Author: gloveharicut   |   Latest post: Wed, 21 Oct 2020, 11:53 AM


GLOVE rise as top gainers on surge in new Covid-19 cases

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Rubber glove stocks rise as top gainers on surge in new Covid-19 cases


KUALA LUMPUR (Sept 28): Shares in rubber glove counters were among the top gainers on Bursa Malaysia today, following the recent spike in new Covid-19 cases in the country.

Yesterday, the Ministry of Health (MoH) announced 150 new cases — the fifth time this month that the country saw a triple-digit figure for daily new cases.

In tandem with the worrying new cases, Kossan Rubber Industries Bhd continued to rise as much as 88 sen earlier this morning after its shareholders approved the glove maker's one-for-one bonus issue.

In a filing last week, the group announced that the ex-date for the bonus issue is Oct 9, while the entitlement date is Oct 12.

An analyst, who declined to be named, pointed out that recent news of Covid-19 cases at banks had possibly caused fund managers to buy more glove counters as “the banks feel near to them”.

Last week, United Overseas Bank (Malaysia) Bhd (UOB Malaysia) temporarily closed its Kepong branch here, including access to its self-service banking machines, after it was notified by health authorities that one of its employees had tested positive for Covid-19.

At 10.40am, Kossan had pared some of its gains and was up 60 sen or 4.35% at RM14.40, valuing the counter at RM18.42 billion. It was the top gainer on Bursa at the time of writing. Year to date (YTD), it has soared 246% from RM4.16.

The stock was followed by Hartalega Holdings Bhd, which rose 52 sen or 3.06% to RM17.52, giving it a market capitalisation of RM60.05 billion. The counter has jumped 220% YTD from RM5.48.

Top Glove Corp Bhd, on the other hand, was the second top gainer among the blue chips after Hartalega, having risen 12 sen or 1.36% to RM8.74, valuing it at RM72.89 billion. YTD, the stock has surged 457% from RM1.57.

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