Glove stocks soar to record highs, Careplus leads ascent

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(This report has been updated)

KUALA LUMPUR (Aug 3): Glove stocks continued their ascent to new peaks today, with Careplus Group Bhd outperforming its peers and chalking up nearly 30% at the closing bell. Its trading volume swelled to 117.7 million.

Careplus was the fourth top gainer in terms of value on the local bourse, after semiconductor firm Malaysian Pacific Industries Bhd, Comfort Glove Bhd and Rubberex Corp (M) Bhd. Careplus shot up RM1.09 to close at RM4.74.

Rubberex climbed RM1.33 or 25.4% to RM6.56 as its trading volume ballooned to 33.46 million shares, while Comfort Glove soared RM1.39 or 26% to RM6.76, with 62.08 million shares exchanging hands. 

Among the glove-making behemoths, Top Glove rose RM1 or 3.86% to RM26.88, bringing it a market capitalisation of RM72.68 billion, which is RM12 billion away from Malayan Banking Bhd (Maybank), the largest stock on Bursa Malaysia in terms of market capitalisation (market cap). Maybank’s market cap was at RM84.3 billion based on the closing price of RM7.50. 

Top Glove was the fifth top gainer on Bursa. There were 15.45 million shares exchanging hands. 

Hartalega rose as much as 88 sen or 4.34% to RM21.16, before paring gains to RM20.50, up 22 sen. 

Supermax went up 84 sen or 4.54% to RM19.34, valuing it at RM26.3 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 84 sen or 4.77% to RM18.44, bringing a market capitalisation of RM23.5 billion. Its trading volume was at 8.88 million shares. 

In contrast to strong gains seen in glove-maker counters, the FBM KLCI wrapped the day at 1,572.61, down 31.14 points or 1.94%.