Seven glove stocks hit new peaks, Careplus leads ascent

KUALA LUMPUR (Aug 3): Glove stocks continued their ascent to new peaks today with Careplus Group Bhd outperforming its peers and chalking up 27.95% at the noon break. Its trading volume swelled to 91.76 million, which was more than the combined volume of its other six counterparts.

Careplus was the second top gainer on the local bourse this morning, spiking as much as RM1.04 or 28.49% to RM4.69 before paring gains to RM4.67. 

It was followed by Rubberex Corp (M) Bhd, which also saw strong gains today with its share price adding 16.44% or 86 sen to RM6.09 at the noon break, placing it as the fifth top gainer on Bursa Malaysia. Some 16.47 million shares exchanged hands. 

Comfort Gloves Bhd also soared 15.83% or 85 sen to RM6.22, making it the fourth top gainer on Bursa. The stock was heavily traded with some 29.33 million shares done — the combined volume of Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd. 

Among the glove-making behemoths, Top Glove rose as much as 3.79% or 98 sen to RM26.86 before paring gains to RM25.88, bringing it a market capitalisation of RM72.07 billion. It was the sixth top gainer on Bursa this morning. The counter also saw some 9.68 million shares exchange hands.

Hartalega rose as much as 88 sen or 4.34% to RM21.16 before paring gains to RM20.88, placing it as the 10th top gainer on Bursa and valuing it at RM71.57 billion, after some 8.17 million shares were traded.

Supermax rose as much as RM1 or 5.41% to RM19.50 earlier today before paring gains to RM19.34 at the noon break, valuing it at RM24.95 billion. The counter saw about 11.71 million shares exchange hands. It was the fourth top gainer on Bursa. 

Meanwhile, Kossan Rubber Industries Bhd climbed as much as 66 sen or 3.75% to RM18.26 earlier before paring gains and settling 50 sen or 2.84% higher at RM18.10, bringing it a market capitalisation of RM23.1 billion. The counter saw about 3.62 million shares done. 

In contrast to strong gains seen in glove-maker counters, the FBM KLCI fell 0.94% or 15.09 points to close at 1,588.66 at the noon market break. 

The benchmark index traded in negative territory of 1,587.68 to 1,599.34 throughout the morning session today against its closing of 1,603.75 last Thursday. Market breadth was negative as the number of declining stocks outnumbered advancers by 445 to 305. - TheEdgeMarkets