Large profit but soft prices

Hartalega CEO Kuan Mun Leong said in a statement yesterday: “Moving forward, while ASPs for nitrile gloves have been declining from its peak, global demand is expected to remain heightened, particularly due to new waves of cases with Covid-19 variants affecting countries worldwide.”

PETALING JAYA: Glove stocks on the local bourse continue to slide despite stunning profits announced by two of the top four glove makers, as investors remain concerned about glove average selling prices (ASPs) trending downwards due to increasing global production.

At the close of trade yesterday, stock prices of Top Glove Corp Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd and Kossan Rubber Industries Bhd declined by 1.56% to 3.27%.