Glove stocks see red

Hong Leong Investment Bank (HLIB) Research, in a recent note, said the global vaccination rollout, especially in major glove consuming countries like the United States and the European Union (EU), has resulted in lower urgency for distributors to pre-book supplies in advance. It said buyers have also become wary of locking-in glove supplies at high prices.(File pic shows gloves manufacturing at Top Glove.)

KUALA LUMPUR: Share prices of Malaysian glove stocks, some of which have plunged more than 50% over the past 12 months, remain weak as global vaccine rollout has begun normalising demand and eroding average selling prices (ASPs).

Hong Leong Investment Bank (HLIB) Research, in a recent note, said the global vaccination rollout, especially in major glove consuming countries like the United States and the European Union (EU), has resulted in lower urgency for distributors to pre-book supplies in advance.