Glove share bargain hunt nudges Health Care Index to become top percentage gainer

KUALA LUMPUR (April 6): Bursa Malaysia’s Health Care Index settled up 30.01 points or 1.03% at 2,951.59 at the local bourse’s afternoon break today to become the top percentage gainer among the exchange gauges, partly helped by rubber glove manufacturers’ share price rise on bargain hunting and as investors weighed news of still-high numbers of Covid-19 cases in certain countries.

At a glance during Bursa’s 12:30pm break, top gainers included rubber glove manufacturers Hartalega Holdings Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd and Top Glove Corp Bhd.

Hartalega’s share price settled up 30 sen or 3.35% at RM9.25, Supermax rose 16 sen or 4.18% to RM3.99, Kossan added 10 sen or 3.13% to RM3.29 while Top Glove was 10 sen or 2.14% higher at RM4.78.

Glove manufacturers are among constituents of the Health Care index, which also tracks share prices of hospital operators and pharmaceutical companies.

Top Glove, Hartalega and Supermax are also members of the 30-stock FBM KLCI.

Share prices of glove manufacturers have risen today on apparent bargain hunting after these stocks’ prices fell due to perception that the progress in global Covid-19 vaccination to curb the spread of the pandemic will lead to less demand for gloves and as investors evaluated forced labour allegations against the glove manufacturing industry.