Growing reliance on glove stocks

Currently, the two FBM KLCI-linked glove counters, Top Glove Corp Bhd and Hartalega, are the second and third largest listed companies in Malaysia. Malayan Banking Bhd remains the largest company with a market capitalisation of RM88.02bil. Top Glove’s value is RM71.22bil

PETALING JAYA: With another glove stock overtaking Public Bank Bhd to become the third most valuable company on Bursa Malaysia, the reliance of FBM KLCI on glove makers for its uptrend have only increased.

After rising by 8.7% yesterday to RM19.90 per share, the market capitalisation of Hartalega Holdings Bhd has touched RM68.21bil, just 0.3% higher than Public Bank’s RM68.02bil value.