Glove stocks continue rebound in morning session; Top Glove leads

KUALA LUMPUR (Sept 14): Glove stocks continued to rebound among the top gainers as Top Glove Corp Bhd led the pack in the morning trading session on bargain hunting after an intense sell-off last week.

On Bursa Malaysia this morning, the list of gainers was dominated by glove stocks and their structured warrants.

Top Glove had rebounded as much as 32.25% to RM8.53 at 10.12am, after dropping to its low of RM6.45 last week, bringing up the market capitalisation of the stock to RM69.21 billion. It saw some 52.51 million shares change hands.

Its structured warrant Top Glove-C65, which dropped to RM3.37 last week, jumped as much as 27.9% to RM4.31.

The rally in Top Glove was also supported by its latest announcement that it will release its financial results for the fourth quarter ended Aug 31, 2020 (4QFY20) and the full financial year on Thursday.

Meanwhile, Supermax Corp Bhd, which dropped to RM6.10 last week, saw its share price climb as much as 36.88% to RM8.35, while its structured warrant Supermax-C80 rose 33.33% to RM10.40 after dropping to RM7.80 last week.

Supermax-C83, another structured warrant, was up 31.17% at RM10.10 after declining to its low of RM7.70 before. Supermax-C77 climbed 36.3% to RM7.66, compared to last week’s selldown to RM5.62.

After dropping to RM11.88 last week, shares in Hartalega Holdings Bhd rose 12.3% to RM13.34. This brought its market capitalisation to RM42.64 billion. It saw some 6.38 million shares traded.

Meanwhile, Kossan Rubber Industries Bhd rose 17.73% to RM11.42 after dropping to RM9.70 last week, while Careplus Group Bhd soared 53.46% to RM3.10, compared with last week’s price of RM2.02.

Source: TheEdgeMarkets