Media reports say a relatively low-tech stock trade is making Tesla Inc.’s dizzying rally look like an under-performance.
According to Bloomberg, Top Glove Corp. is up 389% this year in Kuala Lumpur, the most on the MSCI Asia Pacific Index, while Supermax Corp. has leaped more than 1,000%, compared with Tesla’s 259%.
Coronavirus24.news says shares of Malaysia’s Kossan Rubber rose by 230%.
In total, the capitalization of these three companies increased by 109 billion Malaysian rings, which is equivalent to 26 billion dollars.
That is reportedly due to the boom in glove demand thanks to the coronavirus pandemic, aided by a short-selling ban in Malaysia till year-end.
According to the publication, these companies are more popular with investors than electric cars and flamethrowers Ilona Maska.
So, more than 1 dollar out of 10 currently invested in the Malaysian stock market is related to the production of gloves.
