Tuesday, October 4, 2011

Glove makers rise in early trade

KUALA LUMPUR: Glove manufacturers bucked the trend on Bursa Malaysia and advanced in early trade on Tuesday, Oct 4, with Latexx among the most actively traded stocks.

At 9.25am, Supermax added 18 sen to RM2.95, Top Glove 17 sen to RM4.09, Adventa 12 sen to RM1.62, Kossan 10 sen to RM2.79 and Rubberex 5.5 sen to 64 sen.

Latexx was up 11 sen to RM1.49 with 1.42 million shares traded.

OSK Research in a note Sept 30 had said that with the expected fall in natural rubber latex price, it saw Top Glove and Supermax as the main beneficiaries.

The research house had also said Supermax was a cheaper exposure than Top Glove since they shared the closest product mix and Top Glove's share price was 3 times more expensive than Supermax.

'Going forward, Supermax expects to increase its higher end glove production which includes dental and surgical gloves,' it said, maintaining its Buy rating on the stock.

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