A 1000% Rally Has Glove Maker Stock Mania Outpacing Even Tesla
- Glove makers’ earnings outlook more certain than Tesla: Funds
- Samsung Asset, Northcape raised bets on glove makers this year
This article is for subscribers only.
A relatively low-tech stock trade is making Tesla Inc.’s dizzying rally look like an under-performance.
In Southeast Asia, makers of rubber gloves are attracting more investor fervor than even the electric cars and flame throwers of Elon Musk. Top Glove Corp. is up 428% this year in Kuala Lumpur, the most on the MSCI Asia Pacific Index, while Supermax Corp. has leaped more than 1,200%, compared with Tesla’s 259%. That’s due to the boom in glove demand thanks to the coronavirus pandemic, aided by a short-selling ban in Malaysia till year-end.