Glove makers start 2H with gains

Glove makers start 2H with gains
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KUALA LUMPUR (July 1): Glove counters continue to remain a preferred choice among investors as we enter the second half of the year (2H20), with the Covid-19 pandemic showing no signs of abating in parts of the world.

As of 11.16am, shares in Hartalega Holdings Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd and Supermax Corp Bhd were among the top 10 gainers on the local bourse today.

Hartalega, first on the list of top gainers, rose by 3.54% or 46 sen to RM13.46 per share, valuing the company at some RM45.6 billion. In terms of volume, it saw 3.04 million shares traded.

In terms of its trailing 12-month price-earnings ( TTM P/E) ratio, Hartalega stood at 101.3 times. Year to date (YTD), it had surged by 145.62%.

Meanwhile, Top Glove, the third-highest gainer on the local stock exchange, rose 2.24% or 36 sen to RM16.46 per share, giving it a market capitalisation of RM44.36 billion. Meanwhile, 4.22 million of its shares were transacted.

As far its TTM P/E ratio was concerned, Top Glove was at 66.21 times. YTD, the rubber glove company had appreciated by 250.21%.

Meanwhile, Kossan was the fifth-highest gainer on Bursa Malaysia today. The counter, with a TTM P/E ratio of 47.14 times, rose by 2.82% or 24 sen to RM8.75 per share, giving it a market value of RM11.91 billion. YTD, Kossan had climbed 110.34%.

It had seen 911,900 shares change hands as at the time of writing.

As for Supermax, its Supermax-C80 warrants were the second-highest gainer on the local stock exchange today. The warrants were up 10.10% or 42 sen at RM4.58.

As for Supermax shares, the counter was the sixth-highest gainer today, rising by 3.25% or 26 sen to RM8.26 per share, giving it a market capitalisation of RM11.24 billion. Its TTM P/E ratio stood at 73.26 times.

Supermax saw 9.03 million shares done. YTD, it had appreciated by 494.24%.

Demand for rubber gloves is expected to be sustained as the pandemic continues to ravage parts of the world, with new norms of cleanliness and hygiene also contributing to demand in places where the virus is being kept under control.

According to Reuters, the US, with the largest number of cases worldwide, saw its top health expert Dr Anthony Fauci forecasting that daily new cases in the country could double to 100,000 a day if the current infection surge spirals out of control.