As Covid-19 cases mount, glove makers’ rally continues


  • Markets
  • Tuesday, 14 Jul 2020

KUALA LUMPUR: As the World Health Organization says Covid-19 probably won’t disappear in the coming months, investors continue to chase glove makers especially Supermax and its call warrants as they anticipate an earnings surge.

At 9.13am, the FBM KLCI was up 1.18 points or 0.07% to 1,607.61. Turnover was 728.66 million shares valued at RM508.96mil. There were 202 gainers, 263 losers and 324 counters unchanged.

Bloomberg reported the WHO as saying it’s unrealistic to expect that a perfect vaccine will become available to everyone immediately.

“Things won’t return to normal "for the foreseeable future, ” a WHO official said. Confirmed cases worldwide exceeded 13 million while deaths surpasses 570,000.

California closed indoor dining and bars, and its two biggest school districts said they would offer only remote learning despite calls by the Trump administration for classrooms to fully reopen.

Hong Kong reported 41 new local cases, another record high, and tightened social-distancing measures amid fears of a resurgence after weeks of near-normal activity, Bloomberg reported.

At Bursa on Monday, local retail investors took the lead and were net buyers at RM260.2mil while local institutions were net sellers at RM183.1mil and foreign funds at RM77.1mil.

In Tuesday’s trade, Supermax rallied RM1.28 to RM17.26 with its call warrants also in tow. Supermax-C78 was the top gainer, up RM1.87 to RM8.88, C-87 54 sen to RM6.10, C86 45 sen to RM5.09, C89 43 sen to RM4.80. Kossan added 38 sen to RM13.08.

KL Kepong was the top loser, down 34 sen to RM22.30, Carlsberg 24 sen to RM25, Dutch Lady 12 sen to RM42.20 and MISC 11 sen to RM7.77 while UWC lost 10 sen to RM4.53.

Vitrox lost 26 sen to RM10.12 and KESM 13 sen to RM8.10.

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Supermax , Covid-19 , WHO , infections

   

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