For the first time since May 2020, shares of Supermax Corp Bhd fell below RM2 in today's trading session.
The impact of import restrictions by the United States is still being felt, causing investors to be more cautious about getting a stake in the glove company’s shares.
At 2.45pm, Supermax shares traded at RM1.93, following a decline of around 4.9% or 10 sen with a market capitalization of RM5.25 billion.
The last time the stock fell below RM2 was on May 15, 2020, when it closed at RM1.99.
Last week, the U.S. Department of Customs and Border Protection (GST) issued an order to restrict the entry of gloves manufactured by Supermax subsidiaries wholly owned by Maxter Glove Manufacturing Sdn Bhd, Maxwell Glove Manufacturing Bhd and Supermax Glove Manufacturing.
The action was made following a GST investigation that claimed there were elements of the use of forced labor in manufacturing operations at the company that violated U.S. trade law.
