Share prices of glove makers slip into negative territory on profit-taking

Share prices of glove makers slip into negative territory on profit-taking
-A +A

KUALA LUMPUR (Nov 25): Share prices of glove manufacturers slipped on Friday (Nov 25) amid profit-taking after strong gains on the broader market on Thursday. 

In addition, persistently weak demand for gloves, high operating cost and an increase in average selling prices pushed glove makers' share prices into negative territory, including Top Glove Corp Bhd. 

Top Glove — the ninth most active stock across the local bourse — had fallen seven sen or 7.11% to 91.5 sen a share at the lunch break. This valued the group at RM7.47 billion. Top Glove has depreciated by 61.72% from RM2.39 on Jan 3.

Meanwhile, Hartalega Holdings Bhd, which has tumbled 67.55% year-to-date, fell 2.66% to RM1.83, with about 361,200 shares changing hands. 

Supermax Corp Bhd, whose net profit plunged 99% in the first quarter, fell three sen or 3.21% to 90.5 sen, while Kossan Rubber Industries Bhd fell one sen or 0.88% to RM1.12.

Supermax posted a net profit of RM5.71 million for the first quarter ended Sept 30, 2022 (1QFY2023), from RM638.52 million for 1QFY2022, while revenue fell 83% to RM247.96 million from RM1.46 billion. 

Smaller glove companies such as Careplus Group Bhd and Hextar Healthcare Bhd (formerly known as Rubberex) also saw their share prices decline. Careplus settled at 47.5 sen, down 6.86% or 3.5 sen a share, while Hextar Healthcare slipped one sen or 2.47% to 39.5 sen.

Surin Murugiah