on speculation or rumours," they said in a joint statement today. "Investors should also be wary of discussions in these social media chatrooms that may trigger securities breaches such as the provision of investment advice or stock recommendations without a licence.""Any person found guilty, may be liable to a fine not exceeding RM10mil or imprisonment not exceeding ten years or both." they said.The joint statement came as some local investors, inspired by the stock battle on Wall Street between retailers and institutional funds, started their own social media chatroom to prop up certain stocks. Earlier today, the Minority Shareholders Watchdog Group (MSWG) said some retail investors have set up ‘bursabets’ - a new subreddit on social news aggregator site Reddit - to discuss buying up stocks of glove makers. “Their issue is that the share prices of glove companies having dropped in recent months despite the increasing profits reported by these firms. The retail investors are looking to buy shares of medical glove makers in an attempt to drive up their prices and counter the short sellers who tend to drive the prices down, ” MSWG said in the statement earlier. In the stock market today, shares in big glove makers rallied in heavy trading, despite the overall weaker market sentiment. The SC and Bursa Malaysia today said they are closely monitoring the local stock market in light of the current price surge of selected stocks in the US markets, fuelled by social media chatrooms against short- sellers. "The market dynamics between the US and Malaysia differ," the regulators said. In Malaysia, Regulated Short Selling (RSS) is only applicable to Approved Securities in the RSS list, which currently comprises 218 securities. "Limits are also imposed to prevent excessive short- selling activities," they said.
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