Glove makers are among the top gainers in a number of global equity indexes this year, outperforming many stay-at-home stocks, gold and even Tesla Inc. Shares of Top Glove, the world’s largest maker, have risen more than 400% this year while those of smaller rival Supermax Corp. have jumped over 1,300%.
The astonishing rally in Asian glove-maker stocks will extend further, as the coronavirus-led boom in demand shows no sign of abating, according to Citigroup Inc.
Malaysia’s Top Glove Corp. and Kossan Rubber Industries can each climb by about 75% over the next 12 months as the pandemic drives unprecedented growth in sales and profits for the sector, Megat Fais, an analyst, wrote in a note on Tuesday.
