Author: gloveharicut   |   Latest post: Thu, 24 Sep 2020, 5:07 PM


Supermax market cap tops RM30b as share price jumps to record high

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I am reproducing The Edge article to my blog.



Supermax market cap tops RM30b as share price jumps to record high


KUALA LUMPUR (Aug 7): Supermax Corp Bhd's shares pared gains after jumping as much as 66 sen or 2.78% to its all-time high of RM24.44 in morning trades today as a resurgence in global Covid-19 infections led to expectation of higher demand for rubber gloves.

At 11:06am, the rubber glove manufacturer's share price stood at RM24.14 for a market capitalisation of RM30.71 billion. The stock saw some nine million shares traded.

Glove manufacturers including Supermax and its FBM KLCI-linked rivals Top Glove Corp Bhd and Hartalega Holdings Bhd have been closely watched as expectation of higher demand for rubber gloves led to anticipation of better earnings in these companies.

CGS-CIMB Securities Sdn Bhd analysts Ivy Ng Lee Fang and Nagulan Ravi wrote in its latest Malaysia strategy note that gloves and retail interests were the main drivers of the Malaysian stock market in July 2020.

"Glove makers dominated the top gainers list for most of July; we estimated they may have contributed 89 of the 103-point gain, or 86% of the m-o-m gain, in the KLCI in July.

"We estimate that the KLCI's gain in July may have only been 1% m-o-m if not for the rally in the share prices of glove makers on the KLCI," they said.

Today, world stock markets continue to take cue from the resurgence in global Covid-19 infections.

In Australia for example, it was reported that Australian shares retreated on Friday, with miners leading losses, as heightened coronavirus-induced restrictions following a second wave of infections stoked fears of further economic damage and unemployment.

"Australia's second-largest city, Melbourne, went into a strict six-week lockdown on Thursday to limit a recent spike in cases even as policymakers attempt to soften the virus' economic blow through stimulus and financial aid," Reuters reported.

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