Glove stocks extend gains as selling prices recover
Malaysian glove manufacturers saw share prices rise as average selling prices (ASPs) began to recover. Analysts suggest the price hikes are intended to offset rising raw material costs rather than expand profit margins.
Why it matters
The recovery in the glove sector indicates a shift in market dynamics and a potential easing of competitive pressures from Chinese manufacturers.
BURSA SGX Home Hot Stocks Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Sept 11): Malaysian glove stocks extended their gains in early trade on Friday, building on Thursday’s sharp rally as higher selling prices and easing competition from Chinese manufacturers improved the sector’s near-term outlook.
As at 9.55am, Hartalega Holdings Bhd (KL: HARTA ) remained the strongest among the major glove makers, rising 6.3%.
Top Glove Corp Bhd (KL: TOPGLOV ) gained 4.6%, with 91 million shares changing hands — making it the most actively traded stock in the early session.
Kossan Rubber Industries Bhd (KL: KOSSAN ) added 2.5% and Supermax Corp Bhd (KL: SUPERMX ) rose 2.3%.
Hartalega gained seven sen to RM1.18, Top Glove rose 3.5 sen to 80 sen, Kossan added three sen to RM1.22.
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