KUALA LUMPUR (July 24): Top Glove Corp Bhd's share price slumped below RM26 in morning trade today on profit taking, after rising as much as 18 sen or 0.69% to a record high of RM26.30 earlier, as global Covid-19 infections continued to rise.

Investors have been buying shares in rubber glove manufactures like Top Glove in anticipation that Covid-19 will lead to higher demand for gloves, hence better earnings for such companies.

At 11.12am, Top Glove’s share price had fallen 16 sen or 0.61% to RM25.96, with 10.31 million shares transacted.

"Overall, the healthcare sector, such as glove and pharmaceutical stocks, should continue to outperform amid the virus resurgence and potential vaccine progress in the long term,” Hong Leong Investment Bank (HLIB) Research analyst Ng Jun Sheng wrote in a note today.

Top Glove’s market capitalisation of RM71.01 billion at the record high of RM26.30 today made the group the second most-valuable company in Malaysia after Malayan Banking Bhd (Maybank), which had a market capitalisation of over RM80 billion.

On the other hand, at 11.34am, Maybank’s share price was five sen or 0.63% lower at RM7.83, giving it a market capitalisation of RM88.01 billion.