The likely entrants are already worth more than some of the gauge’s members by market value after the boom in glove demand during the coronavirus pandemic sent their shares to dizzying heights. Supermax has soared more than 1,400% this year, while Kossan’s stock has more than tripled.
Malaysian glove makers are threatening to supplant the once-mighty gaming companies in the nation’s benchmark equity index, thanks to the spectacular rally in their shares.
Supermax Corp. and Kossan Rubber Industries may join bigger rivals Top Glove Corp. and Hartalega Holdings Bhd. in the 30-stock FTSE Bursa Malaysia KLCI Index after a review of gauge’s members in November or December, according to analysts at Maybank Investment Bank Bhd. and Smartkarma. The two stocks are expected to replace casino giant Genting Bhd. and its unit Genting Malaysia Bhd.
