Rubber glove counters post gains as retail frenzy continues

Rubber glove counters post gains as retail frenzy continues
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KUALA LUMPUR (Feb 2): Shares in Top Glove Corp Bhd opened higher on the first day of trading this month as the retail frenzy continued on Bursa Malaysia.

Top Glove shares opened 1.63% or 11 sen higher at RM6.89 apiece today. As of 9.50am, shares in the glove maker were up by 2.23% or 15 sen at RM6.89 per share, translating into a market value of RM56.51 billion.

In terms of volume, Top Glove shares were the 16th most actively traded on the local bourse so far today, with 22.18 million units done.

Top Glove was targeted as a counter for short selling on social media — like GameStop in the US.

The net short position of Top Glove has increased. According to data provided by Bursa, the glove maker’s net short position stood at 241.9 million shares or 2.95% of its total share capital.

In comparison, as at Jan 27, the net short position of Top Glove was at 239.45 million or 2.92% of its share capital, Bursa data showed.

Last Friday, Top Glove shares were the second-most shorted on the local bourse after Public Bank Bhd. Top Glove saw 2.44 million shares worth RM15.16 million shorted, whereas Public Bank saw 4.87 million shares worth RM21.51 million.

Data on today’s regulated short selling (RSS) will be uploaded later in the day.

From a retail participation perspective, as of Jan 29, retail investors accounted for 34.45% of trading activities. Local institutions continued to dominate at 40.75%, while foreign investors amounted to 24.8%.

Other rubber glove counters also posted some gains. For instance, Hartalega Holdings Bhd, which opened two sen or 0.16% higher, was up 3.27% or 42 sen at RM13.28 as at the time of writing today, valuing it at RM45.52 billion.

Supermax Corp Bhd was also up by 1.91% or 13 sen at RM6.93, yielding a market capitalisation of RM18.85 billion.

As for Kossan Rubber Industries Bhd, it was up by 0.9% or four sen at RM4.49 per share, translating into a market capitalisation of RM11.48 billion.

Lam Jian Wyn