Rubber glove makers gain; Hartalega, Top Glove and Supermax scale all-time highs after MCO extension

Rubber glove makers gain; Hartalega, Top Glove and Supermax scale all-time highs after MCO extension
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KUALA LUMPUR (April 24): Stocks of rubber glove makers were among the top gainers on Bursa Malaysia this morning, following the government’s decision to extend the Movement Control Order (MCO) by another two weeks.

In particular, Hartalega Holdings Bhd, Top Glove Corp Bhd and Supermax Corp Bhd scaled to their all-time highs.

Shares in Top Glove Corp Bhd rose as much as 3.91% to RM7.17 per share. As of 10.17 am, Top Glove was trading at 3.04% or 21 sen higher at RM7.11, giving it a market capitalisation of RM18.23 billion.

At the time of writing, Top Glove was the second-highest gainer on the local bourse. Year to date (YTD), the stock has appreciated 51.49% with its price-earnings ratio (PER) now standing at some 46.32 times.

Hartalega Holdings Bhd also reached a new all-time high of RM7.65 today. It is now trading at 1.46% or 11 sen higher at RM7.61 per share.

Hartalega was the eighth top gainer on Bursa Malaysia today and on a year-to-date (YTD) basis has appreciated 38.69%. It has a PER of 61.81 times.

Supermax Corp Bhd also gained today. The counter rose as much as 5.65% to RM2.43 — reaching an all-time high as well — before settling down to RM2.42, giving it a market capitalisation of RM3.29 billion. It has a PER of 28.50 times.

Kossan Rubber Industries Bhd — which was the third-highest gainer on the local stock exchange today — gained 3.03% or 18 sen at RM5.63 per share, giving it a market capitalisation of RM7.20 billion. It has a PER of 31 times.

The government has extended the MCO for another two weeks until May 12.