KUALA LUMPUR (May 11): Some glove stocks saw mild bargain hunting this morning after the government announced that the whole country will be placed under the movement control order (MCO 3.0) from tomorrow to June 7 amid rising Covid-19 infections.
Covid-19 cases in Malaysia continued to rise rapidly, recording 3,807 new infections yesterday, bringing the country's cumulative infections to 444,484.
At the time of writing today, Supermax Corp Bhd had risen four sen or 0.86% to RM4.67, while Top Glove was one sen or 0.19% higher at RM5.17.
Their smaller peer Careplus Group Bhd also gained four sen or 1.75% to RM2.33, while Rubberex Corp (M) Bhd increased by three sen or 2.59% to RM1.19.
Prior to this, glove stocks saw some selling pressure due to a few factors, with Supermax noting last week that current spot prices of rubber gloves were on a decline and more intensive competition adding another dosage of scepticism about the industry.