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Rubber Glove companies till year 2023

Author: koolset   |   Latest post: Tue, 13 Apr 2021, 11:35 PM

 

Pushed-Up Stocks of Under-Pressure Rubber Glove Makers

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There are news stating that Malaysian retail investors joined forces on social media and pushed up stocks of under-pressure rubber glove makers on Jan 29 2021, taking inspiration from the recent GameStop trading phenomenon in the US.

Inspired by the US movement, Malaysian mom-and-pop investors Thursday set up their own group after the country's stock exchange.

Malaysia is the world's top producer of latex gloves that commands 62% of the world glove market, and major producers saw their shares jump last year on strong demand due to the COVID-19 pandemic.

However, the glove companies were hammered in recent weeks by "Rubber glove manufacturers fall on bearish" statement (JP Morgan) followed by news of vaccines soon to be available. Due to these news, many glove companies were targeted by short sellers, after the government lifted a ban on the practice.

Not long after, Top Glove the world's biggest maker of rubber gloves, saw its stock soar almost 300 per cent last year, but later fall by about 40 per cent.

Many glove investors believes that the local glove companies are still needed for the next few years to battle against Covid19 as the current vaccines are still not perfected and could potentially harm the people who receives the vaccines.

The day after the BursaBets group was set up, on the Kuala Lumpur stock exchange.

Topglove increased by 8.53%

Hartalega increased by 5%

Kossan increased by 4.46%

Supermax increased by 3.6%

Careplus increased by 1.23%

Many glove investors shares the same view that the current price of gloves are very undervalued. Some believes that many glove counters has a strong potential to break a new high as there are many glove companies that wish to expand their production capacity as soon as possible. Reason being is their current production are maxed out till end of this year.

By increasing even more, hopefully they will be able to take up the remaining 38% of the of the world glove market in the future.

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