Glove counters rebounded this morning with Supermax Corp Bhd, Careplus Group Bhd, Comfort Gloves Bhd and Top Glove Corp Bhd on the list of top gainers. Supermax was at the top of the top gainers list on Bursa Malaysia this morning. Just before lunch break, it ended at 3.75% or 22 sen to RM6.08.
Investors pulled the brakes on short selling of Top Glove Corp Bhd after days of a social media-driven retail frenzy. According to data provided by Bursa Malaysia on regulated short selling (RSS), investors did not make any RSS transactions on Top Glove yesterday. Incidentally, they did not engage in any RSS on any other glove counters, save for Hartalega Holdings Bhd and Comfort Gloves Bhd.
Glove makers, whose share price tumbled at least 30% from their record highs, were seeing some bargain hunting today due to hope for sustainable high demand amid rising Covid-19 cases, according to a head of research and a fund manager The Edge contacted this morning.
The main index of Bursa Malaysia struggled to hold on to its gains at the midday break today as index-linked glove makers retreated, while broader market sentiment was mixed as investors appeared to have digested clarity of the country’s state of emergency and second movement control order (MCO 2.0) rules.