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Investors cool on Malaysian gloves stocks on vaccine drive

Top Glove and rivals' share prices fall further despite good results

Top Glove says demand for medical gloves will remain intact even with the rollout of vaccines because immunization procedures require them.   © Reuters

KUALA LUMPUR -- Glove manufacturers were among the highest-grossing stocks on the Malaysian bourse last year, elevating their already-rich owners to be new billionaires. The spike in share prices was in tandem with booming demand for rubber gloves as essential personal protective gear in fighting the COVID-19 pandemic.

The share prices of Malaysia's top three glove producers -- Top Glove, Hartalega and Supermax -- reached all-time highs, growing by 445%, 249% and 1,599%, respectively, in the last 12 months, far outperforming the 38% growth between the lowest and highest points of the bourse's benchmark FBM KLCI index in the last year.

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