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Top Glove jumps 52% as omicron concerns boost


十一月, 29 2021
watermark Economic news

News about the appearance of a new strain of coronavirus «omicron» sharply increased the demand for shares of manufacturers of disposable gloves and masks. In particular, the papers of the largest glove manufacturer of the Malaysian company Top Glove have risen by 52% in two days.


On Monday, the share price of Top Glove rose by 30% to 3.43 Malaysian ringgit. By the end of trading, growth slowed to 21%, and the price dropped to 3.19 Malaysian ringgit.


Shares of Top Glove's competitor, Hartalega Holdings Bhd., are also rising for the second day in a row. During this time, they have gained 24%. The securities of the Malaysian manufacturer of personal protective equipment Kossan Rubber Industries Bhd. for two sessions rose by 18%, and Supermax Corp. – by 34%.


The rise in the shares of rubber glove manufacturers is reminiscent of last year's rally in the securities of companies producing medical clothing and personal protective equipment. In 2020, the entire sector showed rapid growth against the background of the pandemic, and Top Glove securities, in particular, added 290%. However, in 2021, the capitalization of many industry players fell due to concerns about a decrease in demand for products.


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外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。