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KUALA LUMPUR (Nov 10): The slew of companies that recently announced plans to enter the rubber glove business were largely affected by a sale this morning amid news that an experimental Covid-19 vaccine developed by Pfizer and its German partner BioNTech was more than 90% effective.
As of 10.09am, AT Systematization Bhd’s shares had fallen 11.6% or 2.5 sen to 19 sen. It was the most traded counter this morning, with 1.05 billion shares traded within two hours of the opening bell.
Luster Industries Bhd was the seventh most traded stock today, with 76.86 million shares realized. It was down 11.63% or 2.5 sen to 19 sen, valuing it at RM458.05 million.
Meanwhile, HLT Global Bhd’s shares were trading 5.03% or eight sen below at RM1.51, giving the stock a market capitalization of RM925.99 million. HLT recorded transactions of 8.77 million shares.
Mah Sing Group Bhd, whose stock price had more than doubled after announcing its foray into the rubber glove space, fell 5% or five sen to 95 sen each, which translates to a value of 2.31 billion ringgit market.
As for Inix Technologies Holdings Bhd, it fell 6.52% or 1.5 sen to 21.5 sen, valuing it at RM89.76 million. The accountant saw the transaction of 2.45 million shares.
Titijaya Land Bhd fell 1.21% or half a sen to a 41 sen piece, valuing the rubber-gloved real estate developer and Covid-19 vaccine player at 556.94 million ringgit.
Meanwhile, Hong Seng Consolidated Bhd (formerly known as MSCM Holdings Bhd) was down 2.83% or three sen to RM1.03.
Kanger bucks the trend
However, Kanger International Bhd bucked the trend. Its share price rose 2.63% or half a sen to 19.5 sen. These shares were the third most traded window in Bursa Malaysia, with 240.34 million shares realized.
New entrants, with the exception of HLT Global, have not yet started glove production. The availability of the vaccine raises the question of whether growth in demand for disposable rubber gloves will continue to be so strong in the future to absorb the additional supply from new entrants.
The sell-off seen among most kids new to the block in the rubber glove industry came after Pfizer made an overnight announcement that its Covid-19 vaccine candidate had an efficacy rate of more than 90. % without serious concerns based on the results of the initial trial.
Pfizer expects to ship up to 50 million doses this year to 25 million people and produce 1.3 billion doses in 2021.
Read also:
Glove Stocks Down, Not Part of Pfizer’s Vaccine Party
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