Saturday, June 15

Malaysian glovemakers jump as Covid cases rise in Southeast Asia

Top Glove Corp., the world’s biggest glovemaker, led a rally of peers in Malaysia as Covid-19 cases surged in Southeast Asia to raise expectations of increased demand for medical gear.

Top Glove Corp. gained as much as 12% — the most since May — before ending the day 6.7% higher. Other latex glove makers, including Supermax Corp., Kossan Rubber Industries and Hartalega Holdings also jumped.

Singapore’s Covid-19 cases surged 75% in the week of Dec. 3-9, leading to pressure on clinics and hospitals. In Malaysia, they jumped 62% last week, prompting Health Minister Dzulkefly Ahmad to say Monday that the government was “getting ready for any eventualities.”

Both countries are encouraging people to wear masks again, and bringing back other measures to limit the resurgence. –Bloomberg

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