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,Hartalega CEO Kuan Mun Leong said in a statement yesterday: “Moving forward, while ASPs for nitrile gloves have been declining from its peak, global demand is expected to remain heightened, particularly due to new waves of cases with Covid-19 variants affecting countries worldwide.”

PETALING JAYA: Glove stocks on the local bourse continue to slide despite stunning profits announced by two of the top four glove makers, as investors remain concerned about glove average selling prices (ASPs) trending downwards due to increasing global production.

At the close of trade yesterday, stock prices of Top Glove Corp Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd and Kossan Rubber Industries Bhd declined by 1.56% to 3.27%.

Rakuten Trade Sdn Bhd head of equity sales Vincent Lau said investors are taking the view that global glove production capacities ramping up, including in China, would mean supply would be greater than the increase in demand in the coming years.

“Glove ASPs are trending lower. With Covid-19 vaccinations ramping up and some countries saying they will learn to live with the virus, the super profits of glove makers are seen as unlikely to continue,” Lau told StarBiz.Rakuten Trade Sdn Bhd head of equity sales Vincent Lau said investors are taking the view that global glove production capacities ramping up, including in China, would mean supply would be greater than the increase in demand in the coming years.

A bank-backed research analyst also agreed, saying that the general market consensus is that glove ASPs are expected to decline in the second half.

“The market is looking forward. Glove stocks’ prices look cheap now because whatever is seen now is trailing price-to-earnings – derived from the profits over the last 12 months,” said the research analyst.Hartalega CEO Kuan Mun Leong said in a statement yesterday: “Moving forward, while ASPs for nitrile gloves have been declining from its peak, global demand is expected to remain heightened, particularly due to new waves of cases with Covid-19 variants affecting countries worldwide.”

Kuan added that demand growth will also be driven by increased glove usage from emerging markets with low glove consumption per capita and increased hygiene awareness.

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