Profit-taking caps glovemakers' performance

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KUALA LUMPUR (Aug 5): All the glove stocks retreated from intraday highs, with some of them slipping into the negative territory, at the closing bell as investors were taking some profit off the table. 

Any rebound on share price during the trading day was capped by downward pressure from profit-taking. 

Some quarters commented that Hartalega’s latest record-high quarterly earnings, which fell short of market expectations, has cooled the frenzied buying of glove counters. 

Although there is a slew of earnings upgrade on the world’s largest nitrile glove manufacturer after it reported a quarterly net profit of RM219.72 million, Hartalega’s share price dropped 14 sen to RM19.80 today. Its market capitalisation contracted to RM67.86 billion but it remains as the third-largest stock on the local bourse. 

Top Glove Corp Bhd also fell into the negative zone. The stock was down 42 sen or 1.48% to RM27.94. It climbed to a new high of RM28.82 shortly after the opening bell but the upward momentum was not sustainable. 

Its executive chairman Tan Sri Dr Lim Wee Chai claimed today that old issues involving forced labour allegations against the company were due to an activist who intends to “sabotage” the group.

Supermax Corp Bhd, Kossan Rubber Industries Bhd, Careplus Group Bhd and Rubberex Corp (M) Bhd were the four that managed to gain ground and closed higher. 

Supermax climbed 58 sen or 2.6% to RM23, Kossan rose 20 sen to RM10.04, Careplus went up three sen to RM5.40, while Rubberex gained six sen to RM6.78. 

Comfort Gloves, however, shed 18 sen to RM6.50, bringing its market value to RM3.78 billion.

Read also: 
Top Glove chairman alleges activist 'sabotage' amid forced labour claims