LONDON—Malaysian glove makers have seen a dramatic fall in share values over the recent months as the COVID-19 pandemic peak subsides.
Shares of the world's No. 1 rubber glove manufacturer Top Glove hit a two-year low on the Kuala Lumpur Stock Exchange (KLSE) on July 8, closing at $0.15 (RMB 0.98)—down almost 90 percent on the $1.39 (RMB 9.38) high reached in August 2020.
The drop in share prices, estimated at $16 billion in market value, comes amid concerns over lower average selling price (ASP) for gloves as well as an oversupply caused by recent capacity expansions.
Earlier in June, Top Glove reported third-quarter sales of $328 million (RM 1.46 billion), down 64 percent from $934 million reported last year.