KUALA LUMPUR (Feb 3): Glove stocks appear to be mounting a decline from the gains seen yesterday.

Shares in Top Glove Corp Bhd had declined by 2.13% or 15 sen to RM6.90 per share at 9.30am today, translating into a market capitalisation of RM56.59 billion.

In fact, the counter opened lower today, by 0.7% or five sen lower at RM7 apiece, from yesterday’s closing price of RM7.05 per share.

In terms of trading volume, the glove company had seen 11.12 million shares done, making it the 17th most actively traded counter on the local bourse.

Other members of the four largest glove manufacturers also posted declines. Supermax Corp Bhd shares retreated by 3.39% or 24 sen to RM6.84 per share, translating into a market capitalisation of RM18.61 billion. It had seen 8.9 million shares done.

Kossan Rubber Industries Bhd fell by 1.59% or seven sen to RM4.33, valuing it at RM11.08 billion. It had seen 1.08 million shares transacted.

Hartalega Holdings Bhd declined by 0.90% or 12 sen to RM13.18 apiece, valuing it at RM45.18 billion. It had seen 621,500 shares change hands.

Other smaller glove manufacturers also saw their share prices drop. Comfort Gloves Bhd retreated by 2.2% or seven sen to RM3.11, valuing it at RM1.81 billion. Careplus Group Bhd was down 2.77% or seven sen at RM2.46, yielding a market capitalisation of RM1.35 billion.

The Bursa Malaysia Healthcare Index, which counts rubber glove companies as its constituents, was down 0.38% or 13.78 points at 3,617.17 points at the time of writing today.

While the FBM KLCI was up by 0.59% or 9.32 points at 1,589.81 points, Top Glove and Supermax were the local benchmark index’s top laggards.

Yesterday saw the big four rubber glove companies, particularly Top Glove, rise on what some quarters deemed to be social media short selling by retail investors in a bid to emulate the short squeeze seen with US video game retailer GameStop.

The latest data from the local stock exchange indicated how that Top Glove did not see any regulated short selling (RSS) yesterday.

On the final two trading days of last week, Top Glove shares were the second-most shorted on Bursa after Public Bank Bhd.

Last Friday (Jan 29), Top Glove saw 2.52 million of its shares worth RM16.69 million shorted. Last Wednesday, 2.44 million shares worth RM15.16 million were shorted.

As of yesterday, retail investors accounted for 34.56% of trade, with local institutions accounting for 42.92%. Foreign investors took up 22.52%.