Author: gloveharicut   |   Latest post: Thu, 2 Sep 2021, 10:23 AM


Is the diminishing fortune of GLOVEs here to stay?

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Is the diminishing fortune of glove stocks here to stay?


FOR now, it seems that there is little respite for the Big Four glove makers on Bursa Malaysia even though their prospects are deemed to be “fundamentally sound” judging from the “buy” rating accorded by most research houses.

With the COVID-19 vaccine arrival – and the first phase of the immunisation programme scheduled to kick off from Feb 26 to April for frontline personnel – it can be observed that trader/investors are slowly deserting glove counters.

Instead the focus seems to have shifted to recovery-theme sectors such as aviation, gaming, breweries and number forecast operators.

Likewise, attention also seemed to focus on the technology sector as well as oil & gas (O&G) stocks following the spiralling of Brent crude prices to the US$65/barrel level.

Late last month, the Big Four glove stocks led by Top Glove Corp Bhd ‘attempted’ to regain their loss ground from the GameStop-inspired short squeeze rally but the frenzy was short-lived.

Even as the Securities Commission (SC) and Bursa Malaysia has on yesterday extended the temporary suspension of intraday short selling (IDSS) and intraday short selling by propriety day traders to Aug 29, glove stocks are still subjected to regulated short selling (RSS) which made a comeback on Jan 1.

Yesterday alone, Top Glove Corp Bhd was the volume leader with 2.63 million shares shorted at a value of RM15.31 mil, according to Bursa Malaysia data.

Its fellow Big Four counterpart Supermax Corp Bhd had 1.31 million shares worth RM7.24 mil sold short while 712,200 shares of Hartalega Holdings Bhd valued at RM8.35 mil were also shorted.

As its share price headed south, Top Glove has again accelerated its share buyback yesterday, mopping up 10.11 million shares between the prices of RM5.78 and RM5.87 for RM58.86 mil.

This is the third time this month that Top Glove has bought back its own shares. It spent a total of RM141.8 mil altogether, notably RM29.97 mil on Feb 19, RM49.27 mil (Feb 16) and RM3.69 mil (Feb 10).

There was no share buyback on January with Top Glove last purchased 576,900 of its own shares on Dec 14 last year for RM3.63 mil.

In the final quarter of last year, Top Glove spent a staggering RM1.28 bil on share buybacks, including RM354.74 million in September, RM802.55 mil (November) and RM123.5 mil (December).

At 12.07pm, Top Glove was down 5 sen or 0.87% to RM5.73 with 15.22 million shares traded, thus valuing the company at RM47 bil. – Feb 23, 2021


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  Be the first to like this.
Stock Kingdom catalyst or reason to go up: Many waves again & Vaccines failed, MORE PROFIT

Reason to go down: Vaccines successful, New upcoming huge supplies from new production lines
23/02/2021 3:46 PM
Stock Kingdom Reason to go up: less than 10%

Reason to go down: almost 100%
23/02/2021 3:46 PM
PunTatBerSiul Why doubt it?

It is as certain as the sun rising tomorrow.
23/02/2021 6:51 PM
156563 没人敢买手套股
23/02/2021 11:10 PM
pBlue Reason to go up?

New and improved E484K antibody resistant variants. Spreads faster, kills younger and 50% of people with antibodies to covid are not immune to it(ie South African variant, Brazilian variant and Bristol variant.) Q677P and L452R variants are also quite resistant to covid antibodies.

And we do have new hybrids that have multiple antibody escape mutations. ie Nigerian variant which has both E484K and Q677P. And the US hybrid that has both E484K and L452R

End of snow storm, people start going out again.

Global vaccine production is sufficient for only half the global population at 2 doses per person. And this assumes that all company production estimates are true. And all vaccines produced are viable. And all

Vaccine shortages made more severe as production capacity is reallocated to make vaccine against the E484K variants in additional to the original vaccine.

Reason to go up is always SARS-Cov2.
Reason to go down: Sentiment. Chart trends.

Use your head and the facts speak of a pause that we should exploit to the maximum to get an international global response to covid.

Instead we have nations like India and US which will not share their vaccine until they have their own population is fully vaccinated rather then send the vaccine to hot spots. Or companies like Moderna and Pfizer which will not share their patent, or even license their mRNA vaccine to others and are selling for profit.

Also look at India... the case numbers have already started to turn in Mumbai.
24/02/2021 11:08 AM
Pgraduate123 JPM..... Oh wow
24/02/2021 11:39 PM
CharlesT I am holding my GLOVES. I will only sell when ASP come down but not stock price come down

ASP has yet to come down but prices oredi drops ard 60% fm their peaks.......how leh?
25/02/2021 6:17 AM


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