PNE PCB falls 10.59% as glove rally falters

TheEdge Mon, Jan 11, 2021 12:00pm - 3 years View Original


KUALA LUMPUR (Jan 11): The share price of circuit board maker PNE PCB Bhd, which last week announced its venture into rubber glove production, took a nosedive this morning after it leapt 54.55% last Friday.

The stock opened at 82.5 sen below last week's closing of 85 sen, plummeting 18.24% or 15.5 sen to a low of 69.5 sen in less than an hour after the opening bell.

At 11.20am, the counter stood at 76 sen, still falling nine sen or 10.59%. The counter saw 24 million shares changed hands.

The selldown this morning raises the question of whether PNE PCB is going to follow the same share price pattern — an inverted V-shape trend — as others who announced glove ventures.

Many penny stocks on Bursa Malaysia rallied on news that they were jumping onto the rubber glove bandwagon but the uptrends seem short-lived. These include Inix Technologies Holdings Bhd, Gets Global Bhd and Kanger International Bhd.

Inix Technologies, which announced it would invest RM23 million to venture into the rubber glove business in August, saw its share price spiked 486% to 82 sen on Aug 11 last year, from 14 sen on Aug 5 last year. The counter is now trading at 40 sen, 51.22% lower than its peak.

Gets Global also surged 492.53% to the peak of RM3.97 on Nov 16 last year, from 67 sen on Sept 8, 2020, when the group said it planned to venture into the manufacturing, sale and marketing of gloves and other related activities. The counter has also fallen off from its zenith, trading at RM2.47 now.

Meanwhile, Kanger International saw its share price tripled to 30 sen on Aug 12, 2020 from 10 sen on July 30, 2020, after it said it was courted by Dubai-based Constellation Holdings Ltd to jointly set up medical examination gloves operations in Malaysia. The counter, however, is currently trading at around 13.5 sen, 55% lower from its peak.  

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