Top Glove Corp Bhd’s shares jumped as much as 30% or 28 sen to RM1.24 in the morning trade, valuing it at almost RM9.9 billion. It was also the most heavily traded stock on Bursa Malaysia with 369.08 million shares changing hands by the midday break.In second place was Supermax Corp Bhd, which saw 210.5 million shares traded. Its share price jumped as much as 22.5% or 19.5 sen to RM1.06, giving it a market capitalisation of RM2.8 billion.
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An analyst who covers the glove sector said today’s price action was likely a “knee-jerk reaction” and overdone.Nevertheless, Biden’s announcement is good news for Malaysia’s glove companies which have been pummelled in recent years by Chinese glove makers slashing prices, hurting their margins, profits and share prices in the process.
RHB Investment Bank said average selling prices for Chinese gloves are set to rise to US$20-US$21.25/1,000 from US$16-US$17 due to the tariff hike, narrowing the price gap with Malaysia-made gloves, which now sell at US$20.
Source: Healthcare Press (healthcarepress.net)
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