Huge 4 Glove Makers Lose RM 23.23 Billion Market Cap in One Week as Nationwide Covid-19 Vaccination Program Begins

KUALA LUMPUR (March 2): Buying and selling for main glove producers was poor this morning resulting from persevering with promoting stress, because of weak sentiment stemming from the most recent developments in Malaysia’s Covid-19 vaccination program .

As of February 22, as much as RM 23.23 billion in market worth has been worn out among the many 4 listed rubber glove producers – particularly High Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Kossan Rubber Industries Bhd . The decline in market capitalization continued this morning.

In the meantime, the Huge 4 have misplaced RM30.35 billion in market worth because the finish of December final 12 months.

Loui Low, head of analysis at Malacca Securities Sdn Bhd, instructed theedgemarkets.com the sale was resulting from vaccine developments prior to now two weeks.

In keeping with him, the shares had been oversold and cut price looking actions had emerged.

“We imagine [the stocks have] value relying on the influence of the vaccine within the brief time period. Nonetheless, the rebound might be short-lived relying on the technical facets, ”he added.

As of 11:15 am in the present day, Hartalega had lowered some losses to RM9.30, however was nonetheless down eight sen or 0.85% from its final closing value, with 5.87 million shares traded, valuing the counter at RM31.88 billion.

Earlier this morning, the inventory fell to a low of RM 8.98 earlier than rebounding to a excessive of RM 9.55, from yesterday’s shut of RM 9.38.

High Glove, whose inventory value fell 5.1% or 25 sen this morning to RM 4.65, lowered some losses to RM 4.86, incomes it a market worth of 39 , RM87 billion, with 34.57 million shares traded. Beforehand, the inventory has rebounded to RM 5.04, from yesterday’s closing value of RM 4.90.

Supermax’s share value, in the meantime, had recovered from losses to RM 4.32 after falling 4 sen or 0.92%, with 42.76 million shares traded, incomes it a market capitalization of RM11.75 billion. It was beforehand buying and selling between RM4.02 and RM4.54, in comparison with yesterday’s closing value of RM 4.36.

Kossan’s shares additionally recovered to RM 3.78, falling 8 sen or 2.07%, after 6.4 million shares traded, giving the inventory a market cap of RM 9.67 billion. Its inventory value fell 16 sen or 4.14% to an intraday low of RM 3.70 this morning earlier than rebounding to RM 3.87, from yesterday’s closing value of RM 3.86 .

The Bursa Malaysia well being index, which tracks inventory costs of pharmaceutical corporations, rubber glove producers and hospital operators, had fallen 28.73 factors or 0.92% to three,101.46 .

Malaysia launched its nationwide vaccination program final week after receiving the primary cargo of Pfizer-BioNTech Covid-19 vaccine on February 21.

Per week later, the primary batch of CoronaVac vaccines manufactured by Chinese language firm Sinovac Biotech Ltd arrived.

The nationwide Covid-19 vaccination program has three phases and goals to inoculate 26.5 million recipients or 80% of the inhabitants with free doses of vaccines.

The primary part, which runs from February 26 to April, issues frontline gamers. The second part involving high-risk teams will run from April to August, whereas the third part involving folks aged 18 and over will run from Might to February 2022.

About William G.

Check Also

Lindt & Spruengli targets 6-8% gross sales development, broadcasts share buyback By Reuters

© Reuters. A grasp chocolatier from the Swiss chocolate maker Lindt & Spruengli prepares a …