New Covid-19 Variant Drives Rally in Malaysia Glove Stocks

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By Chester Tay
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Malaysian glove stocks rose on renewed buying interest after a new, fast-spreading coronavirus disease was detected in South Africa.

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Top Glove Corp. is the world’s largest glove maker. Bhd. Was 10% higher as of Friday afternoon.

Among other glove producers in the Southeast Asian country, Hartalega Holdings Bhd. 7.6%, Kossan Rubber Industries Bhd. 7.5% and Supermax Corp. Bhd. climbed 8.7%.

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Shares of companies were down at least 50% since the start of the year amid a bleak outlook for glove prices, as most countries make progress on their vaccination rates and global supplies of gloves are expanding.

Vincent Lau, head of equity sales at Rakuten Trade in Kuala Lumpur, said that in addition to new tensions, rising COVID-19 cases in Europe also prompted investors to demand gloves and bet on a rebound in average selling prices as winter approaches. inspired to

“There are certainly trading opportunities with the discovery of this new version, but we are still unsure whether this is a rally in the making. [in glove stocks] will be sustainable,” he said.

Write to Chester Tay at [email protected]

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