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KUALA LUMPUR (Oct 15): Demand for rubber glove stocks has not wavered, judging by the narrowing gap between the market capitalization (cap) of Malayan Banking Bhd (Maybank) and that of Top Glove Corp Bhd .
Based on Top Glove’s record closing price of RM9.48 on Wednesday, the world’s largest rubber glove maker only needs to climb 52 sen more to overtake Maybank as the largest company in Bursa Malaysia, assuming that Maybank’s share price is unchanged at RM7.24 – as Top Glove’s market capitalization would have risen to 77.59 billion ringgit. A 50 sen gain will expand Top Glove’s market capitalization by RM4.23 billion.
In contrast to Top Glove’s share price rally, Maybank’s share price has been declining for the past two years from its all-time high of RM10.88 in May 2018. The nation’s largest lender closed at RM7 .24 on Wednesday after falling 11 sen, which valued it at RM81.39 billion.
Meanwhile, another rubber glove maker, Hartalega Holdings Bhd, has taken the spot as Bursa’s third-largest company, pushing Public Bank into fourth place.
Based on its share closing price of RM18.16 on Wednesday, Hartalega has a market value of RM62.25 billion, while Public Bank’s market capitalization is RM61.88 billion, as its shares they settled at RM15.94 each.
The rise in the ranks of the big four manufacturers of rubber gloves is no small feat. A review of Bloomberg data shows that Top Glove and Hartalega ranked 34th and 26th, respectively, based on their market caps earlier in the year.
As for Supermax Corp Bhd and Kossan Rubber Industries Bhd, both joined the ranks of the 30 largest accountants in Bursa Malaysia in July.
Now the 18th largest counter in Bursa with a market capitalization of RM27.33 billion, Supermax ranked 124th earlier this year, while Kossan (valued at RM20.410 billion) has risen to 23rd. since 62.
Maybank IB Research analyst Wong Chew Hann, in a report dated October 9, wrote that Supermax and Kossan can be included in the KLCI FBM in the next review, in case their current ranking is maintained.
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