KUALA LUMPUR (April 26): Shares of Malaysian rubber glove makers have rebounded today, largely as investors turned to bargain hunting after the relatively strong selldown on the counters over the last two weeks, according to Inter Pacific Securities Research head Pong Teng Siew.
"Despite the drop over the last week, the valuations of these glove counters are still not cheap. However, compared to two weeks ago, they are very much cheaper," Pong told theedgemarkets.com.
At 3.01pm, shares in Top Glove Corp Bhd were up 29 sen or 3.22% at RM9.30, after 3.18 million shares were traded. It was the second top gainer on Bursa Malaysia at the time of writing.
The stock hit a high of RM10.20 on April 19. But over the past 12 months, the stock has jumped about 103% from RM4.60.
Similarly, Hartalega Holdings Bhd's shares were up 16 sen or 2.81% to RM5.85, after 1.31 million shares were exchanged. A fortnight ago, the stock was trading at RM6.64. The counter has more than doubled from RM2.41 over the past year.
Kossan Rubber Industries Bhd, which climbed as much as 23 sen or 3.51% earlier today, pared some gains to trade at RM6.61 at 3.03pm, after some 158,700 shares were traded.
Kossan shares were trading at RM7.80 on April 13. The stock has gained some 15% from a year ago.