Supermax Corp Bhd, which will be included in the FBM KLCI, rose by over 7%. PETALING JAYA: As the first person in the United Kingdom received her Covid-19 vaccine jab, the spike in share prices of all seven listed glove players in Malaysia came as a surprise. However, analysts believe the sudden share price movement after about two months of continued decline could just be a “bounce”, rather than a short-term upward reversal. With the increased positive newsflow on Covid-19 vaccines, glove stocks’ position as the darlings of the Malaysian stock market may take further hit. The United Kingdom had begun rolling out the Pfizer-BioNTech vaccine for mass inoculation. Within the region, Indonesia has received the first batch of vaccines from China’s Sinovac Biotech as the government prepares a mass vaccination programme. Moving forward, analysts expect investors to be more focused on the recovery play stocks and at the same time, reducing their exposure to the glove stocks. This is despite the fact that domestic Covid-19 infections remain high with mostly four digit daily cases in the recent weeks. Yesterday, Careplus Group Bhd and Rubberex Corp (M) Bhd were the top gainers in percentage terms among the rubber glove players, up by 18.93% and 12.2% respectively.Rubberex glove factory FBM KLCI-linked Top Glove Corp Bhd also rose by 7.42%, shrugging off its recent losses after its operations were impacted by the closure of its Meru plants due to the quarantine curbs imposed on its workers. Another FBM KLCI constituent, Hartalega Holdings Bhd, saw its share price increase by 1.52%. Meanwhile, Supermax Corp Bhd, which will be included in the FBM KLCI, rose by over 7%. Speaking with StarBiz, Inter-Pacific Securities head of research Victor Wan said the stronger glove stock prices yesterday could be a slight rebound, considering that the share prices have largely been on a downtrend or stagnated in recent weeks. “It could also be due to the market’s positive expectation ahead of Top Glove’s result announcement for the first quarter of financial year 2021, ” he said. A quick check on Top Glove’s website shows that the first quarter results would be announced today. “Over the upcoming weeks, glove stocks’ share price movement would be choppier as we see more developments related to the vaccine, ’’ according to Wan. Another analyst told StarBiz that he did not see yesterday’s share price movement as a sign of “comeback” for glove stocks. “Perhaps, investors are collecting glove stocks as they have dropped from their highs and valuations are more digestible. That said, the vaccine developments will create more volatility for glove stocks despite their anticipated good results going into next year, ” he said.
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