Hartalega posts largest single-day jump since November, glove stocks rise on Covid resurgence fears

TheEdge Wed, Jun 29, 2022 11:11pm - 1 month View Original


KUALA LUMPUR (June 29): Shares in Hartalega Holdings Bhd saw the highest jump in a day since November last year and emerged as the top gainer on Bursa Malaysia, amid spots of resurgence in Covid-19 cases.

At the opening bell, the stock opened unchanged at RM2.65 and surged further towards the closing bell, ending the day 30 sen or 11.32% higher to RM2.95.

Trading volume surged to 25.44 million shares, highest since March 18 and five times its 200-day average of 4.72 million shares. At RM2.95, the glove maker is valued at RM10.11 billion.

Previously, the highest jump in a day by Hartalega was on Nov 29 last year, whereby the stock closed 72 sen or 13.27% higher to RM6.16.

Since the beginning of this year, the stock has fallen by 59.86%, following the global transition to the endemic phase of the Covid-19 pandemic.

On the broader market, the Bursa Malaysia Healthcare Index — which tracks the performance of healthcare stocks — ended in the positive territory and closed 42.54 points or 2.58% higher to 1,694.21, led by gains in the glove counters.

Other glove manufacturers also rose in tandem, with Top Glove Corp Bhd up seven sen or 6.67% higher at RM1.12, Kossan Rubber Industries Bhd up 12 sen or 9.23% at RM1.42, while Supermax Corp Bhd rose 5.5 sen or 6.47% higher to 90 sen.

Other smaller healthcare stocks also finished in the green, including Careplus Group Bhd (up 3.5 sen or 8.23% to 46 sen), Rubberex Corp (M) Bhd (up three sen or 5.88% to 54 sen), and Comfort Gloves Bhd (up three sen or 4.87% to 64.5 sen).

Glovemaker shares, whose prices have returned to pre-pandemic levels amid the endemic phase of Covid-19 pandemic, has garnered trading interests as Covid-19 cases climbed in different parts of the world, after the relaxing of international travel restrictions.

The latest jump was seen in neighbouring Singapore, where new cases surged to a three-month high of 11,504 on June 28, and at 9,392 cases on Wednesday (June 29).  

Cases are also on the rise in Indonesia, as well as Israel, Australia, and parts of Europe. In Malaysia, Health Minister Khairy Jamaluddin warned of a new wave in the coming months, although the resurgence is seen to be under control.

On June 28, Malaysia reported 2,025 Covid-19 cases, pushing total infections to 4.56 million cases since the pandemic began.

The country also witnessed the number of hospital admissions rising by 11% per population of 100,000 in the week ended June 25, compared with the preceding week.

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