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May 26, 2021

Glove Counter Continues to 'Torn'

 Glove counters continued their negative momentum today as investors divested their holdings following the increase in Covid-19 vaccination rates in the country.

At 10.16am, the three major glove counters, namely Hartalega Holdings Bhd, Top Glove Corp Bhd and Supermax Corp bhd, remained the losers in the 30 FBM KLCI counters.

Hartalega, which is also the biggest loser in the broader market, declined 15 sen to RM9.33; Supermax declined 14 sen to RM4.35 and Top Glove declined 8 sen to RM5.18.

Meanwhile, Kossan Rubber Industries Bhd declined 4 sen to RM4.11; Careplus Group Bhd declined 11 sen to RM2.35; Confort Gloves Bhd declined 2 sen to RM2.22 and Rubberex Corp (M) Bhd traded unchanged at RM1.17.

Commenting on the situation, MIDF's head of research, Imran Yassin Md. Yusof said with the second round of AstraZeneca vaccine registration starting May 26, investors expect glove demand to return to normal starting next year.

"However, we must emphasize that the expectation is uncertain and we may see a recovery in glove stocks, if Covid-19 cases continue to rise in the next few weeks," he said as reported by Bernama.

Malaysia yesterday reported 61 new deaths and 6,509 new cases.