The country’s top four glove companies were among notable losers on Bursa Malaysia yesterday. Pix by Bloomberg

KUALA LUMPUR: The country's top four glove companies were among notable losers on Bursa Malaysia yesterday.

The companies continued to trend downwards since touching their respective peaks in 2020 amid the Covid-19 pandemic.

At 12.04pm, Hartalega Holdings Bhd - which was the first of major rubber glove companies to announce their latest quarterly results this month - was the second top decliner by value, dropping 33 sen or 4.7 per cent to RM6.70 with a total of six million shares traded.

This was after the company announced huge year-on-year (YoY) and quarter-on-quarter (QoQ) growth in net profit for the first quarter ended June 30, 2021 and an interim dividend.

The RM6.70 was the stock lowest since March 2020.

Hartalega ended the day 3.27 per cent lower at RM6.80 with 23.96 million shares traded for a market capitalisation of RM23.31 billion.

Top Glove Corp Bhd, the world's biggest glove manufacturer, fell 2.55 per cent or 10 sen to RM3.82 with 23.56 million shares changing hands, giving a market capitalisation of RM31.35 billion.

Top Glove hit an intraday low of RM3.76 and has so far this year lost 30.55 per cent.

Kossan Rubber Industries Bhd lost 2.70 per cent or nine sen to RM3.24 with 8.83 million shares traded for a market value of RM8.29 billion.

Supermax Corp Bhd hit a low of RM3.10 before settling 1.56 per cent or five sen lower at RM3.15 with 14.56 million shares traded for a market value of RM8.57 billion.

Share prices of the rubber glove players began rallying in May last year amid the outbreak and spread of Covid-19, which drove global demand for personal protective equipment products, translating into bumper profits for the companies.

The companies' stellar quarterly earnings figures seemingly fail to whet investors' appetite for glove stocks amid fresh waves of Covid-19 infections globally.

Analysts have put in lower earnings forecasts for glove companies from 2022.

https://www.nst.com.my/business/2021/08/714709/glove-stocks-among-bursas-major-losers
Sumber : New Straits Times