Top Glove share price

2022 - 10 - 17

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Image courtesy of "The Edge Markets MY"

Glove counters heavily traded on Tuesday morning on rotational play (The Edge Markets MY)

Glove counters emerged as the most active in the morning trading session on Tuesday (Oct 18), as Careplus Group Bhd, Top Glove Corp Bhd, ...

It was reported that a research by the Malaysian Rubber Glove Manufacturers Association (Margma) expects glove supply-demand equilibrium within six to nine months. Lim is currently the largest shareholder of Top Glove. Top Glove settled at 72.5 sen at Tuesday's noon break, exceeding the majority of target prices (TPs) from 22 analysts, according to Bloomberg data. Supermax has recovered 30.83% from its low of 66.5 sen on Sept 26 over a one-year period. Ching's TP for the stock was 80 sen. Careplus followed with a volume of 54.7 million, and Supermax with 50 million.

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Image courtesy of "The Star Online"

Glove stocks undergoing technical rebound (The Star Online)

PETALING JAYA: The surge in price of glove stocks in the past month is primarily a technical rebound from deeply oversold positions rather than any ...

“The effect of this price hike, in terms of customer acceptance, remains to be seen. Should ASP trend lower post purchase, this would present impairment risks to the glove distributors’ inventories and balance sheets. Nevertheless, RHB Research also cautioned against further ASP contractions should the US abolish the import tariffs on gloves imported from China. Supermax is up by 41% or 26.5 sen to 90.5 sen yesterday from its three-year lows. On a whole, the global supply of gloves is expected to not grow in 2023 and by 3% y-o-y in 2024, the research house predicted. RHB Research stated natural latex price has fallen by almost 26% from the average the peak of US$1.39 (RM6.56) per kg to US$1.03 (RM6.13) per kg. “The pace of raw material price normalisation has been far behind the correction in ASPs (about a 75% decline from its peak), as glove makers are currently on the verge of being between break even points and loss-making positions,” said RHB Research. The research house noted the erosion of the average selling prices (ASP) for rubber has moderated to about US$24 (RM113) per 1,000 pieces in the recent quarter. “Fundamentally, there are no changes as low plant utilisation still persists amid intense competition. The stock price rise has added RM700mil to its market capitalisation. While price charts suggest room for further upside for the glove stock in the short term, fundamentals of the sector remain bearish with market demand for gloves remains muted as glove distributors’ inventories remain elevated, and companies push back on their expansion plans, said RHB Research. [Hartalega Holdings Bhd](/business/marketwatch/stocks/?qcounter=HARTA) [, ](http://charts.thestar.com.my/?s=HARTA) [Kossan Rubber Industries Bhd](/business/marketwatch/stocks/?qcounter=KOSSAN) [, ](http://charts.thestar.com.my/?s=KOSSAN) [Supermax Corp Bhd](/business/marketwatch/stocks/?qcounter=SUPERMX) [ and Top Glove Bhd have risen by 20% to 30% from recent lows on higher volumes.](http://charts.thestar.com.my/?s=SUPERMX)

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