KUALA LUMPUR (July 10): Shares in three glove makers soared to new all-time highs in early trades today as Covid-19 infections continued to rise globally, with Mexico and South Africa recording the highest single-day jump in new cases yesterday, according to news reports. 

Leading the glove pack at 10.24am was Kossan Rubber Industries Bhd, whose shares were up 10.62% or RM1.24 at RM12.56 apiece with 7.01 million units done. This gave the counter a market capitalisation of RM16.17 billion.

Supermax Corp Bhd, which came in second, saw its share price rise 8.04% or RM1 to RM13.46 with a higher volume of 22.95 million shares changing hands. This valued the counter at RM18.28 billion.

The third glove stock, Top Glove Corp Bhd, jumped 80 sen or 3.78% to RM21.96 for a market cap of RM59.01 billion. A total of 7.91 million shares were traded.

The three counters have generally been on an upward trend since June 26, after shares related to glove manufacturing took a breather from a long rally that started after the World Health Organisation declared Covid-19 a global pandemic in March.

Glove manufacturers’ current share prices reflect the apparent relentless demand for gloves amid a resurgence in global Covid-19 infections.

Such sentiment has directed the spotlight on glove manufacturers' potential higher earnings as they capitalise on higher demand for their products.

Besides Mexico and South Africa, the world’s worst-hit country, the US, today saw a daily record in new cases for the sixth time in 10 days, according to the New York Times. More than 59,460 new cases were announced across the US on Thursday, setting a new single-day record with some numbers yet to be reported, it said.