Friday 29 Mar 2024
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KUALA LUMPUR (July 29): Top Glove Corp Bhd and Hartalega Holdings Bhd have yet again scaled new heights as investor continued to show love for rubber glove stocks.

Shares in Top Glove went up by as much as 1.44% this morning to a high of RM26.78 per share — a new record high.

Despite tapering lower, as of 10.03am its shares were still up by 0.76% or 20 sen at RM26.60 per share.

As it stood, Top Glove had a market capitalisation of RM71.87 billion, making it the second-largest stock in terms of market value on the FBM KLCI.

Malayan Banking Bhd (Maybank) was still the largest stock at RM88.13 billion.

Volume-wise, Top Glove saw 3.63 million shares transacted.

As for Hartalega, the counter reached a high of RM20.10 this morning, going up by 1.01% in the process.

However. as at the time of writing, Hartalega shares had pared gains, still up by 0.8% or 16 sen at RM20.06 per share, giving it a market capitalisation of RM68.76 billion, making it the third-largest stock in terms of market capitalisation on the local benchmark index.

Hartalega saw a trading volume of 3.93 million shares.

Investor euphoria for rubber glove stocks, driven mainly by the Covid-19 pandemic, continued unabated. Increasing demand for rubber gloves and higher average selling prices (ASPs) contributed to further investor demand for such counters on the premise of higher earnings. 

The second wave of Covid-19 infections and lack of a vaccine were also spurring demand for such counters.

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