RM13.65b market cap wiped off from big four glove stocks this morning

RM13.65b market cap wiped off from big four glove stocks this morning
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KUALA LUMPUR (Jan 4): Some RM13.65 billion in market capitalisation (market cap) was wiped off from the big four rubber glove stocks — Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Kossan Rubber Industries Bhd — in the morning session, no thanks to the heavy selling that emerged after the New Year break.

Of the four glove companies, three of them, except Kossan, are component stocks of the FBM KLCI, which slipped 26.56 points or 1.63% to end the morning session at 1,600.65. The benchmark index earlier slid to a low of 1,593.12, down as much as 34.09 points. 

Top Glove’s market cap shrank RM5.29 billion after its share price tumbled 66 sen or 10.78% to RM5.46. The stock had plummeted 43% from its peak of RM9.60 in October last year. 

Hartalega was not spared from the fierce selling. Roughly RM5.69 billion of the world’s largest nitrile glove maker’s market cap evaporated after its share price slumped RM1.66 or 13.67% to RM10.48.

Kossan and Supermax also saw their market cap down RM1.43 billion and RM1.23 billion respectively after their share prices plummeted 12.44% and 7.82% to RM3.94 and RM5.54 respectively.

Kathy Fong