New rubber glove players also come under selling pressure

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KUALA LUMPUR (Aug 17): The negative sentiment surrounding rubber glove makers has not sparred the new players, which also came under selling pressure today.

The new kids on the block included Kanger International Bhd, HLT Global Bhd, AT Systematization Bhd and Inix Technologies Holdings Bhd.

In percentage terms, Kanger led the declines. The company, which has been courted by Dubai-based Constellation Holdings Ltd to set up a rubber glove business in Malaysia, saw its shares decline by as much as 28.3% to an intraday low of 19 sen.

It closed the day at 20 sen for a loss of 6.5 sen or 24.53%, valuing the company at RM247.05 million. The counter saw 85.45 million shares change hands, making it the 17th-most actively traded stock on Bursa Malaysia today.

Year to date (YTD), Kanger shares are up 50% from the start of the year when it stood at eight sen.

Elsewhere, Inix, which has been making headlines after acquiring a factory in Negeri Sembilan to set up a rubber glove business, fell by as much as 22.06% before staging a recovery.

It ended the day 8.82% or three sen lower at 31 sen, giving it a market capitalisation of RM100.82 million. It was the 15th-most actively traded stock with 90.87 million shares transacted. YTD, the counter has shot up by a massive 520%.

HLT Global Bhd, which announced a RM325 million private placement to fund its new rubber glove plant, fell 11.56% to an intraday low of RM1.30 before closing 10.2% or 15 sen lower at RM1.32.

This gave the glove-dipping line manufacturer a market capitalisation of RM722.58 million. On top of that, it was the 12th-biggest loser on Bursa today. On a YTD basis, HLT shares have soared by 633.33%.

HLT Global saw 61.49 million shares traded, making it the 26th-most actively traded counter.

AT Systematization Bhd emerged as the ninth-most actively traded counter with 136.41 million shares changing hands. The firm, which has plans to acquire six glove-dipping lines, finished at its intra-day low of 8.5 sen, falling 5.56% or half a sen. YTD, it is up by 125%.

Bucking the trend today were property developer Titijaya Land Bhd and CE Technology Bhd.

Titijaya, which has announced plans to enter the personal protective equipment and rubber glove business, finished 4.9% or 2.5 sen higher at 53.5 sen, valuing the company at RM726.74 million. It saw 16.42 million shares done.

CE Technology, a cleanroom player listed on the LEAP Market, closed unchanged at 90 sen, valuing the company at RM311.5 million.

YTD, Titijaya and CE Technology are up by 84.48% and 80% respectively.

Shares in leading rubber glove manufacturers Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Comfort Gloves Bhd and Careplus Group Bhd suffered heavy losses today to top Bursa's top losers list.