World’s biggest glove maker Top Glove Corp. surged by a record on Monday to lead an advance in medical wear companies for a second session amid bets the emergence of omicron coronavirus variant will boost demand for the industry’s products.
Top Glove Corp. jumped as much as 30% in Malaysia, adding to Friday’s gains of 17%. Its peer Hartalega Holdings Bhd. advanced as much as 24%, the most ever. Similar stocks listed in Singapore and Thailand also soared.
The two-day gains in glove makers are reminiscent of the eye-popping rallies seen by medical wear companies last year before vaccine rollouts, the economic reopening and forced labor allegations weighed on their outlook.
The sector was one of the hottest pandemic trades in 2020 but many of the glove producers more than halved in their market value this year.
Photo: Bloomberg
