KUALA LUMPUR (Oct 31): Shares in glove makers advanced in the mid-morning on Monday (Oct 31) against the backdrop of China intesifying lockdowns in several cities on resurging coronavirus cases.
At 11.45am, Top Glove Corp Bhd had risen 4.43% or 3.5 sen to 82.5 sen, Careplus Group Bhd jumped 6.38% or three sen to 50 sen, Supermax Corp Bhd added 2.66% or 2.5 sen to 96.5 sen, Hartalega Holdings Bhd ticked up 0.47% or one sen to RM2.14, Kossan Rubber Industries Bhd added 0.81% or 1.5 sen to RM1.24, and Adventa Bhd rose 2.11% or 1.5 sen to 72.5 sen.
Bloomberg reported that Beijing is expected to keep its zero-Covid policy in place until at least March 2023, wrote economists at Nomura Holdings Inc led by Lu Ting in a Monday note.
They added that the lockdown situation will likely worsen “due to the winter season and more infectious variants”, and said they expect export growth to keep sliding and the property sector to deteriorate further “on the lack of a comprehensive solution”.
Early indicators including car and real estate sales weakened in October, while global trade and small business confidence contracted, pointing to a grim outlook for the economy