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Global funds bought a net RM189.9mil of Press Metal Aluminium Holdings Bhd, the brokerage said in a report. Shares of glove makers were one of Asia’s hottest pandemic trades for much of 2020 before the rollouts of vaccines around the world weakened their appeal and became targets of short sellers. The three biggest glove stocks, including Top Glove Corp, are the worst performers in Malaysia’s benchmark equity gauge this year. “There is still significant value to be derived from Malaysian glove players which command 65%-68% of the global market share, ” Kenanga Investment Bank Bhd sa...

PETALING JAYA: The exodus of investors from glove stocks showed no signs of stopping even as valuations turned more attractive such as in the case of Top Glove Corp Bhd, (pic) where its price-to-earnings ratio (PER) dropped to a single digit.

February 24, 2021 | 5:19 pm Font Size AAA Latex gloves on hand-shaped molds move along an automated production line at a Top Glove Corp. factory in Malaysia in 2020. — PHOTO BY SAMSUL SAID/BLOOMBERG IN THE HEALTH-CARE industry, the coronavirus pandemic led to big fortunes, fast. Now some of them are evaporating just as quickly. Take Seegene, Inc., a maker of COVID-19 test kits, and Alteogen, Inc., a biotech with subcutaneous-injection technology. Their founders became billionaires as the shares surged last year. Fast forward a few months to the vaccine rollout, and they’ve lost t...

Feb 24 2021, 2:50 PM February 24 2021, 8:42 AM February 24 2021, 2:50 PM (Bloomberg) -- A rout in Malaysian glove makers is deepening, sending valuations for some companies to rock-bottom levels. (Bloomberg) -- A rout in Malaysian glove makers is deepening, sending valuations for some companies to rock-bottom levels. Top Glove Corp., the world’s biggest, slid 7.8% in a fifth day of declines Wednesday, taking its February loss to 22%, set to be the worst for any month on record. The stock is trading at about 6 times 12-month forward earnings, from a record high of 43 times in May. Superm...

(Bloomberg) -- A rout in Malaysian glove makers is deepening, sending valuations for some companies to rock-bottom levels.Top Glove Corp., the world’s biggest, slid 7.8% in a fifth day of declines Wednesday, taking its February loss to 22%, set to be the worst for any month on record. The stock is trading at about 6 times 12-month forward earnings, from a record high of 43 times in May. Supermax Corp., which surged 784% last year, is down 26% this month and trades at 4.6 times.More than $6 billion in market value has evaporated in February alone for Malaysia’s top four glove make...