Quick take: Glovemakers dominate gainers’ list on Bursa

KUALA LUMPUR: Shares of rubber glove companies dominated Bursa Malaysia’s top gainers list in early trade Monday.

Top Glove Corp Bhd and a few of its peers are among the top most gainers as the worldwide demand for medical gloves is expected to surge rapidly. Malaysia is the world’s largest producer of medical gloves.

Top Glove, the world’s largest glove maker, advanced 10 sen, or 1.58% to RM6.42 with 1.56 million shares traded.

Kossan rose 3.02%, or 15 sen to RM5.11, Hartalega added two sen to RM7.01 while Adventa gained 10.98%, or 4.5 sen to 45.5 sen.

Careplus, the most heavily traded counter on Bursa Malaysia added 17.78%, or four sen to 26.5 sen with 33.2 million shares traded.

The Malaysian Rubber Glove Manufacturers Association (MARGMA) is seeking the government’s approval for its members to operate at 100% capacity to meet urgent local and global demand in the fight against Covid-19.

President Denis Low fears that if the situation is not addressed urgently, it might lead to a chronic shortage of medical gloves.

Meanwhile, Top Glove said that due to the high demand experienced globally from this pandemic at the moment that there was actually a shortage of rubber gloves in the market for the moment but only expected this to be a temporary phenomeno

Source: TheStar