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KUALA LUMPUR: Glove makers emerged as the top winners in Bursa Malaysia today following the government’s decision to extend the Conditional Movement Control Order (CMCO) for another four weeks until June 9.
This came amid growing investor concerns about a second wave of Covid-19 infections after the Chinese city of Wuhan, where the pandemic originated, reported its first new cases since its blockade was lifted, according to Reuters.
At the beginning of noon there was Top Glove Corp Bhd, whose shares had risen 69 sen or 9.44% to RM8, followed by Kossan Rubber Industries Bhd which had gained 40 sen or 6.84% to RM6.25.
Comfort Gloves Bhd and Supermax Corp Bhd were the third and fourth largest winners, increasing 37 sen or 21.14% to RM2.12 and 27 sen or 9.06% to RM3.25 respectively.
The four counters saw a combined total of 72.2 million shares traded.
Gloves manufacturers ‘shares have been investors’ favorite since the start of the Covid-19 pandemic, with Top Glove, Kossan, Comfort and Supermax gaining 71.83%, 50.24%, 167.09% and 135.51% respectively to date. .
According to Reuters, the central Chinese city of Wuhan yesterday reported five new confirmed cases, raising questions about efforts to reduce Covid-19-related restrictions across the country as companies restarted and people returned to work.
This caused Asian stocks and oil prices to decline with Hong Kong Hang Seng index futures 0.68%, while Japanese Nikkei 225 futures fell 0.1%.
A second wave of infections would likely dampen the recent rally in the stock markets and lead investors to position themselves for a severe and protracted global recession.
