KUALA LUMPUR: Glove shares rallied, extending Friday’s surge, amid bets that Omicron coronavirus variant would increase demand for the protecting gear.
Prime producers Top Glove Corp Bhd
, Hartalega Holdings Bhd and Supermax Corp Bhd jumped as a lot 30% on earlier than succumbing to fast revenue taking up Monday.
Fears in regards to the potential vaccine resistant variants, nonetheless dragged the broader market decrease on contemporary worries in regards to the outlook for border reopenings and international financial development.
On the shut the FTSE Bursa Malaysia KL Composite Index declined 1.65 factors, or 0.11% to 1,510.57 factors.
Losers outpaced gainers 790 to 351, with 376 counters unchanged.
Turnover was greater at 61.4 billion shares value RM5.2bil Glove shares dominated the ten most actively traded counters on Monday.
The sector was one of many hottest pandemic trades in 2020 however lots of the glove producers greater than halved of their market worth this 12 months.
“Demand development and pricing received’t return to 2020 ranges however there might be some enchancment particularly if virus instances rise,” mentioned Danny Wong, chief govt officer of Areca Capital Sdn instructed Bloomberg as we speak.
Elsewhere within the area, shares had been broadly decrease.
In Singapore, the primary Straits Occasions Index tumbled 1.4% to three,120 factors, whereas in Hong Kong the Dangle Seng Index fell 1% to its lowest stage since October 2020, extending a 2.7% drop on Friday.
