Quick take: Glove stocks jump amid spread of new Covid variant

KUALA LUMPUR: The share prices of latex glove manufacturers jumped in morning trade in tandem with a renewal of interest in glove stocks as the identification of a new strain of Covid-19 virus in several global economies raised fears of yet another wave of the pandemic.

At 10.20am, public-listed glove stocks recorded share price increases of between 9% and 25%, even as Bursa Malaysia succumbed to further selling pressure on the back of the negative news.

On the FBM KLCI, Top Glove, the world's largest glove maker, was heavily traded with 67.17 million stocks exchanging hands. The counter was up 15.5% or 41 sen to RM3.05 per share.

The stock gapped up at the opening bell, building on the bullish momentum registered on Friday amid news that the Omicron variant of Covid-19, first discovered in South Africa, had been identified in countries in Europe.

Since then, the virus has been found in Australia, renewing calls for travel restrictions between countries.

In other glove plays, Hartalega rose 55 sen or 9.7% to RM6.20 a share, Supermax gained 26 sen or 14.05% to RM2.11 and Kossan Rubber Industries added 20 sen or 9.13% to RM2.39.

Among smaller sector rivals Comfort Gloves climbed 18 sen to 14.75% to RM1.40 and Rubberex rose 14.5 sen or 25.22% to 72 sen

Careplus rose 21 sen or 17.21% to RM1.43. It was the second most actively traded stock on Bursa Malaysia with 84 million shares done.
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