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Glove stocks see red
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Glove stocks fall after Top Glove posts weaker 4Q results
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THE share price rally in glovemakers on Bursa Malaysia appears to have been exhausted as shares of the companies failed to recover losses made on Tuesday after logistical concerns were raised on the distribution of the potential Covid-10 vaccine candidate by US drugmaker Pfizer Inc and German biotech firm BioNTech SE.With money moving into cyclical counters like banks and utilities, the seven major-listed rubber glove counters, which lost a total of RM19 billion in market capitalisation on Tuesday, struggled to retrace losses yesterday.Malacca Securities Sdn Bhd head of research Loui Low said the announcement of the success of Pfizer’s Covid-19 vaccine on Monday has fundamentally changed the way investors invest and trade at this juncture.
declined by 1.56% to 3.27%.
Rakuten Trade Sdn Bhd head of equity sales Vincent Lau said investors are taking the view that global glove production capacities ramping up, including in China, would mean supply would be greater than the increase in demand in the coming years.
“Glove ASPs are trending lower. With Covid-19 vaccinations ramping up and some countries saying they will learn to live with the virus, the super profits of glove makers are seen as unlikely to continue,” Lau told StarBiz.
Rakuten Trade Sdn Bhd head of equity sales Vincent Lau said investors are taking the view that global glove production capacities ramping up, including in China, would mean supply would be greater than the increase in demand in the coming years.